San Diego California Foreclosures, Foreclosures in San Diego, CA
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You will find San Diego California foreclosure properties are broken down into 3-main categories. Here are the details what you should expect when searching foreclosure properties.
Bank Owned: These are properties that sold at the auction and are now owned by the bank and are either listed for sale or will be listed with a Broker shortly.
Auction properties: These are properties that are going through the foreclosure process and the final step in the foreclosure is the auction where anybody with cash can bid on these properties at the court house steps. If nobody bids then the property reverts back to the bank.
Pre foreclosure: These are homes where the bank has filed a notice of default and starting the foreclosure process.
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Non judicial California foreclosure process in California:
The first step is the filing the notice of default. The notice of default is the legal document sent to the property owner and this is when the process starts. The banks can start the process after the homeowner is delinquent 30 days however I have seen the banks wait as long as 2 years to file the notice of default.
It is hard to have any idea what the particular bank is thinking but most banks will start the process after the homeowner is behind in payments about 4 months.
The next step the bank takes is to order the BPO (Brokers Price opinion). The bank will contact a local broker to do a drive by inspection and submit the broker's estimation of value. This BPO evaluation includes a value based on a 30 day quick sale and a value based on a normal selling time frame for the area.
The bank will continue to order BPO's every couple of months during the foreclosure process by different brokers to maintain an idea of the value.
At any time in the first 90-days (the 90-days redemption period) the homeowner can cure the foreclosure by making up all back payments and costs incurred.
After the 90-days redemption period the total loan must be paid however the banks in most cases will just ask for the loan to be brought current.
The next step is the publication period which can not start until after the 90-days redemption period has ended. The bank will publish in a local newspaper of general circulation once a week for three weeks the sales date.
This notice must also be posted on the property 14-days prior to the sale and also must be recorded in the county where the sale is to take place.
The actual sale date is set by adding at least 20 days to date when notice was first published. The banks minimum bid will be a maximum of what is owed on the property but many times the bank will determine a lower value based on the BPO's they have received and will post a price less than what is owed to give incentives for someone to make an offer at the court step.
The sale can take place at the sale date published or any date after any extensions. The bank will generally give no longer than a 30-day extension at a time. In reality what is happening today is that the banks keep postponing the sale date with 30-day extensions while the owner is trying to sell the property or work out a loan modification.
At some point if a sale or loan modification does not work out then the sale does take place and in most cases the homeowner does not realize the sale took place. The homeowner in many cases finds out the sale took place when a broker shows up at the door and they are informed that the bank now owns the property.