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The Foreclosure Process

Thousands of homeowners in California are experiencing a foreclosure or have already lost their homes and now are facing an eviction.  Losing a home to foreclosure can create very stressful times and often people in these situations simply don’t know what to do.  We can help delay or stop a foreclosure eviction procedure against you.  We are located in Los Angeles and we have helped people being evicted through out all of California delay or stop their foreclosure evictions.  We have experience in working in just about every county located in California.

Following is a short breakdown as to how a foreclosure sale is conducted in California.

A foreclosure sale process is typically initiated once a borrower is 3 months behind in their monthly mortgage payments to the lender that has a lien on their property.

The first step in initiating a foreclosure process is accomplished by filing:

Notice of Default

A formal legal notice filed by a lender and recorded at the County Recorder’s office stating that the borrower is 2-3 months delinquent on their mortgage payments.  Once the Notice of Default is filed, the borrower has 90 days to cure the delinquency and bring their loan current.  This 90 day period is defined as the reinstatement period.  If the borrower does not reinstate the loan, and this means bringing all past due payments, any late fees and the all foreclosure charges incurred prior to the expiration of the 90 day period the lender can then file:

Notice of Trustee Sale

A Notice of Trustee’s Sale is filed if  the  mortgage payments and costs and expenses are not brought current within 90 day  period from the filing of the Notice of Default.  Once a Notice of Trustee’s Sale is filed, a date, place and time is advertised in the newspaper notifying the world that the property is scheduled for a foreclosure auction.  The auction date will usually be scheduled approximately 30 days later.  Once again if all past due payments and related costs and fees are not paid current to the lender or a bankruptcy is not filed prior to the foreclosure sale then the sale will be held and the homeowner will lose their property.  The document that transfers title to the new owner, be it the bank who might have taken the property back or a third party buying the property at the auction will be a:

Trustee’s Deed Upon Sale

This document is the deed that is signed and recorded by a trustee following the trustee sale that transfers ownership of real property to the new owner.

It is at this point that a foreclosure eviction will be initiated by the NEW owner and it is at this point that our company would be able to assist you in staying in your home for up to an additional six months.

Call us for a free confidential evaluation of your specific situation.
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