Foreclosure by Power of Sale is another name for a non–judicial foreclosure. The majority of foreclosures in California are non-judicial foreclosure by power of sale. In simple terms, non-judicial foreclosure is the process that most lenders choose to collect on a loan in default. As opposed to judicial foreclosure, which requires going through the courts, lenders can foreclose and sell a home at auction by following the provisions of California laws without going through the courts.
In Los Angeles County and other counties throughout the state of California, most distressed homeowners are faced with the choice between a Deed in Lieu or the sale of their home through Non-judicial foreclosure. However, under the foreclosure laws in California, lenders are required to contact borrowers that are missing mortgage payments to offer assistance. What most borrowers don’t know is that many lenders violate the laws designed to protect homeowners from illegal foreclosure. In other words, borrowers are turning to lenders for help without knowing that the lenders are taking harmful actions.
Most of the time, a borrower has more options than just giving up and letting the house go to foreclosure sale after a default. Many borrowers are offered modifications of their loans, or temporary relief such as a forbearance agreement. As long as a borrower has a source of income, a lender will often allow an application for a modification; even if the income has dropped or the loan payments suddenly went up. A deed in lieu of foreclosure is considered the last option for avoiding an auction; and to make matters worse, lenders will often decline a deed in lieu of foreclosure.
If you have missed your mortgage payments and you are in default, you will probably find the strict foreclosure timeline to be very stressful. The best thing you can do to save your home is contact a foreclosure lawyer immediately.
The foreclosure attorney in our law firm file lawsuits and bankruptcies to keep people in their homes. Our foreclosure lawyer research your Deed of trust, title, and any second liens or others who may have an interest in the sale of your home. If you are trying to avoid a foreclosure sale, you may have a claim against your lender for a violation of California foreclosure laws. It is best to talk to one of our attorneys to discuss what options may be available for you.
Ways to Stop a Foreclosure
If you are looking into options to stop foreclosure, the best thing to do is talk to a foreclosure lawyer right away. Our Los Angeles law firm is dedicated to preventing foreclosure and helping people who are trying to save their home; we go to court and stop sales.
Our attorneys have filed lawsuits against Bank of America, Chase Bank, Wells Fargo, CITI Bank, and many lenders engaged in wrongful foreclosure practices. Our firm offers free legal advice concerning your best options to stop a foreclosure, including filing a mortgage lawsuit or a file chapter 13 bankruptcy.
How to Keep Your Home
If you are fighting to keep your home and stop foreclosure, our foreclosure defense attorney can help you identify which options are available for you. Instead of asking yourself: “How do I avoid foreclosure?” call and talk to one the foreclosure lawyers at our firm today and schedule a free meeting to discuss your options.