We handle both judicial and non-judicial Orange County foreclosures from start to finish. The main difference between the two types of foreclosures is that in a non-judicial foreclosure there is usually no right of redemption and the trustee sale is final. However, the lender is not entitled to obtain a deficiency judgment against the borrower if the property does not bring enough money at the sale to pay off the loan in full. The lender is limited to the proceeds of the property. Associations may pursue a foreclosure and a judgment against the owner for money owed. In a non-judicial foreclosure of an assessment lien, the homeowner does have a right of redemption for a period of 90 days after the sale, which means the homeowner can get the property back by paying the full amount owed, plus attorney’s fees, costs, and interest.
In a judicial foreclosure, the lender obtains a judgment for foreclosure of the property which includes a writ of sale. The writ of sale is delivered to the Marshal who sells the property to satisfy the debt. If the property does not bring enough money to satisfy the loan in full, the lender can seek a deficiency judgment against the borrower for the difference between the balance due on the loan, and the fair market value of the property. A deficiency judgment may not be available if the loan is a purchase money loan.
Homeowner assessments by an Association can be collected by either a non-judicial foreclosure or a judicial foreclosure. If the property does not sell for enough funds to satisfy the assessments, the Association is entitled to a judgment against the homeowner for the balance due.
30011 Ivy Glenn, Suite 121
Laguna Niguel, California 92677
Telephone: (949) 363.5573
Fax: (949) 363.1306