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California Foreclosure Listings - California Foreclosures
Search our free California foreclosure listings including government foreclosure listings, REO properties, bank foreclosure, HUD foreclosures and other California Foreclosure homes in the Free Foreclosure Database.
California Foreclosures - California Foreclosure Laws Real estate investors interested in purchasing California foreclosures, or home buyers who are looking for a great deal on HUD homes, should have a basic understanding of foreclosure laws and how they impact homes appearing on California foreclosure listings. Mortgage lenders in California can foreclose on properties with a mortgage or deed of trust. Lenders can choose either the judicial foreclosure or non-judicial foreclosure process. Depending on the situation, the processing timeline for California foreclosures takes about 120 days. The California Foreclosure Process Judicial Foreclosure Lenders must follow the judicial foreclosure process when: 1) the mortgage or trust deed does not contain a power of sale clause; or 2) the lender plans to file a lawsuit for a deficiency judgment against the debtor. The process starts when the lender files a foreclosure lawsuit against the borrower. Mortgage lenders who want the court to award a deficiency judgment must file a separate lawsuit, at the same time.If the lender proves the homeowner defaulted on the loan, and it is entitled to possession of the property, the court issues a Decree of Foreclosure and Order of Sale, which allow the lender to proceed with the foreclosure sale. When the court enters an Order of Sale, it may also give the homeowner up to one year to redeem the property.Non-Judicial Foreclosure Most California bank foreclosures go through the non-judicial foreclosure process. The lender must have a deed of trust, which contains a power of sale provision. This clause gives the lender, or its trustee, the legal right to sell the property at a foreclosure auction. The document may include the time, location, and terms of sale. If the power of sale clause does not have this information, the mortgage lender must take the following steps:
California foreclosure laws require the notice of sale to specific information, including the address of the foreclosed property, and the time and location of the auction. It should also list the trustee's name, address, and phone number. The document must contain wording that states, "the property will be sold at auction." Homeowners going through California foreclosures have up until five days before the auction to satisfy a default and stop the foreclosure process. Borrowers do not have a right of redemption, and lenders cannot ask for a deficiency judgment, under non-judicial California bank foreclosures. California foreclosure properties that do not receive bids at the auctions become REO properties. |
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fallbrook #354
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