Yes, Real Time Resolution can file a foreclosure in California. The company is a licensed mortgage servicer in the state of California and follows state laws and regulations when initiating foreclosure proceedings.
Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments by forcing the sale of the asset used as collateral for the loan. Real Time Resolution, like other mortgage servicers, has the right to file for foreclosure if a borrower defaults on their mortgage payments.
In California, the foreclosure process is governed by state laws that outline specific procedures that lenders must follow. These laws are designed to protect both the borrower and the lender and ensure that the foreclosure process is fair and transparent.
If Real Time Resolution decides to file for foreclosure in California, they must adhere to the state’s foreclosure laws, which include regulations regarding notice requirements, timelines, and procedures for conducting a foreclosure sale.
It is important for borrowers facing foreclosure in California to be aware of their rights and options. They have the right to contest the foreclosure in court, seek assistance from a housing counselor or attorney, or explore alternatives such as loan modification or refinancing.
FAQs about foreclosure in California:
1. Can a lender foreclose on a property in California?
Yes, lenders have the right to foreclose on a property in California if the borrower defaults on their mortgage payments.
2. What is the foreclosure process in California?
The foreclosure process in California typically involves pre-foreclosure notices, a notice of default, a notice of sale, and a foreclosure sale.
3. How long does the foreclosure process take in California?
The foreclosure process in California can take several months to complete, depending on the specific circumstances of the case.
4. Can a borrower stop a foreclosure in California?
Borrowers in California have the right to stop a foreclosure by bringing their loan current, negotiating a loan modification, or pursuing other loss mitigation options.
5. What are the consequences of foreclosure in California?
Foreclosure in California can have significant consequences, including damage to the borrower’s credit score and potential liability for any deficiency balance after the foreclosure sale.
6. Can a borrower redeem their property after foreclosure in California?
In California, borrowers typically have no right of redemption after a non-judicial foreclosure sale, meaning they cannot reclaim their property after it has been sold.
7. Are there foreclosure prevention resources available in California?
Yes, California offers foreclosure prevention resources such as housing counseling services, legal assistance, and programs to help borrowers avoid foreclosure.
8. Can a borrower be evicted after foreclosure in California?
After a foreclosure sale in California, the new owner has the right to evict the former borrower through a legal eviction process.
9. Can a borrower file for bankruptcy to stop a foreclosure in California?
Filing for bankruptcy can temporarily stop a foreclosure in California through an automatic stay, but it may not always prevent the foreclosure in the long term.
10. Can a borrower sue their lender for wrongful foreclosure in California?
Borrowers in California can sue their lender for wrongful foreclosure if they believe that the foreclosure was conducted in violation of state law.
11. Can a borrower negotiate a short sale instead of foreclosure in California?
Yes, borrowers in California can negotiate a short sale with their lender as an alternative to foreclosure, allowing them to sell the property for less than the amount owed on the mortgage.
12. Can a borrower apply for a loan modification to avoid foreclosure in California?
Yes, borrowers in California can apply for a loan modification to lower their monthly mortgage payments and avoid foreclosure by reaching a more affordable repayment arrangement with their lender.