The notice of right to cure shall be in writing and shall conspicuously state the name, address, and telephone number of the creditor or other person to which payment is to be made, a brief identification of the obligation secured by the deed of trust or mortgage and of the borrower’s right to cure the default, a statement of the nature of the right to cure the default, a statement of the nature of the alleged default, a statement of the total payment, including an itemization of any delinquency or deferral charges, or other performance necessary to cure the alleged default, and the exact date by which the amount must be paid or performance tendered and a statement that if the borrower does not cure the alleged default the creditor or a person acting on behalf of the creditor is entitled to proceed with initiating a foreclosure action or procedure. Auctions can be held on the steps of the county courthouse, in the trustee’s office, at a convention center across the country, and even at the property in foreclosure. Judicial foreclosure involves filing a lawsuit to get a court order to sell the home (foreclose).
Short sale frees you from the loan though the bank gets less than what you owed to the bank. In this case, the court overseeing the foreclosure process may enter a deficiency judgment against the mortgagor. As the real estate bubble in the United States has begun to burst, the foreclosure rate has soared.
Note: Before the foreclosure process begins, the lender or loan servicer may send you letters (over the course of several months) demanding payment. Some however, went to auction (sale of the property,) followed by the transfer of the title to the new buyer (investor).
Upon the balance being paid, the Sheriff’s Deed will be given to the individual – as directed in the order confirming sale. In California, lenders can foreclose on deeds of trust or mortgages using a nonjudicial foreclosure process (outside of court) or a judicial foreclosure process (through the courts).
Also, some lenders prefer to sell their bank-owned properties at a liquidation auction, often held in auction houses or at convention centers. The 2016 Tax Foreclosure auction will begin online on September 13, 2017; this action includes parcels with taxes delinquent from 1st half 2013 and prior years.