Foreclosures in San Francisco have been on a steady rise the last few years. With the economy down and jobless numbers going up, many people have faced foreclosure in San Francisco and other cities where housing prices are the highest in the nation. Fortunately, those who face foreclosure in San Francisco have help available, but homeowners must take action and be fervent in following instructions to stop foreclosure and keep their homes.
San Francisco Foreclosure Laws
Foreclosure procedures and laws are similar across the country, but have varying differences dictated by state and local governments. In San Francisco, foreclosures are governed by the laws of the State of California.
Here is a summary of what you may expect in a San Francisco foreclosure action:
| Judicial |
Yes |
|
| Non Judicial |
Yes |
|
| Primary Security |
Deed of Trust, Mortgage |
|
| Timeline |
120 days usually |
|
| Redemption |
Varies |
|
| Notice |
Notice of Default |
|
| Deficiency Judgment |
Varies |
|
Pros and Cons of Foreclosure
Though foreclosure is a negative term, especially for homeowners, it simply is a process of reclaiming property held as security against a loan, usually a mortgage or deed of trust in California. And though foreclosure is a process most homeowners want to avoid, there are pros for allows the foreclosure process to happen:
Walk away from a subprime loan – Many loans made over the last five to seven years have been through companies that finance sub-prime loans made against overvalued properties and unqualified borrowers. Many people were lured into accepting a variable interest rate that started out very low, but found out a few years later that the interest rate skyrocketed, along with their mortgage payments, which simply became more than their monthly income could afford.
No Equity – If you bought the home recently with no down payment within the last few years, there is probably very little, if any, equity to walk away from.
Close the stress – The stress of a foreclosure may be just too much. If there is no financial means to cure the defaulted loan, walking away and starting over as soon as possible may be the best option.
Of course there are many cons to foreclosure in San Francisco as well. Here are just a few:
- Loss of home
- Loss of earned equity
- Negative credit report marks
- Inability to obtain further loans
- Income tax issues
Getting Foreclosure Help in San Francisco
Help is available that can help you avoid foreclosure in San Diego. You still have rights as a home and property owner. Get a free consultation from a certified San Francisco foreclosure lawyer and get the advice you need on your foreclosure.
- If you may be facing foreclosure or already in the process, Consult Your Case for Free with a local certified Foreclosure Attorney in San Francisco to see your best options you have available to avoid Foreclosure.
