California foreclosures are possible in approximately 200 days based on the legal timelines listed below. However, many foreclosures take much longer due to lender backlogs and loss mitigation strategies. The stages of the foreclosure process are outlined below.
Falling Behind (1-90 days)
The first stage in the California foreclosure timeline is a missed payment.
Notice of Default (90-120 days)
The exact point at which your loan is considered "in default" depends on the terms of your specific loan. For most mortgages, this happens when you are 90 days late on your loan. Once default occurs the lender must file a Notice of Default with the court. This filing will include your options to get out of default which typically includes paying all back payments, along with interest and fees, to get our of default. You'll also need to keep your insurance and property taxes up to date.
Notice of Trustee Sale (180 Days)
After you've received a Notice of Default, you have 90 days in which to bring your loan current. As mentioned, this typically means paying all back payments, along with interest and fees, property taxes, and insurance. If you fail to do this the bank will file a Notice of Trustee Sale, which is typically sent to you via certified mail.
Auction (200 Days)
After you've received a Notice of Trustee Sale, the bank can publish a date for the auction. It has to wait at least 20 days after the Notice of Trustee Sale. At the auction your house will be sold to the highest bidder.
FAIR Program has been helping homeowners in Los Angeles county and surrounding areas avoid foreclosure for over a decade. Our program is fully subsidized so leave your checkbook at home. Contact us today, to get started.