How Long Can The Foreclosure Process Take?

Hello, I’m Derik Lewis from Lawyers Realty Group in Southern California. Lawyers Realty Group is here to answer all of your questions about short sale transactions.

Currently I’m discussing the non-judicial foreclosure process in California. I wanted to show you some of the documents that lenders would send you and some of the things you would see and hear in the process so you have a basic knowledge of how the process goes.

Foreclosure can’t commence until you are in default; default can be not paying the mortgage, insurance or taxes. Once you’ve stopped paying, you’ll start getting letters and calls from the lender. There are all sorts of things they are required to send you before they can start the formal foreclosure process. It will usually take up 3-4 months before they will move to the next step. Before moving on, they are required to provide you with alternatives to foreclosure, such as a loan modification or short selling your home.

The foreclosure process is commenced when they send you a notice of default and election to sell. They have to wait 90 days to give you the right to cure your default, such as refinance or do a reverse mortgage. After the 90 days, they are allowed to record the notice of trustee sale. They set the date, time and location of where your property will be sold. At the sale, someone will either purchase your home or the bank will take it back. Once your property is no longer yours they have to give you a notice to quit and evict you. Essentially from beginning to end, the entire process can take around 8-9 months.

If you are facing foreclosure, you can always consider short selling your home. There are lots of alternatives out there and short selling is one that gives you many benefits that other alternatives can’t offer you. If you have any questions or would like to discuss your specific situation, please visit our website. There is an abundance of information out there regarding short selling your home.