Much like the rest of the country the news out of California regarding home foreclosures is particularly gloomy. Increases in foreclosures in this state are climbing at astronomical rates, over 160% by some counts, and the trend shows little sign of slowing down. As with all other states California is no different in that foreclosures are occurring because of conditions arising in which homeowners are unable to make their mortgage payments.

As a result lenders are being forced to start foreclosure proceedings so as to confiscate and sell the property in accordance with the terms of the original mortgage contract. One research service has predicted that California foreclosures are likely to continue to climb because the conditions that lead to them are still very much at work: rising default notices and flattening home prices. These California foreclosures are a lot of the time new homes or homes that have been refinanced in the last couple years.

Unless you've been living in a cave in some outlying part of the world, you have likely tuned into the news and learned about the largest California home foreclosure liquidation sale in the history of the state's real estate industry. Recent historical data for California homeowners shows they were an average five months behind on their primary mortgage before receiving the notices, and owed an average of $11,126 on a median $342,000 mortgage. Notices of default during the same time period increased to over 20,000 from the same time period as the previous year.

There is no difference in California from other states where the decision to stop foreclosure depends largely on the borrowers determination whether they want to keep or sell the property. The non-judicial foreclosure is the primary method for foreclosure in California. These usually occur when no power of sale language is included in the loan documents.

Fortunately for the consumer California is generally a friendly state when it comes to protecting the right of the homeowner. The foreclosure timeline in California is typically 120 days from the time you miss your first payment until a Notice of Default or Notice of Sale is issued to your actual foreclosure date and sale. This allows some breathing room for the homeowner trying to remain in the home as long as possible while trying to stop foreclosure and keep their home.

In California, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process. Judicial foreclosure is used on a rare occasion, while non-judicial foreclosures are most common in California.

California is also generous towards the homeowner if they desire to buy back the home after the foreclosure, but there is a caveat to be aware of. It is a complicated statutory right of redemption that states after the foreclosure sale has occurred, the party whose property has been foreclosed has the right to reclaim that property by making payment in full of the sum of the unpaid loan plus costs one year after foreclosure sale unless the original lender made a full price bid, at which point that period is shortened to three months. Simply put, the homeowner should never assume they have the full year to exercise their redemptive rights.

Unfortunately foreclosures in California slowly are still on the rise and home prices are getting lower, slowly but surely. This is good news for potential real estate investors, but does not bode well for those trying to sell their home to avoid foreclosure. A great many people besides the homeowner and lender are affected, and it a painful process that no one willingly wants to go through.

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