California Foreclosure Timelines And California Short Sale Timelines

Stressed Sacramento Homeowners Looking for Options Ask; What Is The Actual California Foreclosure Processing Time?
Sacramento Short Sale Specialist Forth Hoyt Reports: Sacramento Short Sale Information and Short Sale Training For Sacramento Area Homeowners.
Understanding Short Sales Means Understanding Foreclosure Time Lines In California. What is the time to foreclose in California?

Foreclosure– how do you mean that? Most of the time, Foreclosure means one of a couple of things; one is a process, as in “my Brother is in foreclosure”, or second, it can be an actual event: “that 4600 square foot home went for $243,000 at the foreclosure sale the other day…”
You see, foreclosure as a process means the three steps a bank or investor goes through to take a home or piece of property back; or it can be the actual foreclosure event:  trustee sale at Sacramento county trustee sale at 720 9TH ST  downtown Sacramento, held nearly every business day.
Unless your lender is exempt: The legal Foreclosure Time-Lines in California have changed!  The average time between notice of default and trustee sale in California has nearly doubled!
Is your bank in compliance? Call 916-316-3810  or Contact us today at Forth Hoyt’s Sacramento Short Sale Center

California added another 90 days; unless your bank is in compliance:
On February 20, 2009, Governor Schwarzenegger signed ABX2 7 and SBX27 that added  Section 2923.52-2923.55 to the Civil Code. These new laws provide an additional 90 days  for borrowers who are presently facing foreclosure to work out loan modifications. This law went into effect June 15, 2009.
So an additional ninety (90) days have been added to the previous 90 day period that must pass after a Notice of Default has been recorded, before a Notice of Sale can be recorded. So instead of 90 days it is now 180 days, in order to allow all parties time to be contacted by the bank in  order to  pursue a loan modification. If a Notice of Trustee Sale had already been recorded prior to June 15, 2009, this provision will not apply. So the typical 90 day time frame required between a Notice of Default and Notice of Sale has now been extended to 180 days in many cases.
The Burning Question:
To Sign or Not To Sign: Short sale agreement with lender when they reserve the right to pursue deficiency?
Back to the California Foreclosure Processing Time:
So, if your lender is in compliance and exempt of these new California Foreclosure Civil Codes , the California Foreclosure time lines are:

After you are 60 days past due on your mortgage payment, (or 90 days since your last payment), the bank can file a notice of default:
Then, 180 days (used to be 90 days) after that, the Notice of Trustee Sale can be filed. No earlier than 20 days later, the Trustee Sale can be held-
So; the Fastest the foreclosure process can proceed by law:
60 days late = Notice of default
180 days = Notice of Trustee Sale (notice of trustee sale in California cannot be filed for eight months!)
21 days= Trustee sale


All lenders who are not in compliance must follow the California foreclosure timetable below:

Most banks and servicers are being very slow to file the initial Notice of Default– almost all wait over six months. The Notice of Trustee Sale may take up to a year after the Notice of Default is filed. Even after the Notice of Trustee Sale is filed, the banks/sevicers are now re-scheduling over 3/4 of the Trustee Sales, many for an additional 30, 60,or 90 days initially and then rescheduling again if they have made contact with the homeowner and there is any hope of a loan modification or short sale. They don’t want any more foreclosures unless it is clear there is no foreclosure solution. The writing is on the wall: Less foreclosures and more short sales in Sacramento for 2010 and beyond!
CALL YOUR SERVICER TO SEE IF THEY ARE EXEMPT! If they are- you are back to the original California foreclosure time lines!
A mortgage loan servicer who has implemented a comprehensive loan modification program may file an application for exemption from the provisions of Civil Code Section 2923.52(a). Approval of this application provides the mortgage loan servicer an exemption from the additional 90 days before filing the Notice of Sale when foreclosing on real property as designated by this Section.
More information here at CALIFORNIA DEPARTMENT OF CORPORATIONS
Wonder about your eligibility for the latest government programs?

HAFA , HAMP,  HARP, 2MP… Government Programs … Check Your Eligibility Now.

Are you in Folsom, Granite Bay, El Dorado Hills, Natomas, Roseville, Elk Grove, Mather, Lincoln, Rocklin, or any other Sacramento area? We really are here to help!

More Questions About your Situation? Talk To A Certified Foreclosure Prevention Expert Today!
Contact us Today At Forth Hoyt’s Sacramento Short Sale Center