Some Foreclosure Questions In California?

Written by Adam Peck Category: Injury Law January 16th, 2013 2 min read

California is known as a “title theory state,” which means that title to a property remains in trust until the loan is paid in full. Once a buyer fulfills his promise to pay the mortgage loan, the title transfers to his hands. When a homeowner is unable to meet his mortgage obligation, foreclosure begins. Foreclosure is the process in which the rights to a property are taken back from the homeowner and the property is sold to satisfy any unpaid mortgages and liens.

How Soon Do Foreclosure Proceedings Begin?
The early steps in foreclosure begin when your first payment is missed.

Can Only My Mortgage Lender Foreclose On My Property?
Your mortgage holder, other lien holders, or anyone who has a vested interest in your property due to money you have borrowed using the home as collateral can foreclose.

How Will I Know My Property Is Being Foreclosed On?
A Notice of Default will be recorded at the County Recorders Office in the county where your property is located and you will be notified by regular or certified mail.

What Is The Time line After The Notice of Default Is Filed?
In California, it is normally 90 days, plus 20 to 25 days until publication. This is time you should use to work with your lender to come up with a solution that halts the foreclosure process. The lender doesn’t want to have your home on his books and you likely don’t want to lose it, so it benefits everyone for you to talk to him directly to learn about options.

How Do I Stop The Foreclosure Sale?
The obvious way to stop a foreclosure is to bring your mortgage payments current, along with any fees you owe. If you’re unable to do that, ask the lender to modify your payments, possibly adding the late payments on to the back of the loan. If your credit is strong, you may consider refinancing your home to a more manageable payment. Other options include selling your home and filing for bankruptcy.

How Would Bankruptcy Help Me?
In California, bankruptcy will stop the foreclosure proceedings, giving you time to work a plan out through the courts.

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Written by Adam Peck

Expertise: Personal Injury

Adam J. Peck, ESQ is a principal with Peck Law Group, APC. In 2008, Mr. Adam Peck received his Juris Doctorate from Whittier Law School where he graduated Cum Laude. His practice is primarily dedicated to representing Elders, Dependent Adults, along with their loved ones and family members, who have suffered horrific personal injuries.