Understanding the Foreclosure Process in California

The foreclosure process in California is outlined below. It is important to be familiar with the process to help to determine your course of action. You can then avoid surprises and plan effectively.

Foreclosure generally takes anywhere from three months to one year depending on various factors and follows this typical course:

1. Pre-foreclosure: Late payment notices arrive in the mail and the lender/bank attempts to contact the homeowner by phone.
2. Foreclosure Notice: The lender produces an official foreclosure notice which can be published in a local newspaper and posted at or near the home.
3. Reinstatement Period: The time period before the auction or sale where a homeowner is able catch up on missed payments and any accrued penalties or fees.
4. Sale or Auction: The home is sold at auction to an investor or the lender assumes ownership.
5. Redemption Period: (Not available in all states) A final opportunity for a homeowner to buy back their property after the auction or sale by paying what the home sold for plus interest and any qualified expenses.
6. Eviction: The homeowner must move out. If the homeowner refuses, a local authority forcibly removes the residents and their belongings from the property.

Once a homeowner understands the process, choosing the right option to avoid foreclosure becomes easier. You can determine whether it is something that you can do on your own or whether you need help from a foreclosure attorney.