California is known as a non-judicial foreclosure state. The meaning of this is that in order to foreclose on a property, the lender does not need to involve the judiciary (i.e. courts) in order to do so. The general timeline of how a foreclosure works, once the individual is delinquent, is that the lender is required to file a Notice of Default and Election to Sell at the County Recorder’s office. This document will state how much the individual is delinquent and needs to pay to stop the foreclosure. It also states the individual has 90 days to cure this delinquency. Assuming the individual does not cure the amount within those 90 days, then the lender can schedule a Sale Date, again filing this at the County Recorder’s office and publishing this in the newspaper for 3 weeks. The Sale Date must be at minimum 21 days out. On the day of the sale, the lender will sell the home to the highest bidder and the individual is no longer the legal owner of the property.
Connect with our team and allow us the time and ability to save your home. We can strategize options, develop a Chapter 13 plan that is within the confines of the law, and get you on the road to saving the home and giving you the power back. Dealing with even minor financial troubles is stressful. Dealing with the thought of losing your home can be catastrophic.
