Legal Question in Banking Law in California

It is difficult to answer your question regarding a timeline without knowing exactly what stage your loan is in with regard to the default. Presuming we are talking about real property in California, there are 2 options for the lender to use: Judicial foreclosure (FC) and Non-judicial FC.

Generally lenders proceed via non-judicial FC. I won�t go into the differences between judicial and non-judicial. If your lender is using a non-judicial FC the process is approximately 120 days from Notice of Default to actual Trustee sale.

A short sale must be approved by your lender, so yes they can stop a short sale by refusing to take less than the amount owed in exchange for reconveyance of title to you. There are procedures and various strategies that are more likely than others to get your short sale offer approved. If you need additional assistance with this matter feel free to give me a call or shoot me an email to set a consultation.

Good Luck!

Dawn R. VanHorn

Attorney & Counselor at Law

VanHorn Legal

(714) 396-4152

www.VanHornLegal.com

[email protected]

The foregoing has been written by Dawn R. VanHorn, Attorney & Counselor at Law. If the designated recipient(s) of this communication have not fully executed a retainer agreement engaging Dawn R. VanHorn and/or VanHorn Legal relating to the subject(s) of this electronic message nothing herein constitutes nor is intended to be legal advice and as a result should not be relied upon as such.