Many investors are learning to capitalize on California foreclosures. The foreclosure process begins when the borrower defaults on making their mortgage payments. This article will outline some of the specific details involved with a California foreclosure proceeding.

A home is considered to be in default when someone misses their first house or mortgage payment. However, very few banks and lending institutions will even consider a foreclosure proceeding until the owner of the home in question has missed at least three or four payments.

If the barrower has missed at least three or four payments in a row the next phase of the California foreclosure process will be to record a notice of default. Then within ten days after that the notice will be mailed and published.

Once the process has begun the owners still have the right to save their home or stop foreclosure. Often time situations can change over a period of three or four months and the borrower is able to start making payments. The owner may even be able to negotiate to have the lost payments tacked onto the end of the loan instead of need to come up with several months' payments.

If there can be no settlement reached a California foreclosure will proceed on. Usually within a month of the proceedings beginning the notice will be mailed and then the process will hold for a couple months.

After three months time a date will be set for the sale of the California foreclosure property in question. In some cases it may be necessary to send a notice of sale to the IRS as well. This will happen twenty five days before the sale date.

Even though the process may be moving smoothly at this pint the owners may still save their home form California foreclosure. The owner will actually have up until five days before the actual sale to re-instate the loan.

If you are considering buying California foreclosures you need to be well informed of the entire process. You can find good information on the detailed process for first day of notice to final sale in a public auction.

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