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Judicial foreclosures are rare in California. A judicial foreclosure allows the lender to get a deficiency judgment against the borrower. BUT the homeowner has the right of redemption, which allows him or her to buy the home back from the successful bidder at the auction for 1 year after the sale.
There are two types of foreclosure: judicial foreclosures, which require a court order, and non-judicial foreclosures, which do not. In judicial foreclosures, the mortgagee must go to court and prove that it owns the mortgage and has the right to foreclose on it.
California law provides for two types of foreclosure: judicial (court involvement) and nonjudicial (no court involvement; this is the most commonly utilized method). Nonjudicial foreclosures are utilized in situations where the deed of trust securing the mortgage loan includes a power-of-sale clause.
It takes several months for a lender to foreclose on a California property. If everything goes according to schedule, the process typically takes approximately 120 days about four months but the process can take as long as 200 or more days to conclude.
Non-judicial foreclosure is the most common type of foreclosure in California.
Judicial foreclosures are rare in California. A judicial foreclosure allows the lender to get a deficiency judgment against the borrower. BUT the homeowner has the right of redemption, which allows him or her to buy the home back from the successful bidder at the auction for 1 year after the sale.
California law provides for two types of foreclosure: judicial (court involvement) and nonjudicial (no court involvement; this is the most commonly utilized method). Nonjudicial foreclosures are utilized in situations where the deed of trust securing the mortgage loan includes a power-of-sale clause.
The nonjudicial foreclosure process formally begins when the trustee records a notice of default at the county recorder's office. The notice of default includes information like the nature of the breach and how to cure it.
Across the country, states are classified as judicial or nonjudicial based on how their foreclosures are processed. Many states process one-way or the other. California is a state that permits both. A judicial foreclosure is processed through the courts. A nonjudicial foreclosure does not require court proceedings.