Like thousands of other homeowners in America, you may be facing the threat of foreclosure on your home. If you have been unable to work things out with your mortgage company directly to get back on track with your mortgage payments and they are proceeding with legal action, there are still Los Angeles foreclosure options for you to pursue before giving up your home for good.
Los Angeles Foreclosure Laws
Foreclosure laws differ from state to state across the country. Los Angeles foreclosures are dictated by the State of California, who creates and enforces the foreclosure laws in all cities. Your primary concern if you are facing foreclosure in Los Angeles is how much time do you have until you are forced out of your home? Here are the basic processing times for Los Angeles foreclosures:
Typical Timeline: 120 days
Sale Publication: 20 days
Redemption Period: 365+ days (Judicial Foreclosure only)
Judicial vs. Non-Judicial Foreclosures
In California, both Mortgage and Deed of Trust instruments are used as security documents for real estate. Primarily, the Deed of Trust is the most commonly used security instrument used in new transactions, but some older properties still have Mortgage documents.
The Deed of Trust instrument is more beneficial to the lender since it contains an easier process for foreclosure. The “Trust” is put into a Trustee, usually an Attorney or Title Company, who is given the order to begin the sale process after the lender files a notice of default. The process time can take up to 120 days, but the final sale must be posted to the owner at least 20 days before a public sale is to take place. Within these timelines, an owner can still reinstate and cure the default up to five days before the auction.
Most mortgage documents require the lender to file a deficiency judgment with a court of law. In that case, the lender may have up to 365 days to cure default and redeem the property.
Getting Help in Los Angeles Before Foreclosure
You can get free help from certified Foreclosure Lawyers, as well as directly from LA Dept. of Consumer Affairs. Don’t wait until it’s too late. There are ways you can stop your home from being foreclosed in Los Angeles, and the time to take action is today.
- If you may be facing foreclosure or already in the process, Consult Your Case for Free with a local certified Foreclosure Attorney in Los Angeles to see your best options you have available to avoid Foreclosure.
