What Is the Process of a Nonjudicial Foreclosure?
A nonjudicial foreclosure is a process where the mortgage lender can take back the home without having to go through the court system. This type of foreclosure is faster and cheaper for the lender, but it’s not as good for the borrower.
The first step in a nonjudicial foreclosure is for the lender to send a notice of default to the borrower. This notice says that the borrower has missed one or more payments and that they have a certain amount of time to catch up on their payments. If the borrower doesn’t catch up on their payments, then the lender can start the foreclosure process.
The next step is for the lender to file a notice of sale with the county recorder’s office. This notice says that the property will be sold at a public auction.
The Law Offices of the Omar Zambrano has helped thousands of people and businesses in the past to get out of debt and start over.
Our goal is to help you find a fresh start FAST!
Schedule your free consultation today! By Calling 626-338-5505 or visiting us at 12738 Ramona Blvd Baldwin Park CA 91706