California Foreclosure Law: How to Stop Foreclosure Even If Your Home

Property foreclosure is a situation in which a homeowner is unable to make full principal and interest payments on his/her mortgage, which allows the lender to seize the property, evict the homeowner and sell the home, as stipulated in the mortgage agreement. One month after the homeowner misses a mortgage payment, he/she is in default and will be notified by the lender. Three to six weeks after the homeowner does not show for a mortgage payment, supposing the mortgage is still delinquent, and the home owner has not made up the missed payments inside a specific grace period, the financial institution will get started to foreclose. The particular farther behind the borrower falls, the more difficult it becomes to get up since lenders add fees for payments that are 10-15 days late.

Each state has its own foreclosure laws covering the notices the lender must post publicly and/or with the homeowner, the homeowner's choices for bringing the loan current and avoiding foreclosures, and the method for marketing the property. In twenty two states – including California, Illinois, and Nyc : judicial foreclosure is the norm, meaning the lender must go through the courts to get permission to foreclose by showing the borrower is delinquent.

If the foreclosure qualifies, the local sheriff sales the house to the highest bidder to try and recoup what the bank is payable, or the bank becomes the owner and offers the home through the traditional route to recoup their loss. The entire legislativo foreclosure process, from the borrower's first, missed payment through the lender's sale of the home, usually requires 480 to 700 days and nights, in accordance with the Mortgage Bankers Association of America.

The other 28 states – including Arizona, California, Georgia and Texas – mostly use non-judicial foreclosure, also known as the power of sale, which tends to be faster and will not go through the courts unless the home owner sues the lender.

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