Best Foreclosure Lawyers in Poway, CA

It will depend on the type of loan and what the note and deed of trust state. In most cases, for a monetary default, the foreclosure can usually begin after the grace period ends (however in some consumer loans, there is a federal law requiring a 120-day waiting period following default before the lender can commence the foreclosure). In the case of a non-monetary default, the loan documents usually require the lender to give the borrower notice of the breach and an opportunity to cure the default.

The length of time varies by state. In Arizona, the process takes approximately three (3) months. In California and Nevada, the process takes approximately four (4) months. In Texas, the process usually takes less than two (2) months.

Not necessarily. The culmination of a foreclosure is a public auction where the property is sold to the highest bidder. If no one bids at the sale, the lender becomes the owner of the property.