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Are you facing foreclosure, or in the middle of one? Learn how to navigate this complex process and stop or delay your foreclosure.
Stages Of Foreclosure
A Notice Of Default Begins The Process
Notice Of Default
The Notice of Default or NOD is the first phase of the foreclosure proceedings. The NOD in California is recorded after a borrower fails to meet the terms of the mortgage loan. Usually, the NOD timeframe spans 90 days before the lender takes the next foreclosure step.
At this juncture, the property is deemed to be in pre-foreclosure. The property owner receives a notice by mail with the estimated sale date. Usually, this notice is delivered after the homeowner has missed four months of payments.
Have You Received A Notice Of Trustee Sale?
Notice Of Trustee Sale
After 90 days have passed from the recording of the NOD, the lender issues a Notice of Trustee Sale. This notice is legally actionable and therefore acts as an intent to sell the foreclosed property at auction.
Auction Sale Date Notice
Notice Of Public Sale
The date of the auction depends on one of various factors. Technically, the lender or trustee can schedule an auction 20 days after the Notice of Trustee Sale is posted. Nevertheless, you can postpone this event in one of a number of ways. As a result, some homeowners can delay an auction for as long as a year.
Foreclosure sales must take place on a business day between the hours of 9AM and 5PM. They must occur at the site that is listed in the Notice of Sale. The trustee auctions the property to the highest bidder, which may the lender. A borrower is permitted to delay or postpone the sale for one day.
You Still Have Options
Foreclosure Sale Outcomes
You can realize one of four outcomes prior to a foreclosure sale.
Postpone The Sale & Delay Foreclosure
A new foreclosure sale date is established and the foreclosure process begins again. This is usually done with the help of a foreclosure lawyer. Postponements permit you to buy additional time to restore your budget and become current. They also make it possible for you to devise a legal strategy to fight the foreclosure proceedings.
Cancel The Foreclosure
Cancellation enables you to potentially cancel the foreclosure by initiating a foreclosure prevention alternative, such as a short sale, deed in lieu, or a loan modification.
Many times, the lender is the only party that can bid on the foreclosed property. In turn, the house goes back to the lender. If this happens, the homeowner may be able to regain his or her title after the auction sale. This can be done with the help of an experienced foreclosure lawyer.
Third Party Sale
A Third Party Buys Your Home
A foreclosure property is frequently an attractive purchase to a third-party buyer – someone who wants to capitalize on distressed properties. In this case, you may not regain the title to the home but may retain the right to sue your lender for damages you suffered.