Legal Question in Real Estate Law in California

Re: forclosure

I would suggest that you check out two articles on www.bankruptcylawnetwork.com that discuss the timing involved in foreclosures in California. Generally, if the lender pursues a non-judicial foreclosure, from the date that you receive a notice of default, you will have less than four months before the home may be sold at auction, then the buyer has to evict you if you don't leave voluntarily. Nobody can predict, from the date you stop making payments, when the lender will actually initiate foreclosure - some lenders do it right away, others will wait as many as six months before starting the action. My client who was six months behind before the bank started its foreclosure was right at the beginning of this crisis, so I assume banks are moving much more rapidly to recover their collateral these days.

A foreclosure is pretty devestating to your credit, but in terms of being able to rent an apartment in the future, you may want to leave voluntarily rather than have a formal eviction filed, as many property management companies won't even consider someone who has an eviction. Believe it or not, some will accept a prospective tenant with a foreclosure before someone who has been evicted.

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Re: forclosure

Depending on your finances, a chapter 13 bankruptcy filing will stop the foreclosure and possibly enable you to save your equity in the condo.