Foreclosures

Foreclosure is the legal process where a mortgagee (lienholder/lender) gets a legal termination of a mortgagor’s (borrower’s) equitable right of redemption.

Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan.  In California that security interest is a “deed of trust”

If the borrower defaults and has a legal right of redemption, the lender/lienholder would start and complete “foreclosure” proceedings to terminate the borrower’s right of redemption.

California is a “non-judicial foreclosure” state, and foreclosures are handled privately by holders of notes secured by “deeds of trust” and the foreclosure process.

Other lienholders can also foreclose the owner’s right of redemption for other debts, such as for property taxes, unpaid contractors’ bills or homeowners’ association dues or assessments.

Trustee auction sales are scheduled at the end of the non-judicial foreclosure process in Orange County and California.

This is for information only about foreclosure in California and is not the providing of tax or legal services.  If you have questions about the property foreclosure process, you should contact an attorney in your state or local area.

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Harrison K. Long - solutions for real estate and business -  REALTOR and broker associate, GRI – Coldwell Banker Residential Brokerage - 949-854-7747 (telephone) –  ExploreProperties@gmail.com (email) - CA DRE 01410855 – now serving on board of directors at California Association of Realtors – attorney member of the California State bar association #69137