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The Locale Team at Compass is well-versed in the California foreclosure process and can provide valuable assistance to homeowners facing pre-foreclosure. Our team has extensive knowledge of the local real estate market and can help homeowners understand their rights, legal obligations and timeframes.
The foreclosure process in California begins when a homeowner falls behind on their mortgage payments.
After the homeowner falls behind, the lender will file a notice of default, which initiates the foreclosure process.
The homeowner then has 90 days to cure the default or bring their mortgage payments up to date.
If the homeowner does not cure the default or bring their mortgage payments up to date, the lender will file a notice of trustee sale, which sets the auction date for the property.
The auction must be held no sooner than 20 days after the notice of trustee sale is recorded and no later than 365 days after the notice of default is recorded.
The homeowner has the right to cure the default up to five days before the auction date by paying the full amount owed plus any additional fees.
If the property is sold at auction, the homeowner has no right of redemption, meaning they cannot get the property back.
After the sale, the new owner must serve the former homeowner with a notice to quit, giving them three days to vacate the property.
The most important thing is to not ignore the issue, and to contact us early in the process so we can introduce you to an attorney to start negotiating with your lender. Your options may include a negotiation of the amount you owe the lender, extended payment terms, a short sale, or keys in lieu of the foreclosure process. We understand this is a stressful and overwhelming time for homeowners. Our team is dedicated to helping clients navigate this process with ease, providing expert guidance, and protecting your privacy. Please reach out if we can help.
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