What happens if I don't make my mortgage payments?

If you do not make your mortgage payments in California, it is possible that you could face a foreclosure. Foreclosure is the legal process where the lender can take possession of the property if the homeowner does not make their payments. The first step of this process is usually when the homeowner misses their first payment. At this point, the lender will initiate the foreclosure process by sending a Notice of Default, which is a formal letter stating that the homeowner has not made the payment and must do so in a certain amount of time. If the payment is still not made, the lender can then file a Notice of Sale with the county recorder’s office. If the home is foreclosed, the homeowner typically has to vacate the property and give the lender possession of the home. California law requires lenders to put a portion of the proceeds from the foreclosure sale into a fund to help the borrower with relocation expenses. The lender will then use the remaining funds to pay off the loan and any unpaid fees associated with the foreclosure. Ultimately, failure to make mortgage payments can lead to foreclosure and the loss of the home. The best way to avoid foreclosure is to stay in communication with the lender and make sure to make all required payments on time.

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What happens if I don't make my mortgage payments?

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