California Foreclosure Law
Primary Security Instruments: Deed of Trust or Mortgage
Timeline: Typically 120 days
Right of Redemption: Yes, Judicial Foreclosures only
Deficiency Judgments Allowed: Yes, forJudicial Foreclosures only
In California, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process. Judicial foreclosure is used on a rare occasion, while non-judicial foreclosures are most common in California.
The foreclosure timeline in California is typically 120 days from the time you miss your first payment until a Notice of Default or Notice of Sale is issued to your actual foreclosure date and sale.
California borrowers have rights of redemption and deficiency judgments are allowed in judicial foreclosures only.
New information on foreclosure law:
CA SB 306 Bill Summary: 1) Allows a person to demand a short-pay demand statement from a beneficiary who has filed a foreclosure action, and 2) clarifies the definition of real property escrow for the purposes of requiring membership in Fidelity Corporation. To view the bill, click Here.
CA SB 94 Bill Summary: Prohibits any person offering to assist in mortgage loan modification from demanding or receiving any pre-completion compensation or from taking a power of attorney from a borrower. To view the bill, click Here.
CA SBx2 7 Bill Summary: California enacted SBX2 7 as the California Foreclosure Prevention Act, effective June 15, 2009. This law amends California Civil Code Sec. 2923 to place a 90-day moratorium on specified loans unless the mortgage loan servicer implements a loan modification program that meets certain criteria. The moratorium provisions of the Act will expire on January 1, 2011. To view the bill, click Here.
For more information on California Foreclsoure laws and regulations visit http://www.ncsl.org/public/leglinks.cfm and click on your state.
California's Attorney General's Office
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