Foreclosure is obviously a difficult time for the family. I have solutions that may work for you. Please feel free to contact me with any questions you may have regarding the foreclosure process. Below you will find a brief overview of how the foreclosure process works

The first step in addressing a residential foreclosure in California is understanding the foreclosure process. The foreclosure process consists of several different events or stages, each with very specific timing as prescribed in the California Civil Code (Section 2924 et. seq). Following is an overview of the foreclosure process and some of the basic terms that you may encounter.

Definition of Foreclosure
If you fall behind on your payments, your lender has the right to sell your property to pay off your loan. Foreclosure is the legal process by which your lender takes action to sell your property.

Types of Foreclosure
There are two types of foreclosure -- judicial foreclosures which are conducted using the court system and nonjudicial foreclosures which are conducted without going to court. In California, the vast majority of foreclosures are nonjudicial. Because courts do not oversee the process, the California Civil Code (CC Section 2924 et. seq.) provides strict procedures that must be followed before your home can be sold.

Loan Documents
When you purchased your home, you likely signed two different documents - the promissory note and the deed of trust. The promissory note is the document in which you promised to repay the money that was loaned to you. The deed of trust is the document that pledges your property as security for the loan. If you fall behind on your payments, the deed of trust gives your lender the right to sell your property at a public auction to pay off your loan.

In a deed of trust, there are three parties involved -- the trustor (the borrower), the beneficiary (the lender) and the trustee (the person or company authorized to foreclose if the borrower defaults on the loan).

The Foreclosure Process
After the borrower falls behind on their payments, the lender will initiate the foreclosure process by requesting that the trustee file a Notice of Default. The nonjudicial foreclosure process in California takes a minimum of 111 days from the time the Notice of Default is initially recorded until the property can be sold at a trustee sale.

Timeline 

Notice of Default
The Notice of Default is the official document notifying you that your lender has started the foreclosure process to sell your property in order to pay off your loan. The Notice of Default must be filed with the county recorder's office.

Reinstatement Period
The reinstatement period is the time during which you may stop the foreclosure process by bringing your loan current. The reinstatement period begins as soon as the Notice of Default is filed and ends five business days prior to the foreclosure sale.

Notice of Trustee Sale
If the loan is not brought current within three months, a Notice of Trustee Sale is recorded. The Notice of Trustee Sale gives the date, time and location of the sale of your property. The sale must be at least 20 calendar days after the Notice of Trustee Sale is recorded and is typically between 21 and 25 days later.

Redemption Period
The redemption period is the last five business days before the trustee sale. During the redemption period, you no longer have the right to reinstate your loan by bringing it current, but you may redeem your property by paying off the entire unpaid balance of your loan, plus late fees, penalties, attorney fees, and trustee's costs. Although your legal right to reinstate your loan ends during the redemption period, some lenders may still allow you to reinstate your loan during this period.

Trustee Sale
The last step in the foreclosure process is the actual public sale of your property. The sale must be conducted on a weekday during normal business hours and usually takes place in front of the county courthouse or another outside location