San Francisco Foreclosure listings in brief- By: John Smith
Before being enlisted at San Francisco foreclosure listings, a property goes through several financial and legal processes. Though the lenders have the right to foreclose properties through power of sale, yet the process is a stringent one. However, judicial intervention and judicial foreclosures are limited in California as most of the approved loans are secured and backed by deed of trust. Public trustee is the main foreclosure authority here. The title of the property is kept with the trustee when the borrower takes secured loans. It remains with trustee until the taken loan is not cleared.
The first of foreclosure for HUD properties is the issue of notice of default. Here, the lender informs the borrower regarding the gross default and makes him aware regarding a possible foreclosure if he does not pay the borrowed amount timely. This notice is given to the borrower with in the knowledge of public trustee. If nothing positive happens from the default notice, the lender offers an ultimate notice to the borrower to repay the loan amount with in 20 days. Inability of the borrower to repay the amount with in 20 days leads to the issue of notice of trustee sale. This notice appears at local newspapers and copy of it is also forwarded to the borrower. The auction date, security amount and grace period are mentioned at the notice. The auction might be canceled, postponed or materialized.
Cancellation of HUD properties foreclosure happens when the borrower repays the complete unpaid amount and the cost incurred at the process of foreclosure. The borrower can also take legal help and postpone the auction for the time being. If auction materializes, the property can be sold to any bidder (who bids the highest) or banks. When banks win the property, it is known as Real Estate Owned properties or REOs. They are sold more or less at the market price. Anyone can take part in the auction process. For this, he has to pay the required deposit and abide by the guidelines of the auction.
Both commercial and residential properties appear at San Francisco Foreclosure listings. You can have updated information regarding these properties if you stay in touch with real estate websites. They offer listing of foreclosed properties free of cost.
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