What is the foreclosure process like in my state?

In California, the foreclosure process begins when a homeowner defaults on one or more mortgage payments. The lender then serves a notice of default, which informs the homeowner that they are in default and that if they do not take immediate action to correct the delinquency, the lender will begin the foreclosure process. Once the notice of default is served, the homeowner typically has 90 days to catch up on their mortgage payments and bring their loan current. If the loan is not brought current within 90 days, the lender can file a notice of sale with the county, which begins the formal foreclosure process. During this time, the homeowner may still have the opportunity to work out an agreeable solution with the lender, like a loan modification or forbearance, which could allow the homeowner to remain in the home. The formal foreclosure process requires several steps. The lender must publish a public notice of sale in a local newspaper for three consecutive weeks, and then the lender must notify the borrower and other parties involved. The actual foreclosure sale typically occurs at the county courthouse and is open to the public. If the lender successfully bids at the sale, the court will confirm the foreclosure. The lender can now take possession of the property, and the homeowner may have to leave the premises. Because the foreclosure process in California can be complicated and time-consuming, some homeowners may want to consider consulting with a foreclosure defense lawyer. A lawyer can help a homeowner understand their rights and provide legal advice throughout the foreclosure process.

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What is the foreclosure process like in my state?

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