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Free Guide to Hiring a Real Estate Lawyer
Foreclosure is the legal process by which a lender seeks to recover the balance of a loan from a borrower who has stopped making payments, typically by forcing the sale of the asset used as collateral for the loan - usually a house. In Daly City, which is part of San Mateo County, California, foreclosure follows specific procedures set by both state and local law. Most foreclosures in California, including Daly City, are non-judicial, meaning they do not go through the court system unless certain circumstances arise. Homeowners facing foreclosure need to understand their rights, obligations, and the steps involved.
Facing foreclosure can be stressful and confusing. You may need a lawyer for the following reasons:
A lawyer experienced in foreclosure law can help you understand your rights, represent your interests, and potentially find solutions that help you keep your home or minimize financial damage.
Foreclosure in Daly City is primarily governed by California state law, though local San Mateo County rules may also play a role. Key aspects include:
It is important to consult with someone familiar with Daly City and California foreclosure law, as foreclosure timelines and procedures are tightly regulated and can affect your legal choices.
The process usually begins when the lender records a Notice of Default after the homeowner has missed at least 120 days of payments.
The timeline varies, but non-judicial foreclosures typically take four to six months from the Notice of Default to the sale of the home, assuming no delays or interventions.
Yes, you can stop a foreclosure by reinstating the loan, negotiating with the lender for a loan modification or repayment plan, filing bankruptcy, or selling the property before the auction.
No, the new owner must give you notice to vacate. In California, you generally have at least 3 days' notice, but tenants may have up to 90 days or more under certain circumstances.
Consult a foreclosure attorney promptly. You may have grounds to challenge the foreclosure if proper procedures were not followed or if there are legal violations.
Yes, alternatives include loan modification, repayment plans, forbearance, short sale, deed in lieu of foreclosure, and sometimes government assistance programs.
Yes, a foreclosure can significantly lower your credit score and remain on your credit report for up to seven years, making it harder to qualify for loans in the future.
California's anti-deficiency laws may protect homeowners from having to pay the difference between the loan balance and the foreclosure sale price on their primary residence.
Filing for bankruptcy usually triggers an automatic stay, temporarily halting foreclosure proceedings. However, long-term outcomes depend on the type of bankruptcy and court approval.
Several nonprofit organizations and legal aid services offer free or low-cost foreclosure assistance to Daly City residents. See the resources below.
If you are facing foreclosure in Daly City or have received a Notice of Default, act promptly. Gather all documents related to your mortgage and foreclosure, contact your lender to discuss possible solutions, and consider seeking legal advice as soon as possible. Reach out to local legal aid services if you cannot afford a private attorney. The sooner you take action, the more options you may have to resolve your situation or avoid losing your home.
Remember, foreclosure laws and procedures can be complex and time-sensitive. Talking to a qualified foreclosure lawyer or housing counselor can help you better understand your rights and what steps you should take next.
