Title: What Happens When Your House Is In Foreclosure? | Home Guides | SF Gate
Headings: What Happens When Your House Is In Foreclosure?
What Happens When Your House Is In Foreclosure?
History
Notice of Default
Get the Best Mortgage Rate for You
Trustee
Retention
Trustee's Sale
Eviction

Content: What Happens When Your House Is In Foreclosure? | Home Guides | SF Gate
What Happens When Your House Is In Foreclosure? Home Guides
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Renting and Tenant Rights
By Phil M. Fowler
Foreclosure is a mortgage lender's legal remedy for enforcing payment on a mortgage loan. Foreclosure allows the lender to sell your mortgaged house and use the sales proceeds to pay off the outstanding balance on the mortgage loan. California statutory law strictly governs foreclosure proceedings. History
Foreclosure does not occur unless you have a history of late payments or nonpayment on your mortgage loan. When you miss a certain number of payments or just simply stop paying on your mortgage loan, then you are in default under the mortgage loan. Default triggers the lender's right to foreclose. Notice of Default
The first step in the foreclosure process occurs when the lender sends the borrower a notice of default and election to sell. This is a legal document that sets forth the lender's right to foreclose and sell your house.