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If you are falling behind on your mortgage payments and realize that you may be faced with a foreclosure, you may want to contact a Stockton CA foreclosure attorney to learn your options. A foreclosure attorney can provide insight into the process and can tell you what you can expect during this tumultuous time. Additionally, a foreclosure lawyer in Stockton CA can help you steer clear of foreclosure scams and predators who prey on the financially unstable.
What is Foreclosure in Stockton CA?
Foreclosure is the process where your lender (mortgage holder) gains ownership of your property in Stockton CA, is given the legal right to sell the property and uses the proceeds to pay off the mortgage. This usually happens when you are in default on your mortgage payments. The lender can generally initiate foreclosure any time after a default on the mortgage. However, there are numerous state laws and regulations that govern foreclosure to protect both the home owner and the lender.
Types of Foreclosure in Stockton CA
There are two main types of foreclosure. The first is foreclosure by judicial sale. This is available in every state and is the required method in many. A foreclosure by judicial sale is the sale of the property under the supervision of a court in Stockton CA, with the proceeds going first to satisfy the mortgage, and then to satisfy other lien holders, and finally to the mortgagor. Because it is a legal action, all the proper parties must be notified of the foreclosure, and there will be both pleadings and some sort of judicial decision, usually after a short trial.
The second type of foreclosure in Stockton CA, foreclosure by power of sale, involves the sale of the property by the lender, though not through a court. This type of foreclosure is generally faster than a foreclosure by judicial sale, but it is not available in every state.
There are other types of foreclosures also available in certain states. For example, your state may allow strict foreclosure which gives the property to the lender with no obligation to sell. You should talk to a real estate attorney to learn what types of foreclosure you may face.