RIDDLE REALTYFORECLOSURE
In California, the Foreclosure process is Three months and 21 days from the Notice of Default. However, from the time of the last payment for the process to begin could be from two months to six months or even longer. We can provide you with a list of home in foreclosure.
From the time of the last mortgage payment, it takes about two to six months before a Notice of Default (NOD) is filed. The NOD is the Start of the Foreclosure process. The Notice is Filed at the court house and published in the local news papers. Additionally, a copy is posted on the property and mailed to the borrower.
After about Three months, the Notice of Sale (NOS) is filed at the court house. The NOS state that the Foreclosure Sale will take place in no less than Twenty-one Days. The NOS is published in the newspaper. Next a copy is mailed to the borrower and the notice is posted on the door of the property.
The day of the sale, the Trustee will conduct it on the Court house step. Bidders may bid. If there are no bidders or no bid is successful, the bank will take back the property and it will become a Real Estate Owned property (REO). Later that day the Trustee will Issue a Trustee Deed to either the bank or the winning bidder.
After the sale, the owner of the property will start the eviction process of the tenants. There is served a Unlawful Detainer (UD). The Tenants will have about five days to answer. If no answer is recieved by the court, the tenant will be consider in default. The courts will then order the Marshals to remove the Tenants.
If the Tenants answer the UD, a court hearing will be set in about two weeks. At that time, the tenants can argue their case.
Please note that when a UD is filed, it appears on a persons credit report. Most landlords will not rent to Individuals with UD on their credit.
REO - Stands for Real Estate Owned. These are properties that are owned by banks that were taken back by foreclosure. After the foreclosure sale, the bank has to process the property to put in on the market. These properties are usually sold “AS IS”. The property should be inspected by an professional inspector. The bank gives no guarantees as to the condition of these properties. Nevertheless, a buyer can find some very good buys. We can set you up with email so that you can receive REO properties the first day that they are posted on the Mulptle Listing System.
FOR A FREE REPORT THAT OUTLINES THE FORECLOSURE PROCESS, EMAIL US.