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Using Free Los Angeles foreclosure listings to figure out a cheap home

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By : John Smith    99 or more times read
Buying a dream home in Los Angeles is now few clicks away as you can find free Los Angeles foreclosure listings from real estate websites without any cost and hassle. They comprise of sea facing cottages to budget bungalows. You can even find commercial properties here and all at a lower price compared to market value of fresh properties. Foreclosed through the process of power of sale they are better investment options too. There are about 17,800 residential and commercial properties available in Los Angeles. All information related to these properties like unpaid debt/tax, price, auction date, place, security deposit and grace time period are available on internet.

Power of sale foreclosure is done without judicial intervention. However, it does not mean that the foreclosure happens at lenderís whims. The lender has to prove that the borrower has defaulted continuously to sell the foreclosure homes. Along with this, the lender has to give an interim time period of 20 days as a last chance to repay the unpaid amount. Deed of trust or mortgage is the primary instrument of lending in California. It enables the homeowner to unleash the equity in his home and raise loan from loan market. This mortgage comprises the power of sale clause. As per the clause, the lender is also a lien holder on the property till the full amount with interest is paid. This clause also empowers the lender to initiate foreclosure if the borrower defaults in payment.

Notice related to foreclosure homes sale through auction is issued by public trustee. It can be delayed or postponed through clauses like deficiency judgment and laws of limited redemption. Through Deficiency judgment, the homeowner can redeem the property within one year of the sale. The borrower can also opt for redemption of the property by repaying the unpaid amount and foreclosure cost within five business days of auction sale. If nothing of the above two happens, the sale is confirmed to the highest bidder of the auction. The auction process is carried out by public trustee in the presence of Sheriff.

Buying homes from free foreclosure listings in Los Angeles has several advantages. Apart from lower cost, hassle free possession is available here. After 5 business day of auction, the homeowner can not reclaim it. It fosters a faster possession of the property purchased by you.
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