The state of California has seen a steady rise in home foreclosures over the last few years. San Jose foreclosures are also on the rise, and each month, new foreclosures in San Jose increase. Facing foreclosure can be harrowing, but help is available to San Jose homeowners to help stop and avoid foreclosure if they take action.
San Jose Foreclosure Laws
Foreclosure procedures change from state to state, county to county, and sometimes city to city. In San Jose foreclosure procedures are governed by the laws of the State of California.
Here is a summary of what you may expect in a San Jose foreclosure;
| Judicial |
Yes |
|
| Non Judicial |
Yes
|
|
| Primary Security |
Deed of Trust, Mortgage |
|
| Timeline |
120 days usually
|
|
| Redemption |
Varies |
|
| Notice |
Notice of Default
|
|
| Deficiency Judgment |
Varies
|
|
San Jose Foreclosure Process
With any foreclosure action, there are procedures and timelines that must be followed before a lender can come in and take your home. A foreclosure in San Jose would start by recording a Notice of Default with the County Recorder in the county of Santa Clara. This is a necessary procedure to let the public know that the home mortgage is in default and that further foreclosure action is pending.
The next steps depend heavily upon whether a home had a deed of trust or a mortgage. A deed of trust, the most widely used security instrument nowadays, usually contains a Power of Sale clause that allows a trustee, usually a title company, to commence with a home auction through non-judicial means. The filings and other procedures usually take at least 120 days to complete, including a 20-day notice of home auction to the owner and the public.
A mortgage document usually requires a judicial foreclosure where the lender files for a deficiency judgment in a court of law. The process for a judicial foreclosure is usually longer and gives the homeowner up to 365 days to reinstate or cure the defaulted loan.
Getting Foreclosure Help in San Jose
In either a judicial or non-judicial foreclosure, it is important that the homeowner act early in trying to work a solution with the lender to avoid home foreclosure. Help is available that can prevent and stop foreclosure in San Jose. Homeowners going through foreclosure still have rights and with a free consultation from a certified foreclosure lawyer and get the advice you need on your San Jose foreclosure strategy.
- If you may be facing foreclosure or already in the process, Consult Your Case for Free with a local certified Foreclosure Attorney in San Jose to see your best options you have available to avoid Foreclosure.
