foreclosure and bankruptcy in california

Losing our home?

we have decided to file bankruptcy and give up our home. Does anyone know how long it will take for foreclosure to begin in California. Where we are located rentals (at least decent ones) are few and far between, however we are so broke that I don’t want to jump ship to soon…

California is a non-judicial foreclosure state, therefore once you have received the notice of default you have 90 days to cure the foreclosure or bring the mortgage current.

Failing to do that the next notice that will come to you is the notice of sale. That period of time is 20 days from the date it is filed.

The above are the legal file times and periods.

Keep in mind that just because you have not made a payment the lender might take a ffew months to start foreclosure porcedure on you.

The other is because they have started the foreclosue procedures they could take a little time between the time they send you the notice of sale.

Once the sale has taken place, if the property becomes the property of the bank at this time it is now a REO(Real Estate Owned) for the bank and is earning no money.

Some banks will give you moving money after the foreclosure has been completed and the sales is over. The idea behind this is that you promise them you will not trash the house and move on an agreed upon date without the usual eviction through the sheriff. It really saves them money in the long run to do this with the existing people in the house. The amount given varies from lender to lender. Ask for a high amount and see what they give you.

The person that will offer this to you is the real estate broker or his agent that the lender has assigned to sell the property for the lender.

When you attempt to find a place to rent, simply explain what happen and that the cause that made you do what had to be done is over.

I hope this has been of some use to you, good luck.

“FIGHT ON”

foreclosure and bankruptcy in california