a. The Foreclosure Process

• Missed Payments: Foreclosure proceedings typically start after a homeowner has missed several mortgage payments. The exact number can vary based on the terms of the mortgage agreement.
• Notice of Default: The lender will issue a Notice of Default (NOD) after a specified period of missed payments. This is a public record indicating that the homeowner is at risk of foreclosure.
• Reinstatement Period:After the NOD, homeowners in California have a period during which they can reinstate the loan by catching up on missed payments, plus any additional fees or penalties. This period is typically 90 days.
• Notice of Trustee’s Sale: If the homeowner does not reinstate the loan, the lender will then issue a Notice of Trustee’s Sale, which sets the date, time, and place for the foreclosure auction. This notice must be posted on the property, in a public place, and published in local newspapers.
• Auction: At the auction, the property is sold to the highest bidder, which often ends up being the foreclosing lender. The auction is typically held in a public place, such as the steps of the county courthouse.

b.  What Happens If Your Property Is Sold?

• Eviction: If a new owner purchases the property at auction, they may begin eviction proceedings to remove the previous owner and any occupants from the home.
• Surplus Funds: If the property is sold for more than the amount owed, there may be surplus funds. 

Please call and or email us to inquire if we are able to assist you regarding your unique situation that you are faced with.