California Foreclosure Laws

Both the Deed of Trust and the traditional Mortgage documents are considered to be the Primary Security Instruments in the state of California for anything that has to do with foreclosure.

The methods that are allowed by law in the state of California when it comes to initiating and following through with a foreclosure proceeding are the Judicial and the Non-Judicial methods of foreclosure. A typical foreclosure in the state of California can be expected to take somewhere around one hundred twenty days to complete from the time of initiation through the completion for the event.

As has become fairly standard in the United States both the Right of Redemption, which is the right of the foreclosed party to repurchase the property that was foreclosed upon. And the Deficiency Judgement clause, which is the legal wording that, allows the lender to hold the foreclosed party liable for any monetary amount that I not fully covered by the foreclosure sale. Both will vary depending on the case and the circumstances surrounding that particular foreclosure.

If the deed of trust or mortgage has a power of sale clause and it details the time, place and terms of sale, then the outlined procedure must be followed. If not, then the following must be done.

A notice of sale must be recorded in the county where the property is located at least fourteen) days prior to the sale. The notice must be mailed by certified, return receipt requested, to the borrower at least twenty days before the sale.

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