San Diego Foreclosure Attorney – Stop Foreclosure In San Diego – Foreclosure Laws

If you are facing a foreclosure in San Diego, it will most likely not be a judicial foreclosure. The only time a lender will pursue a judicial foreclosure is if there is no power of sale or the lender wishes to pursue a deficiency judgement against you. If there is a judicial foreclosure, you may have a right of redemption (you can buy the property back) for up to one year. It is paramount you contact a San Diego foreclosure attorney for sound legal advice.

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The vast majority of foreclosures in San Diego are non-judicial foreclosures. The reason is that most loan documents have a power of sale and that California has strong anti-deficiency statutes. A power of sale allows the lender to sell the property when the borrow defaults. The sale must follow specific guideline which are often set forth in the original loan documents. If the guidelines are not in the original documents, then California law takes over. Your San Diego foreclosure attorney will guide you through the process.

The first step of the process is the notice of default. The notice of default is recorded in the San Diego county recorders office and a copy will be sent to the borrower. If you receive a notice of default, you will have ninety days to pay whatever is owed. As soon as you receive the notice of default, we strongly recommend you contact a foreclosure attorney in San Diego.

If you are unable to pay what is owed after ninety days, than a notice of sale will be recorded in San Diego county. The notice of sale will specify that the lender intends to sell your property at some point within twenty-one days of that notice. If you have not contacted a San Diego foreclosure attorney by now, you are running out of time and must consider a San Diego chapter 13 in order to save your home.

Most San Diego foreclosures are conducted on the courthouse steps. The property is sold on the spot and the winning bidder will get a deed that day. The lender generally will bid on the property in order to cover the loan and its costs but if nobody beats that bid the property just goes to the lender.

As San Diego foreclosure attorneys, the primary foreclosure is through the non-judicial means. This does not include court action. If the foreclosure is actually completed, that the lender cannot then proceed with a judicial foreclosure in order to recover the deficiency. This is known as the one action rule. If the lender uses a judicial foreclosure they may then seek a deficiency. But, this process takes so much longer resulting in very little use. If there is no power of sale in the original loan docs than the lender must resort to a judicial foreclosure.

There are very strict rules that apply to San Diego foreclosures but one can usually expect approximately 120 day from the date you are served with the notice of default. You want to make sure you consult a San Diego foreclosure attorney right away. Don’t trust your most important asset to someone who does not understand the law.

We at Thompson | Wedeking are San Diego foreclosure attorneys dedicated to helping you get out of financial distress. If your debts are piling up and you are looking for a “fresh start” call a San Diego foreclosure attorney that will fight for your rights to stop creditor harassment in San Diego. Bankruptcy fees start as low as $800.00. Don’t be fooled by big advertisers charging thousands of dollars. Call us TODAY at 1.888.590.1773 or visit one of our two websites at San Diego Bankruptcy Lawyers or My San Diego Bankruptcy.