California Foreclosure: Foreclosure Prevention Attorneys.
Are you facing foreclosure, either voluntary or involuntary? You may hear it in the media, about people just walking away to get out of their home's, or you may want to stay in your home but can't afford your payments right now. The question is can you really just walk away? We have answers, and we have been practicing this area of law long before it became the "it" area for the real estate industry and others looking to make a fortune off of other's misfortune. We will also continue practicing this area of law long after this crisis has passed, because there will always be those that need our assistance with their real estate issues. We are recognized and experienced foreclosure prevention attorneys and professionals, and we have answers. We also get results.
Regarding California Foreclosure and foreclosure prevention, you have questions, we have the answers. Contact us now to learn about all of the available options we have to help homeowners in need; you can get your questions with a free one on one confidential consultation with one of our experienced attorneys.
BORROWER ALERT: We have noticed mortgage lenders and servicers becoming much more aggressive in pursuing borrowers for mortgage fraud and deficiency judgments if you have walked away from your home or did a short sale without a negotiation regarding deficiency. If you made overly “optimistic” representations on your loan documents and are now facing foreclosure, it is imperative that you have representation through the foreclosure process…for your own protection.
Judicial Foreclosure
The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust or if under California foreclosure law the lender is allowed to go after a homeowner judicially in order to recover monies owed. Generally, after the court declares a foreclosure, your home will be auctioned off to the highest bidder.
Using this type of foreclosure process, lenders may seek a deficiency judgment and under certain circumstances, the borrower may have up to one (1) year to redeem the property.
Non-Judicial Foreclosure
The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".
Power of Sale Foreclosure Guidelines
If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:
- A notice of sale must be: 1) recorded in the county where the property is located at least fourteen (14) days prior to the sale; 2) mailed by certified, return receipt requested, to the borrower at least twenty (20) days before the sale; 3) posted on the property itself at least twenty (20) days before the sale; and 4) posted in one (1) public place in the county where the property is to be sold.
The notice of sale must contain the time and location of the foreclosure sale, as well as the property address, the trustee's name, address and phone number and a statement that the property will be sold at auction.
- The borrower has up until five days before the foreclosure sale to cure the default and stop the process.
- The sale may be held on any business day between the hours of 9:00 am and 5:00 pm and must take place at the location specified in the notice of sale. The trustee may require proof of the bidders ability to pay their full bid amount. Anyone may bid at the sale, which must be made at public auction to the highest bidder. If necessary, the sale may be postponed by announcement at the time and location of the original foreclosure sale.
Sacramento Foreclosure:
California, Northern California, and Sacramento area foreclosures in general are on the rise and are expected to continue to increase with the state of the economy. Our law firm has many options to assist worried homeowners who are facing a foreclosure, or thinking about possibly walking away from their mortgage and foreclosing on their home.
For further information or to discuss getting help with bankruptcy, short sales, or foreclosure we invite you to schedule a free confidential consultation with our experienced northern and southern California foreclosure prevention and bankruptcy attorneys by calling us at 916.983.2941, or filling out our contact us form on our website. The confidential consultation is free.