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Foreclosure California Article
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Definition of Foreclosure on Default of Payment of Property Loans
from:Foreclosure is a legal term often on the minds of many American homeowners. The average American family works hard to afford a home in which their family can live comfortably. Most families do not have the cash up front to pay for their dream house in full. They will seek a loan from a financial lending institution such as a bank or a mortgage company to buy this home.
To secure the loan, these financial lending institutions must be certain that they will get back their money back. Since a good paying job does not guarantee that a loan of this magnitude will be paid back, they require what is known as collateral, an asset they can seize in lieu of payments if the loan is in default (no longer being paid back).
Normally the home that is being purchased with the loan is put up as collateral and if the mortgagor (person seeking the loan) does not pay back the loan to the mortgagee (money lender, borrower), the house goes into foreclosure. The money lending institution may obtain a court order to proceed with the foreclosure and repossess or seize the house in lieu of repayment of the loan.
In some instances the financial lending institution may attempt foreclosure on a home or other property, but if the borrower repays the loan, a court of equity may rule in favor of the borrower who at that point will be able to keep the home or property in question.
The contract between the financial lending company and the borrower is called a mortgage or deed of trust. When a contract has been entered, effectively the lending company has agreed to give the borrower a certain sum of money in which to purchase the said property. The borrower agrees to pay this money back (signs a promissory note). The contract will also stipulate that a lien will be placed on the property meaning that the financial lending company has a right to seize the property (repossess it) if the loan is not repaid in the time frame that is stipulated and according to the conditions set out in the contract.
The process of foreclosure is used in any contract whereby real estate, homes, farms, land, and other immovable property has been obtained through a mortgage, and the mortgage holder has defaulted on the payments.
Judicial Foreclosure is available in all the American states. When the borrower defaults on the loan, the property is sold. The proceeds from the sale of the property first goes to repay the balance on the existing loan, then to any other lien holders, and finally to the borrower if any proceeds are left over. All transactions are done legally through the court system.
Foreclosure by power of sale is sometimes added as a clause in the mortgage contract that defines the foreclosure procedure without court intervention. This procedure follows the same order as the Judicial Foreclosure however faster since the courts are not involved.
Foreclosure California Specific links
Foreclosure California News
Foreclosure-prevention efforts face obstacles in Sacramento - Los Angeles Times
 Daily Beast | Foreclosure-prevention efforts face obstacles in Sacramento Los Angeles Times A legislative panel called to rescue two stalled foreclosure-prevention bills is bogged down, and Gov. Jerry Brown wants to use part of California's share of the national mortgage settlement to trim the state's budget deficit. Gov. AM Alert: Jerry Brown takes his budget pitch to Charlie Rose Brown Turns to One-Time Fixes to Help Close Budget Gap Why Jerry Browns Bid to Fix Californias Budget Isnt Working |
Report: Fewer US homes foreclosed upon in April - Boston.com
 Boston.com | Report: Fewer US homes foreclosed upon in April Boston.com The divide comes down roughly between the 26 states where courts play a role in the foreclosure process and places like California and the other 23 states where the process generally moves quicker because judges are not required to sign off on ... Foreclosure activity sinks to a five-year low S.J. foreclosures fall, following state trend Foreclosure activity drops in April |
Foreclosure drop seen nationwide - Columbia Daily Tribune
 ABC News | Foreclosure drop seen nationwide Columbia Daily Tribune "Our preliminary first-quarter sales data shows that pre-foreclosure sales — typically short sales — are on pace to outnumber sales of bank-owned properties during the quarter in California, Arizona and 10 other states." After three straight monthly ... US Foreclosure Activity Shifting Eastward According to RealtyTrac(R) US ... US foreclosure trends improved April, but state-level data point to more ... RealtyTrac: US Foreclosure Filings Fall 14% In April On Year |
Bill to help with foreclosed homes hit by vandals - KGET 17
Bill to help with foreclosed homes hit by vandals KGET 17 However, a new bill aims to prevent neighborhood blight and crimes associated with the foreclosure crisis. Many believe it is the aftermath of so many foreclosures. Currently, Kern County has the highest number in California with 35000 from 2008 to ... |
California home prices, sales rise in April - BusinessWeek
 Bloomberg | California home prices, sales rise in April BusinessWeek California home prices increased for a second straight month as the supply of lower-priced homes in foreclosure dwindled and previously hesitant shoppers were lured by low lending rates, a research firm said Thursday. The median price for new and ... Southern California home prices climb in April California housing market shows signs of improvement |