I have put together a little California Foreclosure Guide that will serve to answer many of the San Diego real estate questions that are surfacing regarding the foreclosure process.
Some want to know how long they have to stay in their San Diego home until the property goes to auction or sale.
And what about California foreclosure postponements?
The following three steps spell out the California foreclosure process in simple terms–along with information about foreclosure postponement. Code sections are cited for those wanting to dig deeper.
1. Notice of Default
The foreclosure porcess starts with the NOD being recorded. This occurs when the borrower does not meet the terms of the loan. CC2924c. (a)
2. Notice of Trustee’s Sale
90 days after the Notice of Default has been recorded, an auction date can be set and recorded. CC 2924c.(b)(1)
The auction date can be just 14 days after Notice of Trustee’s Sale has been recorded. CC 2924f. (b)(1)
4. Auction Postponement
Foreclosure auctions can be postponed for up to one year in California (we are doing this with a number of San Diego short sales), CC 2924g. (1)(2)