California Sample Letters - A Package of Sample Letters and Forms for Foreclosure
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FAQ
This is basically a document telling you that the lender will foreclose on your property if you do not take action to stop it. Ignoring it will only lead to further legal trouble, and it could prevent you from being able to negotiate with the lender to find a solution that allows you to keep your home.
A foreclosure is simply the closing of a Home Loan by paying off the entire amount borrowed in one lump sum amount. It is part of the regular Home Loan process and allows you to pay off the borrowed amount before the EMI schedule. You can opt for a foreclosure even after having made a few EMI payments.
You could avoid foreclosure by selling your property for an amount more than the amount necessary to pay off your mortgage loan. If your problems aren't temporary, you may need to sell your home. A foreclosure will result in the bank taking possession of your home and you will be left with nothing.
If the owner in default does not pay off the default within a certain time frame, the trustee can schedule a public sale of the property. Foreclosures in California are primarily administered out of court, although court foreclosures are allowed. Out-of-court foreclosures take about four months.
This Notice tells you the date, time, and place your home will be sold. The Notice of Trustee Sale must be mailed to you at least 20 days before the day they plan to sell your home. The notice must also be posted on your property. You can pay off the past-due amount plus fees up to five business days before the sale.
Foreclosure is what happens when you can't pay your mortgage and the lender takes over owning your home. The lender then sells your home to pay off what you owe them. You have no control over how the home is sold and will be given notice to leave the property, sometimes even before it's sold.
In Canada, foreclosure occurs when the mortgage holder (often a bank) sells the property to recover the owed amount due to default by the owner.
Foreclosure normally occurs only after you've missed at least three mortgage payments. The late payments that led to the foreclosure will also be on your credit reports for seven years, just like the foreclosure entry.