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Quick
Facts
- Judicial Foreclosure Available: Yes
- Non-Judicial Foreclosure Available: Yes
- Primary Security Instruments: Deed of
Trust, Mortgage
- Timeline: Typically 120 days
- Right of Redemption: Varies
- Deficiency Judgments Allowed: Varies |
In
California, lenders may foreclose on deeds of trusts or mortgages in
default using either a judicial or non-judicial foreclosure process.
Judicial Foreclosure
The judicial process of foreclosure, which involves filing a lawsuit
to obtain a court order to foreclose, is used when no power of sale
is present in the mortgage or deed of trust. Generally, after the
court declares a foreclosure, your home will be auctioned off to the
highest bidder.
Using this type of foreclosure process, lenders may seek a
deficiency judgment and under certain circumstances, the borrower
may have up to one (1) year to redeem the property.
Non-Judicial
Foreclosure
The non-judicial process of foreclosure is used when a power of sale
clause exists in a mortgage or deed of trust. A "power of
sale" clause is the clause in a deed of trust or mortgage, in
which the borrower pre-authorizes the sale of property to pay off
the balance on a loan in the event of the their default. In deeds of
trust or mortgages where a power of sale exists, the power given to
the lender to sell the property may be executed by the lender or
their representative, typically referred to as the trustee.
Regulations for this type of foreclosure process are outlined below
in the "Power of Sale Foreclosure Guidelines".
- Power
of Sale Foreclosure Guidelines
- If the deed of trust or mortgage contains
a power of sale clause and specifies the time, place and terms
of sale, then the specified procedure must be followed.
Otherwise, the non-judicial power of sale foreclosure is
carried out as follows:
- A notice of sale must be: 1) recorded
in the county where the property is located at least
fourteen (14) days prior to the sale; 2) mailed by
certified, return receipt requested, to the borrower at
least twenty (20) days before the sale; 3) posted on the
property itself at least twenty (20) days before the sale;
and 4) posted in one (1) public place in the county where
the property is to be sold.
The notice of sale must contain the time and location of
the foreclosure sale, as well as the property address, the
trustee's name, address and phone number and a statement
that the property will be sold at auction.
- The borrower has up until five days
before the foreclosure sale to cure the default and stop
the process.
- The sale may be held on any business
day between the hours of 9:00 am and 5:00 pm and must take
place at the location specified in the notice of sale. The
trustee may require proof of the bidders ability to pay
their full bid amount. Anyone may bid at the sale, which
must be made at public auction to the highest bidder. If
necessary, the sale may be postponed by announcement at
the time and location of the original foreclosure sale.
Lenders may not seek a deficiency
judgment after a non-judicial foreclosure sale and the borrower
has no rights of redemption.
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Real Estate Clubs in your area |
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Commonwealth
of Orange County
2973
Harbor Blvd. #652
Costa Mesa, CALIFORNIA 92628
UNITED STATES
Contact - Jack Fullerton Meets 1st Wednesday
Phone: 714-557-3118
La Mesa Woman's Club
5220
Wilson Street
La Mesa, CALIFORNIA
UNITED STATES
Phone: 562-340-4300
Contact Marshall Reddick Meets 3rd Thursday of the Month Time 6:30
p.m. - 9:30 p.m. From the 5, 805, or the 15 Freeway, take Highway
8 East to the La Mesa Blvd Exit and turn right. Take the next
right onto Grossmont Blvd. Turn left at the next street (Wilson
Street). We are on the southwest corner of Wilson and Grossmont.
Orange
County Real Estate Club/Seminar
25552 La Paz Rd.
Laguna Hills, CALIFORNIA 92653
UNITED STATES
Phone: 562-340-4300
Contact - Dr. Marshall Reddick Meets 3rd Monday From the 605 take
the 5 or 405 Freeway. Exit La Paz Rd. from 5 Freeway. Go west up
hill, make a left turn on McIntyre, and then an immediate right at
the first drive to Mission Hills Shoping Center. Go all the way to
the end (past the Elephant Bar). Special Marshall Reddick
Mentoring Breakfast on the 2nd Thursday of the Month at four
different locations—Pasadena, Torrance, Orange County and San
Fernando Valley. (8:30 a.m. - 10:30 a.m.) Please call Linda
Robbins three days in advance at (562) 431-2938 for reservations
and location. Cost: Pay your own breakfast buffet. Each person to
pay his/her own tip.
Pasadena
Real Estate Club
960 E. Walnut Street
Pasadena, CALIFORNIA 91106
UNITED STATES
Phone: 560-340-4300
Contact - Dr. Marshall Reddick Meets 1st Monday From downtown Los
Angeles - North on the 110 Freeway to the end. COntinue north on
Arroyo 1 mile to Green Street. Turn right 1 mile to Lake Avenue.
Left 3 blocks to Walnut. Turn right 1 block to Mentor. Turn right
to the parking lot on your left. From the 210 Freeway - Get off on
Lake Avenue South 1/10th mile to Walnut. Left one block to Mentor.
Turn right to the parking lot on your left Special Marshall
Reddick Mentoring Breakfast on the 2nd Thursday of the Month at
four different locations—Pasadena, Torrance, Orange County and
San Fernando Valley. (8:30 a.m. - 10:30 a.m.) Please call Linda
Robbins three days in advance at (562) 431-2938 for reservations
and location. Cost: Pay your own breakfast buffet. Each person to
pay his/her own tip.
Real
Estate Investment Club of Orange County
15520 Tustin Village Way, Ste. 56
Tustin, CALIFORNIA 92780
UNITED STATES
Phone: 714-558-1175
Contact - Norm Rockmael Meets 2nd Wednesday
Real Estate Investors Club of Los Angeles
1601 North Sepulveda Blvd., Ste. 214
Manhattan Beach, CALIFORNIA 90266
UNITED STATES
Phone: 800-927-4316
Fax: 310-371-1130
Contact - Phyllis Rockower Meets 2nd Tuesday
San
Diego Cash Flow Association (SDCFA)
7715
Lucia Court
Carisbad, CALIFORNIA 92009
UNITED STATES
Phone: 760-634-0492
Contact - Bill Tan Meets 2nd Wednesday
San Fernado Valley Real Estate Club
7232
Balboa Blvd.
Van Nuys, CALIFORNIA 91406
UNITED STATES
Phone: 562-340-4300
Contact - Dr. Marshall Reddick Meets 4th Monday Take 405 Freeway.
Exit Sherman Way. Go Westbound on Sherman Way for approximatley 3
miles to Balboa Blvd. Turn Right on Balboa. It's the first red
brick building after you pass the Arco station. Special Marshall
Reddick Mentoring Breakfast on the 2nd Thursday of the Month at
four different locations—Pasadena, Torrance, Orange County and
San Fernando Valley. (8:30 a.m. - 10:30 a.m.) Please call Linda
Robbins three days in advance at (562) 431-2938 for reservations
and location. Cost: Pay your own breakfast buffet. Each person to
pay his/her own tip.
South
Bay Real Estate Club/Seminar
1822
West 1622nd St
Gardena, CALIFORNIA 90853
UNITED STATES
Phone: 562-340-4300
Contact - Dr. Marshall Reddick Meets 2nd Monday Time 6:30 p.m. -
9:30 p.m. From 405 Freeway, exit Western Ave. heading north, and
turn left on 162nd Street. From 91 Freeway heading west, freeway
ends and becomes Artesia. Continue west on Artesia. Go north on
Western Ave., and turn left on 162nd Street. You can see the
building on the corner of Western Ave. and 162nd Street. Park in
the parking lot on Western Ave. and 162nd Street. Special Marshall
Reddick Mentoring Breakfast on the 2nd Thursday of the Month at
four different locations—Pasadena, Torrance, Orange County and
San Fernando Valley. (8:30 a.m. - 10:30 a.m.) Please call Linda
Robbins three days in advance at (562) 431-2938 for reservations
and location. Cost: Pay your own breakfast buffet. Each person to
pay his/her own tip.
Temecula/MurrietaReal
Estate Club
40855
Chaco Canyon
Murrieta, CALIFORNIA
UNITED STATES
Phone: 562-436-8632
Contact - Dr. Marshall Reddick Meets 4th Thursday Time 6:30 p.m. -
9:30 p.m. Off the 15 Freeway, exit California Oaks. Go east to
Jackson and turn left on Jackson. (From Chancellor, old location,
go further up Jackson) to Chaco Canyon and turn left. It is at E.
Hale Curran School. Special Marshall Reddick Mentoring Breakfast
on the 2nd Thursday of the Month at four different
locations—Pasadena, Torrance, Orange County and San Fernando
Valley. (8:30 a.m. - 10:30 a.m.) Please call Linda Robbins three
days in advance at (562) 431-2938 for reservations and location.
Cost: Pay your own breakfast buffet. Each person to pay his/her
own tip.
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Daily
Default Infoservice (San Francisco Bay and Sacramento Valley
Areas) 800-310-7730
County
Records Service and Froeclosures.com (San Diego County) 800-310-7730
County
Records Research and Froeclosures.com (LosAngeles, Sna Bernardino,
Riverside, and Orange County areas)
800-310-7730 |
