California Foreclosure
California foreclosure timeline is around 120 days. Primary Security Instruments are Deed of Trust and Mortgage. Judicial foreclosure in the absence of ‘power of sale’ clause in the deed of trust or mortgage is by court order. Lender has the right to file for deficiency and the borrower to redeem within a year. ‘Power of sale’ authorized non judicial sale is to recover the default amount. If the ‘power of sale’ clause does not specify the details of sale the Power of Sale Foreclosure Guidelines comes in to force. It stipulates the obligation of the lender on time, place, notifying the borrower and advertising. The borrower is given a five days time to pay off his debt to the lender. The lender can demand the bidders to prove their ability to pay (kind of pre qualification). Postpones are allowed at the discretion of the lender at the time of original foreclosure. Borrower has rights to redemption and no filing for deficiency by the lender can be expected.
More on foreclosure law
Search Foreclosure Listings of The major cities In California
Buying Foreclosure? 