What Is The Foreclosure Process In California?
                     What Is The Foreclosure Process In
California?
Unexpected expenses, job loss, medical issues, etc. can lead to 
missed mortgage payments, and too many missed mortgage 
payments can lead to what’s known as foreclosure. There are two 
kinds of foreclosure: judicial foreclosure and non-judicial 
foreclosure. Foreclosures are handled differently from state to 
state, and in California there are laws which govern the schedule 
for foreclosure and other important procedures.
One important rule to be aware of in California is the "one-action" 
rule, which states lenders must pursue only one course of action 
against defaulting borrowers. But you can avoid all of this by 
choosing to sell a house fast in southern California. You’d avoid a 
hit to your credit and numerous hassles as well. But for now, let’s 
see how foreclosure works in the Golden State.
Step 1: Your Lender Contacts You
At this point, numerous mortgage payments are past due, or 
delinquent, and your lender is wondering where their money is. 
You can bet that your lender will write to you frequently inquiring 
where your mortgage payments are. California law mandates that
lenders must get in touch with clients facing default 30 days 
before issuing a notice of default to discuss their options for 
resolution. This contact can take place over the phone or in 
person. Consider this the lender's initial effort to assist you.
Step 2: Getting A Demand Letter
The lender will also communicate with you less officially and send 
a letter that’s distinct from the previous late payment warnings or
phone calls; this is a breach or demand letter. Although getting 
this letter in the mail can seem quite nasty, the lender needs to 
send out this letter, as they need to be prepared in case you have
to default on your mortgage.
Step 3: Notice Of Default
A notice of default typically won't appear for around four months 
in California. And according to federal law, your mortgage lender 
must hold off notifying the county recorder's office of your default
until a payment is 120 days past due. An official record of the 
non-payment will be created, and this will serve as the default 
notice. Within 10 business days of this being created, a copy will 
be mailed to you. You'll also receive a second copy in the mail 
within 30 days. The foreclosure process will formally begin after a 
notice of default has been submitted.
Step 4: Auction Of Foreclosure
The lender can file a notice of sale if the borrower fails to pay 
outstanding mortgage payments, but only 90 days after the 
notice of default was filed. The notice of sale should be delivered 
to the delinquent borrower by certified mail, and it should include 
the time and date of the foreclosure auction. Then every week for 
three weeks straight, information about the auction will be printed
in the local newspaper. Eventually, an auction will be held, and at 
this your home may be auctioned off to the highest bidder.
A Piece Of Advice
If you and your family are facing foreclosure, it’s likely you’re 
facing stress, worry, and sadness. And to make things even 
worse, foreclosure can negatively impact your credit score, and 
the black mark from this can last for seven years. So in order to 
avoid the adverse effects of having your house sold at auction, 
selling your home at the beginning of the foreclosure process is a 
wise move. It’ll be a massive relief for everyone involved if you’re 
able to sell quickly, and for a fair price, to avoid foreclosure.
Author Bio
Cash 4 Homes is one of the leading cash home buyers in 
Southern California, one that works with homeowners who are 
facing foreclosure. They know this process inside and out, and 
that’s why they can guarantee seamless cash home sales to 
homeowners who need to avoid foreclosure. Call them with intent 
to sell and they’ll make an offer within 24 hours. 
Visit https://www.cash-4-homes.com/ for more details.