California real estate foreclosures have increased in last few years due to the rising number of homeowners and buyers who are unable to pay back their mortgage payments in time. At present, the state of California has around 768 foreclosures and a stunning record of 68,000 pre-foreclosed properties. Because of its beautiful location and perfect weather, California is one among the best places in the world to own a home or a real estate property. The availability of foreclosed homes at cheap price has made it easy for a large number of buyers and investors to get the real estate properties of their choice.
California Foreclosure Law
California foreclosure law includes both judicial as well as non judicial foreclosure process.
According to the foreclosure law in CA, the deed of trust and mortgage record are the primary instruments for the security of the lenders. Foreclosure occurs in California after a timeline period of 120 days against the borrowers. Lenders are free to foreclose using the deed of trust or the mortgage in defaults by either the judicial or the non-judicial foreclosures.
Judicial foreclosure require filing of lawsuit and obtaining court orders to foreclose the property. When the court orders the foreclosure, the property will then be sold to the highest bidder in the California real estate auction. Non-judicial foreclosure requires the power of sale to be included in the mortgage or the deed of trust.
California Real Estate Foreclosure Listings
Real estate foreclosure listings in California are offered by a number of real estate companies, agents and brokers who are available on the Internet. CA foreclosure listings includes, bank foreclosures, government foreclosed homes, distressed properties, federal homes, commercial foreclosures and a number of Federal homes. According to a reliable source, California has 156,602 preforeclosures, 23,950 sheriff sales, 87,629 foreclosures, 56,683 bankruptcies, 125,896 tax liens and 27 auction sales. These foreclosure listings are easy to find and they are very important for the buyers as they get a wide variety of details from them.
California Foreclosure Moratorium
On the other hand, California foreclosure moratorium are being announced at regular time interval to assist the property owners and borrowers to redeem their properties. Foreclosure moratorium normally comes with 90 days and 30 days redemption periods. To encounter the rise in the Southern California real estate foreclosures, a variety of assistance programs such as modification and refinance options have also been introduced.
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