California Foreclosure Law

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Below you will find information specific to California foreclosure law. A brief breakdown of foreclosure facts are listed in the table and are defined more thoroughly just below the table:

Judicial Foreclosures	YES
Non-Judicial Foreclosures	YES
Primary Security Instruments	Deed of Trust, Mortgage
How long does it take?	About 4 months
Right of Redemption	Depends on method used
Deficiency Judments Allowed?	Depends on method used
Sale Publication Period	21 days
Sale/NTS	Trustee

 

 

Overview

With California foreclosure law, both judicial and non-judicial methods of foreclosure are used. Judicial methods are only used if a borrower asks for a deficiency judgment and are very rare. If this method of foreclosure is used, a borrower will have up to one year to redeem the property after it is sold. This would be the example where a borrower would have a 'Right of Redemption' period.

 

Non-Judicial Foreclosures

Non-judicial foreclosures are much more common in California foreclosure law. In a non-judicial foreclosure, the lender will file a notice of default with the county recorder. The notice of default is then sent out to the borrower via mail. That letter will simply contain an amount that is in default and a date that it is required for the borrower to pay it off. If there is no intent to pay by the borrower, the lender must wait a minimum of three months after the notice of default is issued before scheduling a trustee's sale.

 

Publication Period

As with foreclosures in many other states, there is a publication period that lasts 21 days. A notice of sale will be published publically for the entire duration of the 21 days. This step is required before a lender can conduct of trustee's sale of the property. In the publication, the location, date, and time of the sale will be included, along with a way to get in contact with the trustee. In addition to the publication, it is also required that the lender file a notice of sale with the county recorder. After the 21 days the property is sold at a public auction and the ownership transfers to the buyer.  

Related Links:

California Foreclosure Attorneys: Here you'll find a list of foreclosure attorneys specific to your area. Speak with an attorney that can help you make the best decision possible.
Notice of Sale: Understand what it is and how it relates to the foreclosure process.
Notice of Default: A document that begins the foreclosure process. We define it more clearly here.
Right of Redemption: Even if you've lost your property to auction, you may be able to get it back. Here is more information about what right of redemption actually is.