The Foreclosure Process
This is the time line of the California foreclosure process.
Santa Cruz, California bank foreclosed homes may differ in their process than other states. Please consult a local real estate professsional or attorney for your situation. The process and time lines may be different.
Foreclosure is a legal procedure used by lenders to recover their
investment when borrowers fail to make payments required under a
promissory note secured by a deed of trust. In most cases, foreclosures
are handled by Independent Trustees who act as neutral third parties.
Any irregularity in the statutory provisions which govern foreclosures
can invalidate the trustee's sale. For this reason, lenders will want a
trustee who is accurate, knowledgeable, and experienced in dealing with
these types of circumstances.
The process begins with recordation of a Notice of Default. The minimum
time allowed by law is three months and twenty one days.
If you are thinking you may be having this process started on your home call 1-888-995-4673 ( HOPE) and find out what they can offer.
If you are in the process of a foreclosure, you may want to consult and attorney regarding your rights, as well as the bank doing the foreclosing to see what your alternatives are. Please do not ignore the bank. A foreclosure will remain on your record for 10 years and the credit consequences will cost you in higher interest rates in the future.
California Foreclosure Timeline
| Day 1: | Notice of Default Records |
| Within 10 working days: | Notice of Default is mailed to Owners and [others with a recorded Notice of Default |
| Within 30 days: | Notice of Default is mailed to others with an interest |
| After 3 months: | Sale date can be set |
| 25 days before the Sale: | Last day to notify the IRS, if they have a lien |
| 20 days before the Sale: | Publish and post the Notice of Sale, and mail to owners and others with an interest |
| 1 4 days before the Sale: | Record Notice of Sale |
| 5 days before Sale: | Reinstatement rights end |
| Day of Sale: | Property is sold to highest bidder or reverts to the beneficiary(bank) |
This process, if all went by the book, will take a minimum I think of 111
days. Contact you lender or an attorney for information an help on this
process. With the govenment willing to help,that should be a first
step.
If you are a tenant, you should contact the landlord and check with an attorney and the bank regarding any agreements that you have or had.
Contact Gregg Camp to get started in Santa Cruz real estate today. Call him at 831-818-7524 for an appointment.Whether you are relocating to Santa Cruz or just looking for a beach home or a house for your UCSC student, family or senior,Gregg can help you find the Santa Cruz home that fits your budget.
If you are a renter and want to become an owner, get your self approved for a loan.You can check and see what bank owned homes may be of interest to you. YOU have to be pre-approved for a loan before you can submit an offer, so start the process of getting pre-approved first.
Santa Cruz Bank owned foreclosures and other regions
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Last Updated: 2010-09-05
Contact Gregg Camp to get started in Santa Cruz real estate today. Call him at 831-818-7524 for an appointment.Whether you are relocating to Santa Cruz or just looking for a beach home or a house for your UCSC student, family or senior,Gregg can help you find the Santa Cruz home that fits your budget.
