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DOING SHORT SALES |
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the Short Sale section of
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MASTERING SHORT SALES |
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CALIFORNIA FORECLOSURE LAWS
Foreclosures in California are primarily administered out of court,
although court foreclosures are allowed. Out-of-court foreclosures take
about four months.
Pre-foreclosure Period
Court foreclosures only occur if a lender desires a deficiency judgment.
This process gives a borrower up to one year to redeem the property after
the foreclosure sale.
In almost all cases, foreclosures are handled out of court. The process
begins when a lender file a notice of default with the county recorder
identifying the default amount and the date the borrower must pay off the
default. The notice is mailed to the borrower and other affected parties.
Up to five business days before the trustee sale, the borrower may pay off
the default plus any applicable costs of foreclosure and stop the
foreclosure process. Three months after the notice of default is filed, the
lender can schedule a trustee's sale of the property. Notice Of Sale /
Auction
At least 20 days before the trustee's sale, the notice of sale must be
posted on the property and in one local public location. The notice is also
published once a week for three weeks in a local newspaper, starting at
least 20 days before the sale date. The notice is mailed to the borrower at
least 20 days before the sale and to anyone who requests the notice. The
notice must contain the date, time, and location of the sale, the property
address, and the trustee's contact information. In addition, the notice of
sale must be recorded with the county recorder at least 14 days before the
sale.
The trustee's sale is a public auction and the property is sold to the
winning bidder. The trustee may require bidders to pay the full bid amount
in cash or cashier's check. Anyone may bid at the sale, including the lender
and any junior lien holders. A trustee's sale may be postponed by
announcement at the sale. If a sale is postponed more than three times, a
new notice of sale must be issued.
After the sale is complete, the trustee transfers ownership to the winning
bidder. The borrower does not have the right to redeem the property after
the sale. |
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Did You Know...
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Also....
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USA
National Title...
Click
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can work for your business. |
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