Are you a homeowner in California? Do you fear losing your home through foreclosure or late mortgage payment? Then worry no more as Estavillo foreclosure law will take you through the foreclosure procedure in California. Unlike other states, the foreclosure procedure in California is nonjudicial, this means that there is no court or judge involved but does involve state law, the lender and the trustee. So how does the foreclosure process in California happen?

Step 1: Mortgage payment failure

When it comes to California foreclosure, it all starts with the initial failure to pay mortgage installments. It may be due to loss of job, illness or poor financial management. When one does miss payment without informing the bank or the mortgage lender depending on the lender, there may be a grace period in which you can fully pay without any penalties. If you are still unable due to tough times, the lender may charge late fees and interest according to the mortgage agreement.

Step 2: Receive notice of default

The next step in the foreclosure procedure in California, according to Estavillo foreclosure law, is the notice of default. When you do fail to make payments within 120 days, the bank or mortgage lender may issue out a notice of default. They have to file the notice of default with the court, and within ten days, they have to inform you.

A notice of default is an authority authoritative report educating you that you are in a condition of default on your advance. It will incorporate data about your choices for escaping default. For instance, you can pay all the back installments, alongside the late fees and interest, to escape default. You'll likewise need to keep up your protection and property charges.

Because of mortgage refinancing laws, characterized by the Consumer Finance Protection Bureau, your bank or mortgage must hold up 120 days before issuing Notice of Default.

Step 3: Notice of Trustee Sale

According to Estavillo law, you've gotten a Notice of Default; you have three months to endeavor to get your mortgage payments sorted out. As referenced over, that implies taking care of everything being equal, intrigue, charges, property assessments, and protection. Following three months, the bank can authoritatively mark the calendar for the auction of your home. You will be informed this has occurred through a Notice of Trustee Sale that is normally sent to you through ensured mail.

Step 4: Auction

The final stage in the foreclosure process in California according to Estavillo foreclosure law. After you've gotten a Notice of Trustee Sale, the bank can mark the calendar for the house auction. It needs to hold up in any event 20 days after the Notice of Trustee Sale is sent to you. The deal might be deferred by a court or by the bank for as long as a year, after which they'll have to send you another Notice of Trustee Sale to send the house to sell. At the auction, your home will be offered to the most noteworthy bidder.