Attorney Patricia Rodriguez: California Foreclosure Overview
Attorney Patricia Rodriguez has been defending homeowners from wrongful foreclosure for over a decade. Located in Pasadena, California, Ms. Rodriguez has been appointed to serve as a legal expert and provider of expert testimony on unlawful detainers and foreclosures in Los Angeles Superior Court.
Ms. Rodriguez provided the following overview of California foreclosure law.The Process of Non-Judicial Foreclosure In California begins with the Notice of Default (NOD): The Bank is giving the Homeowner notice that according to the Bank Homeowner owes the bank and hasn't paid. This can be recorded after 90 days straight of non payment.
The Notice of Trustee Sale (NoTS): This is notice to the Homeowner that the bank is electing to sale the property under the allege authority of the Deed of Trust using the power of sale clause. This can be recorded 90 days after the NOD. The bank must set the sale out at least 21 days from the date of the NofTS.
The Trustee Sale Date: This is the actual date of the sale. The Trustee's Deed Upon Sale is what is recorded after the sale is conducted. It can be sold to a third party or revert back to the alleged beneficiary (who claims the right to sell it under the Deed of Trust power of sale clause).
What can a California Homeowner do to protect themselves?Delaying Trustee Sale Dates can be done through filing a bankruptcy (although it is not appropriate if this is the sole purpose of the bankruptcy and not restructuring or liquidating the debt)., litigation and recording a lis pendens, a restraining order, and informal negotiations with the bank directly.
Advertisements of Trustee Sale Delays - lots of companies advertise through the mail they can postpone sales. Be cautious as these can be companies that will deed of a percentage of your deed of trust to others and then file bankruptcy for that other individual(s) and then include your property in that bankruptcy. This is bankruptcy fraud and can cause you significant harm ultimately.