No Upfront Fee To STOP YOUR FORECLOSURE:
A California Foreclosure is the legal proceeding when a lender obtains a court order giving the lender the right to resell the property. This normally takes place when an owner buys a property and takes out a loan, or mortgage, to pay for the piece of property. If the property owner misses one or more payments, the foreclosure process may begin with an official notice or call from the lender demanding payment.
Are you facing foreclosure, either voluntary or involuntary? You may hear about it in the media, about people just walking away to get out of their homes, or you may want to stay in your home but can’t afford your payments right now. The question is can you really just walk away? We are committed to save your home. We will get results.
We have negotiated over 500 short sales from start to finish and have assisted with workouts or settlements on thousands of other real estate files all related to distressed real estate.
Regarding California foreclosure and California foreclosure prevention, contact us now to learn about all of the available options we have to help homeowners in need; you can get your questions with a free one on one confidential consultation with one of our experienced foreclosure prevention professional.
The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust or if under California foreclosure law the lender is allowed to go after a homeowner judicially in order to recover monies owed. Generally, after the court declares a foreclosure, your home will be auctioned off to the highest bidder. A lender may also sue a borrower judicially if the loan is recourse or if mortgage fraud is present. While this is an uncommon practice in California it can happen and it does, we have several clients come to us with judicial foreclosure lawsuits.
Using this type of foreclosure process, lenders may seek a deficiency judgment and under certain circumstances, the borrower may have up to one (1) year to redeem the property.
The most common foreclosure practice in California. The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A “power of sale” clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the “Power of Sale Foreclosure Guidelines”.
If a second or third lien remains that is a recourse loan and the second lender did not bring the foreclosure action you will be liable and the second or third lienholder will most likely sue you once the foreclosure has finished.
If you are facing foreclosure, or have lost your home through foreclosure, you might still owe your mortgage lender money after the sale. This happens if the foreclosure sale price is less than the amount remaining on your mortgage – it’s called a “deficiency.” Whether your lender can go to court and get a judgment for the deficiency, and then collect it, depends on specific state law.
Contact us today for your free consultation. Text us your story to: 415.885.9090