California Foreclosure and Eviction Questions

[tommyboy]

Howdy

Hoping someone can help. I have asked a few professionals and gotten different answers so...

Basic story is this

House worth about 100k, mortgage of 200k.

Sale may be happening either next week or the first week of April (the lender tells us two stories).

Pretty sure we can't stop the sale (Litton sucks).

So here are the questions

When they do the auction (say next week) can they put it up for sale at the $ 100k value or do they have to put it up at the $ 200k balance ?

One guy said they had to do it at 200k, another said that they didn't have to legally but that business rules/regs required them to do that.

If the house sells, what is the timeline for me having to be out ?

One person said they could do 3 day notice and then evict/detainer in about 10 days. Another said it was more like 30-60 day process.

I'm looking for both the legal timelines and the practical ones (since California is so messed up in real estate I hear the lenders are taking long time to do things).

[LALADY]

My neighbors, in CA, just went through a foreclosure sale. They had to be out within the week or so. Very quick. It took forever from notice of default to actual auction sale. Their loans (2) were over $600K. Sold for $300K. Don't know what it was listed for at auction.

Two other people I know in CA have been 1-1/2 years in arrears, with no notice of default filed and banks calling them every couple of months to see if they have any intentions of paying. They say no and nothing happens.

Another person I know in CA has been in default on a quadplex for over 2 years. No notice of default.

[tommyboy]

Thanks for the reply but I'm pretty sure they would have had longer than a week.

I am pretty sure they have to serve a 3 day notice but then they have to do eviction if you stick to your guns.

I'd welcome comments from people smarter than me

[LALADY]

See pg 2

http://www.heraca.org/downloads/CA_Foreclosure_FAQs_11_08.pdf

[ItsJustMe]

According to my research, 90 days from NOD is the trustee sale. 21 days after the trustee sale the house belongs to the bank. You have 3 days to vacate (60 if it is tenant occupied).

[bulletproof77]

Southern California (San Bernardino County) 11/08 last payment. 09/09 NOD issued (Chapter 7 stalled it for 3 months) Notice of trust Sale 03/18/2010. Locks not changed, no signs etc. Moved out months ago...You have lots of time. NOD's mean nothing..Attended a seminar on the current state of the real estate economy in Southern California last week just for "fun"...One of the speakers was the former president of Bank of America. Kind of funny he now has founded his own mortgage "investment" (predatory lending, I'm sure..) firm. He spoke openly about the shadow inventory and how banks have learned their lesson about flooding the market. Now banks are very deliberately slowing down the foreclosure process in hopes that the market will re-bound. Good luck with that, he was clueless...