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Stop Foreclosure - California |
California Foreclosure Law Summary
Most Common Method of Foreclosure: Power of Sale.
Preforeclosure Notice:
Number of Notices: Two: Notice of Default and Notice of Sale.
Amount of Notice Required: For a Notice of Default, three months. For a Notice of Sale, twenty days.
Content of Notice: Notice of Default: a) identify the mortgage; b) nature of the breach; c) election to sell to satisfy obligation; and d) if curable. Notice must be filed in the county where the mortgaged property is located.
Notice of Sale: a) time and place of sale; and b) total amount due plus a reasonable estimate of costs and expenses. Name, instate street address and toll-free or instate telephone number of the trustee or its agent. Street address or legal description of property. If personal property or fixtures are to be sold, these must be described.
Method of Service: By certified or registered mail, and by regular first class mail and by publication once a week for three weeks, beginning twenty days before the sale, in a newspaper of general circulation, and posting in a public place and in a conspicuous place on the property. Notice of sale must also be recorded.
Right to Cure Default/Reinstate: Can cure within five days before the sale.
Redemption: None, if foreclosed by a power of sale and a deficiency judgment is waived or prohibited. Right of redemption if foreclosed by judicial procedure unless deficiency judgment is waived or prohibited.
Post-Sale Provisions Regarding Proceeds: Within thirty days of sale, the trustee must give notice of any surplus to anyone who may have a claim on the proceeds. Claims are to be sent to the trustee to determine priority. If the trustee cannot resolve the claims, then the court will.
Deficiency: No deficiency under a judicial foreclosure judgment unless there is a right to redemption. No deficiency judgment under a power of sale foreclosure.
High-Cost Home Loans: A provision in a loan agreement that violates enumerated subsections of the high-cost home loan act is unenforceable against borrower. The listed subsections forbid, inter alia, call provisions and balloon payments. The court may reform the loan terms to conform to the statute.
Miscellaneous: Special notice is required under the Unruh Act for deeds of trust, where the security interest is a single-family owner-occupied residence and it secures the obligation under the Unruh Retail Installment Sales Act.
Stop Foreclosure California
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