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Please explain the foreclosure process in California
California foreclosure
This is an actual comment for a client:
”Please explain the foreclosure process (if ever ) in California. Will I be sued? ”
The first thing you need to understand the California foreclosure timeline. Once you receive the notice of default in California you have approximately 4 months before they sell the home at a sheriffs auction. If the house goes with the foreclosure California law does allow the mortgage company to sue you for you deficiency. This means they can come back on you and try to collect their loss. Typically the mortgage company will not do this but the state law gives them the right.
We need to figure out if you can afford the property or not. If you can’t we need to look at other options to try to keep the house from going to foreclosures such as a short sale or a deed in lieu of foreclosure. Either of these options will allow you to walk away from the property and not be sued for deficiency.
If you can afford the house we can negotiate with your mortgage company to stop the foreclosure and get you back to making your house payment again.
Related Entries
- Can you explain the foreclosure process? - June 7, 2006
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