What is the foreclosure process in my state?

In California, the foreclosure process begins when the homeowner stops making payments on their mortgage. The lender then files a Notice of Default, which is a public document that notifies the homeowner and all third parties of the impending foreclosure. After the Notice of Default is issued, the homeowner usually has three months to cure the default by paying all overdue mortgage payments, penalties, and fees. If the homeowner fails to cure the default within this period, the lender can file a Notice of Sale with the county recorder. This action puts the public on notice of the impending sale, which usually takes place within 90 days of filing the Notice of Sale. Once the sale is finalized, the property is transferred from the homeowner to the winning bidder (usually the lender). The homeowner is then given five business days to move out of the property. In some cases, the lender may offer the homeowner cash for keys, which is a lump sum payment given to the homeowner in exchange for them vacating the home within a certain period of time. After the five day period has elapsed, the lender has legal authority to evict the homeowner from the property. The foreclosure process can be complicated and it is important for homeowners to understand their rights during this process. Any homeowner facing foreclosure should seek legal advice to ensure they are making the best decisions based on their circumstances.

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What is the foreclosure process in my state?

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