San Diego Loans and Foreclosure Attorney: The Enochs Law Group
Before entering the legal field, Jon Alan Enochs worked in the banking industry, where he focused on real estate secured transactions and collections matters. He frequently retained foreclosure and real estate attorneys, and he saw the best (and the worst) of the field. Inspired by his experience, Mr. Enochs decided to go to law school so he could bring an innovative and business-minded approach to real estate foreclosures.
Today, The Enochs Law Group has more than 20 years of experience handling real estate secured loans and foreclosure issues.
We Help You Weigh Your Foreclosure Options
In California, lenders can foreclose on real property either judicially or nonjudicially. Both processes offer specific advantages and disadvantages, and lenders need to understand the pros and cons before proceeding with a foreclosure.
Our team regularly helps lenders weigh their options for collections and foreclosure. Keep reading to learn more about California foreclosure laws and common issues that arise during the process.
Non-Judicial Foreclosures
Non-judicial foreclosures occur outside of court. In a non-judicial foreclosure, the lender exercises a power of sale within the mortgage documents or deed of trust after the payer defaults on the loan.
Typically, a non-judicial foreclosure involves the following process:
- The lender must file a notice of default with the county recorder.
- After three months, the lender can notify the defaulting party that the property will be sold unless they cure the default and pay associated fees.
- The lender must wait at least 20 days before selling the property at a public auction.
- The defaulting party can resolve the deficiency up to five business days before the public sale.
When going through a foreclosure, it’s typically your best interest to retain counsel. A single error or late filing can complicate your non-judicial foreclosure and cause unwanted delays. The Enochs Law Group has represented clients in many non-judicial foreclosures throughout San Diego, so we know how to help our clients avoid these pitfalls.
Judicial Foreclosures
A judicial foreclosure is a formal process that involves a lawsuit filed by a lender named within a deed of trust or mortgage. Compared to a non-judicial foreclosure, a judicial foreclosure is a more time-intensive and costly process, but it does offer certain benefits.
For example, during a judicial foreclosure, the lender may demand a deficiency judgment. Depending on the circumstances, the judgment will be for either:
- The difference between the debt and the property’s fair market value; or
- The difference between the debt and the property’s sale price
However, the defaulting party may also have a right to redeem the property, which is not an option in a non-judicial foreclosure.
Foreclosure, especially judicial foreclosure, is rarely a simple and easy process. Lenders frequently have to evict defaulting buyers from the property through an unlawful detainer proceeding. Other times, debtors try to delay foreclosure through bankruptcy. They may also have an array of liens and encumbrances on the property that complicate any sale. In the most dramatic cases, buyers even intentionally damage and devalue the property in anticipation of foreclosure.
The experienced real estate and foreclosure lawyers at The Enochs Law Group can help you address these complicated and emotionally charged issues. We represent banks and lenders in their judicial foreclosures and aim to deliver efficient, effective, and practical results.
We Build Relationships on Trust and Respect
Claims Involving Loan Brokers
Our attorneys also assist property owners with claims against unscrupulous loan brokers. If a loan broker’s false statements or misrepresentations harmed you, we can listen to the details of your situation and give you personalized legal advice based on decades of experience.
Legal Resources and Information
Read our blog to learn more about legal issues that interest you and stay up to date on the latest developments in California real estate and business law.
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