Guide to Judicial Foreclosures by Mike Broemmel

FROM THE SAN FRANCISCO CHRONICLE - SFGATE

Guide to Judicial Foreclosures
by Mike Broemmel
www.mikebroemmel.com

California law provides for both judicial and non-judicial foreclosures, according to the website for United States Foreclosure Laws. Others states maintain laws that allow for both types of foreclosures or only the judicial type. Certain guidelines apply to judicial foreclosures in California.

Function

A function of judicial foreclosure is to permit a mortgage lender to regain full ownership of real estate when the borrower defaults on the loan, according to the book "California Foreclosure" by West Publishing. Another function of the process is to provide the property owner a chance to pursue a defense for the lender's desire to foreclose.

Right of Redemption

California law provides a right of redemption for the property owner, according to the website for United States Foreclosure Laws. A right of redemption provides the owner the opportunity to pay off the balance due on the loan, together with interests, fees and other costs, following a foreclosure judgment.

Time Frame

The time frame of a foreclosure lawsuit depends on the specific circumstances surrounding the proceeding. The foreclosure lawsuit itself typically lasts at least 60 to 90 days. California permits a property owner one year to redeem the property. Absent consent from the borrower, a foreclosure auction cannot be held until after the expiration of the one-year time period.

Misconceptions

A common misconception is that the property owner must vacate the premises following the issuance of a foreclosure judgment from the court. In fact, the owner can remain in the property for at least the redemption period, unless she voluntarily surrenders possession of the property to the lender.

Warning

Due to the complexities of judicial foreclosure, both lenders and real estate owners typically are best served by retaining attorneys. The State Bar of California and the American Bar Association maintain resources to assist lenders and property owners in finding lawyers.

About Mike Broemmel

Mike Broemmel is an author and lecturer who resides in Denver, Colorado. In addition to writing extensively on matters involving real estate, Broemmel is an acclaimed writer of short fiction. He is also a playwright with several plays in production across the United States: Goddess People, The Baptism, The Row, Six Joan Crawfords, Kiss and The Hours of Anne. His next novel, Vine Dancing, is slated for release in the fall of 2015.