Search Orange County, CA Foreclosures (Bank Owned REO Homes)

Search Orange County, CA Foreclosures (Bank Owned REO Homes)

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What is a Foreclosure in California?

California allows mortgages to be foreclosed two different ways; judicially or non-judicially. Most people are familiar with the judicial foreclosure process in which a court issues a foreclosure order allowing a foreclosing lender to repossess a home. Non-judicial (most common) foreclosures in California occur without the courts and allow a foreclosure through use of what's called the "deed of trust," which serves as the mortgage. California non-judicial foreclosures also require the trustees assigned deeds of trust to actually carry out such foreclosures.

Though "mortgage" is the common name for California home loans, they're actually "deed of trust loans." Rather than use mortgages to make home loans, California lenders employ two instruments: deeds of trust and promissory notes. The deed of trust is what secures your California home loan. Also, your California home loan has three parties: you as the borrower or trustor, your lender or beneficiary and the trustee assigned your loan's deed of trust by your lender.

Notice of Default (NOD)

Most California home loans are foreclosed non-judicially using those loans' deeds of trust combined with their power-of-sale clauses. Power-of-sale clauses are essentially mortgage borrowers' pre-authorizations to non-judicially foreclose their deeds of trust loans should they default. In California non-judicial foreclosures, the first step is always a lender's Notice of Default, or "NOD," to its borrower. Once a California mortgage lender issues you an NOD, it may eventually instruct the trustee assigned your deed of trust to foreclose your loan. Source:

Notice of Trustee Sale (NOT)

If the mortgage borrowers or current homeowners don't cure the default as outlined in the Notice of Default, the foreclosure trustee will prepare and record a Notice of Trustee's Sale. This document establishes where and when the property being foreclosed will be sold and provides the minimum opening bid for the property. The Notice of Trustee's Sale is published in a newspaper local to the property being foreclosed, and it also is mailed to the borrowers of record and posted on the subject property. 

The actual sale typically completes a non-judicial foreclosure in states allowing this type of foreclosure process. The highest bidder at a trustee's sale receives title to the property being sold; if no one bids, title to the property reverts to the foreclosing mortgage lender. Source:

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Based on information from California Regional Multiple Listing Service, Inc. as of May 30th, 2017 at 3:40am PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.