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THE FORECLOSURE PROCESS IN CALIFORNIA

In California, a lender can choose to do either a Judicial or non-Judicial foreclosure.  Since a non-judicial foreclosure allows the lender to sell your property without any government oversight, almost all foreclosures in California are Non-Judicial.

NOTICE OF DEFAULT

The Non-Judicial Foreclosure Process Starts with the filing of a Notice of Default, also called an NOD. This document is “recorded” with the County where the property is located.  It is recorded by the “Foreclosure Trustee” who works for the lender.  The document states that you are in default under the terms of your loan agreement, and that the lender is going to sell your property at auction if the overdue balance is not paid off.

The NOD is a Public Record, meaning anyone can access it.  This is why, if one is recorded, you will immediately be contacted by advertisers of all types.

NOTICE OF TRUSTEE’S SALE

After the recording of the NOD, the lender must wait 90 days, and then is allowed to record a Notice of Trustee’s Sale, sometimes called an NTS.  The NTS is also recorded by the Foreclosure Trustee on behalf of the lender.  At that point, the auction date can be set for any time after 21.

If you have had a NOD recorded on your property, do not delay!  If you have an NTS recorded, time is even more critical.  The non-judicial foreclosure process moves quickly, the banks play games, and if an auction is held and the property is sold, the chances of getting the property back are extremely slim.  Taking action right away with the help of an attorney is the best way to ensure your rights are not taken advantage of.

THE BEST OPTION FOR YOU

If you are facing a foreclosure sale, the attorneys at ANAND LAW can evaluate your situation to determine the best solution for you. Oftentimes, we are successful in preventing foreclosure sales altogether. We have helped homeowners in Los Angeles, Orange, San Bernardino, Riverside, San Diego, San Luis Obispo and Santa Barbara counties.  Where homeowners can’t afford to remain in their property, but the lender has still committed wrongdoings, we are often able to secure monetary settlements.

We will evaluate your situation to determine if NEGOTIATION, LITIGATION (in State, Federal or Bankruptcy Court), CHAPTER 13 or CHAPTER 11 bankruptcy, or a combination of the foregoing is the best solution for you.

ANAND LAW will take a detailed look at your situation in order to determine what can be done.  You may be able to:

 

  • Stop foreclosure sales by obtaining a temporary restraining order (TRO);
  • Retain Residence and Rental Properties through Litigation & Negotiation
  • Stop foreclosure sales and retain Residence and Rental Properties Through Chapter 11 or Chapter 13 Bankruptcy
  • Re-structure mortgage debt so that outstanding balances are equal to the market value of real properties;
  • Re-structure mortgage debts by lowering interest rates;
  • Remove unsecured & cram down undersecured real property mortgage liens;
  • Remove unsecured & cram down undersecured HOA liens;
  • Remove certain tax liens;
  • Eliminate unsecured debt.

 

The attorneys at our law firm are real estate experts, committed to maintaining a deep knowledge of the law and tenaciously representing our clients.  We help individuals and businesses with various real estate disputes in and around Los Angeles, Orange, Malibu, La Canada Flintridge, Glendale, Pasadena, South Pasadena, Arcadia, Moorpark, Ventura, Sierra Madre, Santa Clarita, Riverside, San Bernardino, Claremont, Long Beach, Irvine, Newport Beach, Corona Del Mar, Huntington Beach, Redondo Beach, Manhattan Beach, Venice Beach, Mar Vista, Culver City, Cheviot Hills, Holmby Hills, Beverly Hills, Hollywood, North Hollywood, West Hollywood, Burbank, North Hills, Calabassas, Thousand Oaks.

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