What is the Foreclosure Process in California?
Whether you are a homeowner that is unable to keep up with monthly mortgage payments, or if you are a homeowner who is already facing foreclosure, it is important to understand the process. At the Law Offices of Mark A. Brifman, our lawyers have served clients in foreclosure and real estate law for more than 30 years. We can answer your questions about the foreclosure process in California and help you find alternatives to foreclosure, or help you through the process as efficiently as possible.
The Foreclosure Process
Once a homeowner defaults on their loan, the foreclosure process begins. The Notice of Default will be recorded and a period called the 'Redemption Period' will start and last for 90 days. Within 10 business days of the Notice of Default recordation, a copy of the notice must be sent to the homeowners by certified and regular mail. A Trustee's Sale Guarantee Report will be ordered from the title company that will provide all information about the title. Unless the homeowner attempts to resolve the matter, the foreclosure will remain dormant for the next 90 days.
Once the Redemption Period has expired, the 'Publication Period' will begin. During this period, a Notice of Trustee's Sale is prepared and published in an adjudicated paper that has a circulation within the city in which the property is located. This is published one time per week for three weeks. The actual sale is scheduled at least 21 days out from the date when the Notice is published in the newspaper. The Notice is also posted on the property.
Lastly, the 'Trustee's Sale' is the final step of the foreclosure process, when the property is actually sold. The law states that only after all publication period requirements have been met, and on the day that was established for the sale or auction, the property will be sold to the highest bidder. If no one bids at the Sale, the property will automatically become property of the beneficiary of the debt.
Contact us at the Law Offices of Mark A. Brifman if you have questions about the foreclosure process, or are facing foreclosure and are searching for alternatives that may allow you to keep your house or avoid the foreclosure process. Call us at 818.920.2113 to schedule an appointment with an attorney for a free initial consultation.
