What should I expect during the foreclosure process?

The foreclosure process usually follows a set timeline, although slight variations may occur due to the specifics of a given case. In California, the foreclosure process typically starts with the lender issuing the borrower a “Notice of Default”, which is a written notification that a loan is in default and that foreclosure proceedings have started. The borrower is typically granted a 90-day grace period to make up the payment or to negotiate a loan modification. If the borrower is unable to make up the payment or come to an agreement with the lender, the lender may file a “Notice of Sale”. This document sets forth the date, time, and place of the sale of the property. The borrower can attempt to reinstate the loan or reach a settlement with the lender. At the sale, the lender may bid the “default amount” due on the loan, or another party may bid a higher amount. If no third party bids, the lender may take ownership of the property. If the third party bids, they receive the title to the property. If the borrower is unable to reach a settlement with the lender during the foreclosure process, they can enlist the help of a foreclosure defense lawyer. Such lawyers are knowledgeable about the foreclosure laws in the state of California and can provide legal assistance to protect the rights of the borrower. This can include filing a motion to set aside the foreclosure sale or defending the homeowner in court.

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What should I expect during the foreclosure process?

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