What are the steps in a foreclosure process?

The foreclosure process in California is a complicated one and is ultimately dependent on the specific lender and circumstances of the loan. Generally, however, the process is as follows: First, the lender sends the homeowner a notice of default. This is a formal document explaining the default on the loan, the amount owed, and that the loan must be paid in full within 90 days in order for the foreclosure process to stop. Next, the lender can then file a Notice of Trustee’s Sale, giving the homeowner at least 20 days’ notice of the date when the property will be sold at public auction. During this period, the homeowner can still make up the missed payments and stop the foreclosure. The property is then auctioned off in a public sale. If the lender is the highest bidder, they become the new property owner. If they fail to bid or are outbid by another party, that party becomes the new owner. Finally, if the borrower does not make up the missed payments in the allotted time, the lender can file for a court-ordered sale. The property is then sold to the highest bidder at a public auction. If the buyer doesn’t make the payments, the lender can take back ownership of the property. At this point, the foreclosure process is complete, and the process begins again when the lender tries to resell the property.

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What are the steps in a foreclosure process?

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