The Foreclosure Process

If you and your family are facing the possibility of foreclosure, you probably have some questions and would like some straight answers and maybe a helping hand. Do you want to know how foreclosure affects credit or about foreclosure alternatives? Times of financial stress can create uncertainty. In these circumstances you need facts you can depend on and a plan of action that fits your situation.

Judicial Foreclosure

Judicial foreclosure means the lender goes through the court system and sues the homeowner to repossess the property. From the homeowners viewpoint a major drawback of this method is that if the court decides for the lender it issues a judgment for the unpaid amount of the loan. This means if the property is sold for less than the amount of the judgment, the property owner must pay the difference to the lender. The court may also order that the homeowner has one year to redeem the property.

Non-judicial Foreclosure

In a non-judicial foreclosure the mortgager records and mails a "notice of default" giving the homeowner a specified amount of time (generally 90 days) to pay the amount which is past due. If the homeowner fails to meet the deadline the lender records a "notice of sale" giving the date that the property will be sold, sends a copy to the homeowner, posts a notice on the property and in a public place and advertises the auction in a newspaper. The successful bidder must pay in full at end of the auction. This entire process can be completed in approximately 4 months.

Foreclosure Lawyer in Orange County

At 1st California Law we help individuals and families throughout Orange County who are facing overwhelming financial situations. A Santa Ana foreclosure lawyer at our firm provides skilled guidance and legal expertise in foreclosure defense. We can explain the foreclosure process and work with you to help you to obtain a positive result. We are ready to work with you to protect your rights and help you gain control of your financial future.