1) Accept a Deed in Lieu of Foreclosure (this option can be dangerous in the event that there are junior liens against the property that would be assumed by accepting the Deed);
2) Judicial foreclosure proceedings (this option is used mainly when the security may not be of enough value to satisfy the debt and usually requires the hiring of an attorney;
and the most common;
3) Non-Judicial foreclosure proceedings which can be handled by our office with ease. The process generally takes less than 4 months as follows: First, a Notice of Default is filed and copies sent to all required parties pursuant to law. This begins the 3 month statutory period during which time the owner may reinstate. After this time expires, a sale date is scheduled allowing enough time to make the required publications in the appropriate newspapers, additional mailings and mandatory postings. During this time, the owner may reinstate only up to 5 business days before the sale. If not reinstated within this time, only payment in full will generally stop the sale. If not stopped the sale is conducted in an Auction fashion, with the minimum bid generally being the amount owed to the beneficiary plus costs and advances made.
For more information on foreclosures or to initiate non-judicial foreclosure procedings, please give us a call. Inter-County Title Co., Tuolumne-Mariposa Division - Rick Lobaugh, (209) 966-3653, or write to P.O. Box 838, Mariposa, CA 95338 (FAX 209-742-6829. You may also email your questions at any time. Please note: We will handle your non-judicial foreclosure, however we do not have Foreclosure Lists.