Foreclosure Law In California!

You can Count on us   SANDIEGOHOUSESHOP.COM AT  (619) 354-4636  or Click here http://www.sandiegohouseshop.com/contact to Reach a CHULA VISTA AND SAN DIEGO  SHORT SALE SPECIALIST     Hugo Sanchez Realtor

I recently came across of an awesome website that explains the Foreclosure process in such a detail. 
If you are in Chula Vista or San Diego Area and are facing Foreclosure procedures. 
If your aren't sure about what is going on and want to find out what to do please see below. 
I couldn't have explained it more clearer than this. 

Quick Facts

-  Judicial Foreclosure Available: Yes

-  Non-Judicial Foreclosure Available: Yes

-  Primary Security Instruments: Deed of Trust, Mortgage

-  Timeline: Typically 120 days

-  Right of Redemption: Varies

-  Deficiency Judgments Allowed: Varies

In California, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.

Judicial Foreclosure

The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, your home will be auctioned off to the highest bidder.

Using this type of foreclosure process, lenders may seek a deficiency judgment and under certain circumstances, the borrower may have up to one (1) year to redeem the property.

Non-Judicial Foreclosure

The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".

Power of Sale Foreclosure Guidelines

If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:

A notice of sale must be: 1) recorded in the county where the property is located at least fourteen (14) days prior to the sale; 2) mailed by certified, return receipt requested, to the borrower at least twenty (20) days before the sale; 3) posted on the property itself at least twenty (20) days before the sale; and 4) posted in one (1) public place in the county where the property is to be sold.

The notice of sale must contain the time and location of the foreclosure sale, as well as the property address, the trustee's name, address and phone number and a statement that the property will be sold at auction.

The borrower has up until five days before the foreclosure sale to cure the default and stop the process.

The sale may be held on any business day between the hours of 9:00 am and 5:00 pm and must take place at the location specified in the notice of sale. The trustee may require proof of the bidders ability to pay their full bid amount. Anyone may bid at the sale, which must be made at public auction to the highest bidder. If necessary, the sale may be postponed by announcement at the time and location of the original foreclosure sale.

Lenders may not seek a deficiency judgment after a non-judicial foreclosure sale and the borrower has no rights of redemption.

Thanks you  http://www.foreclosurelaw.org  for the great info.  

For this article Click here 

If you have any questions about Short Sale please see the following: 

Do you want to know the Short Sale Facts for Short ? 

Click Here 

HAFA program Explained? 

Click Here

Do you Qualify for a Short Sale? 

Click Here 

MFDRA
More info click here 

HAMP 2.0 know some of the facts

You can Count on us   SANDIEGOHOUSESHOP.COM AT  (619) 354-4636  or Click here http://www.sandiegohouseshop.com/contact to Reach a CHULA VISTA AND SAN DIEGO  SHORT SALE SPECIALIST     Hugo Sanchez Realtor

HAMP 2.0  know some of the facts  

In his State of the Union address, President Obama laid out a plan to help responsible borrowers and support a housing market recovery this plan is called HAM 2.0.

Key aspects of the president’s plan include:

• Broad-based refinancing: The president’s plan will provide borrowers who are current on their payments with an opportunity to refinance and take advantage of historically low interest rates
• Homeowner Bill of Rights: The president is putting forward a single set of standards to make sure borrowers and lenders play by the same rules, including: Access to a simple mortgage disclosure form, so borrowers understand the loans they are taking out; full disclosure of fees and penalties; guidelines to prevent conflicts of interest that end up hurting homeowners; support to keep responsible families in their homes and out of foreclosure; and protection for families against inappropriate foreclosure, including right of appeal.
• First pilot sale to transition foreclosed property into rental housing: The FHFA, in conjunction with Treasury and HUD, is announcing a pilot sale of foreclosed properties to be transitioned into rental housing.  C.A.R. is opposed to bulk sales of REO properties in California. 
• Providing a full year of forbearance for borrowers looking for work: Following the administration’s lead, major banks and the GSEs are now providing up to 12 months of forbearance to unemployed borrowers.
• Pursuing a joint investigation into mortgage origination and servicing abuses: This effort marshals new resources to investigate misconduct that contributed to the financial crisis under the leadership of federal and state co-chairs.
• Rehabilitating neighborhoods and reducing foreclosures: In addition to the steps outlined above, the administration is expanding eligibility for HAMP to reduce additional foreclosures, increasing incentives for modifications that help borrowers rebuild equity, and is proposing to put people back to work rehabilitating neighborhoods through Project Rebuild.

HAMP 2.0 will be replacing HAMP (for Modifications).  

HAMP 2.0 is supposed to help the home owners that are upside down in their mortgage.   Are you upside down in you mortgage?   for a free evaluation want to know if you house is upside down?

HAMP 2.0 has no restriction as of how much you are upside down whether is 50% 125%. 

HAMP 2.0 has its pre-requisites if you like to know if you qualify, fill out the form and we will send you the information you need to see if you qualify for free. 

or you can contact us at http://www.sandiegohouseshop.com/contact/

Cash buyers, investment uptick boost California median home price

You can Count on us   SANDIEGOHOUSESHOP.COM AT  (619) 354-4636  or Click here http://www.sandiegohouseshop.com/contact to Reach a CHULA VISTA AND SAN DIEGO  SHORT SALE SPECIALIST     Hugo Sanchez Realtor

Cash buyers, investment uptick boost California median home price

Many properties have been purchased by investors via cash and they themselves have help to raise the bar when it comes to price California home sales and prices both posted gains in December, with the median price posting strong double-digit gains for six straight months, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported. 

Making sense of the story

• Sales in December were up 0.8 percent from a revised 518,460 in November and up 0.9 percent from a revised 517,730 in December 2011.  The statewide sales figure represents what would be the total number of homes sold during 2012 if sales maintained the December pace throughout the year.

• The statewide median price of an existing, single-family detached home climbed 5 percent from November’s $349,300 median price to $366,930 in December.

Here to follow the rest of the info

ARE YOU THINKING ON LISTING?

Do you want to know the Short Sale Facts for Short ? 

Click Here 

HAFA program Explained? 

Click Here

Do you Qualify for a Short Sale? 

Click Here 

MFDRA

More info click here