Stop Foreclosure In San Diego – San Diego Foreclosure Attorney
When the San Diego consumer defaults on any obligation of the deed of trust, the note, or any other contract or obligation secured by the deed of trust, the lender has the right to declare a default and to proceed with a San Diego foreclosure of the deed of trust pursuant to the private power of sale. Having made the decision to foreclose, the lender can demand that the trustee proceeds to sell your San Diego home.
As a general rule, the San Diego foreclosure process begins with a demand on the trustee by the lender that the trustee commences the foreclosure in San Diego. The trustee usually requires that the the borrower deliver to the trustee the original note, the deed of trust, any assignment of the note, a “statement of condition” that describes the terms of the note or secured contract, the unpaid principal balance, the defaults by the trustor, and a written request that the trustee commence a San Diego foreclosure. However, the foreclosure sale in San Diego is not invalid if the trustee has not received the original note, deed of trust, or a statement of condition.
The purpose of the notice of default is to provide notice to the trustor, the trustor’s successors, junior lienors, other interested persons, and notice to the world that there has been a default and its nature. Its objective is also to inform the trustor of the default and the nature of the default so that the trustor has an opportunity to reinstate the secured obligation. In addition, it establishes the minimum period within which the default can be cured before the property can be sold by the trustee. Because of the importance of the notice to the protection of the rights and property of the trustor, a valid San Diego foreclosure by the private power of sale requires strict compliance with the requirements of the statute. A trustee’s sale which is based upon a defective notice of default is invalid.
At least three calendar months must elapse after the notice of default is recorded before the trustee can proceed with the foreclosure sale. The statutory period of “three months” means three calendar months. After that time the trustee must give a notice of sale in the required manner before the property can be sold.
The San Diego notice of sale must contain the following information:
- The time and place of the foreclosure sale.
- The street address and the specific place at that address where the sale will be held.
- A description of the security instrument and an identification of the parties to the instrument.
- A description of the property.
- In addition to any other description of the property, the San Diego notice of sale must describe the property by a street address, if any, or other common designation, if any, and a county assessor’s parcel number. If the property has no street address or other common designation, the notice must contain a legal description of the property, the name and address of the beneficiary, and a statement that directions to the property may be obtained by a written request to the beneficiary within 10 days after the first publication of the notice. If the notice contains a legal description or county assessor’s parcel number and either a street address or other common designation, the validity of the notice and the sale is not affected by the fact that the street address, or other common designation, the name and address of the beneficiary, or the directions obtained from the beneficiary are erroneous or are omitted. A minor error in the description does not void the San Diego foreclosure sale.
- The terms of sale and the type of currency or money that will be accepted at the San Diego foreclosure sale.
- The name, street address, and telephone number of the trustee or other person conducting the sale. If the trustee is substituted after the notice of sale is published, posted, and recorded, the sale is void unless a new notice of sale is given in the same manner which describes the name, address and telephone number of the substituted trustee.
- The total amount of the unpaid balance of the obligation secured by the real property to be sold. A trustee does not incur liability for any good-faith error in stating the proper amount due in a notice of sale, including any amount provided in good faith by or on behalf of the beneficiary, and an inaccurate statement does not invalidate the sale to a bona fide purchaser.
- A reasonable estimate of the costs, expenses, and advances incurred at the time of the initial publication of the San Diego notice of sale, provided however, that the trustee does not incur liability for any good-faith error in stating the amount of such charges, and an inaccurate statement does not stop the San Diego foreclosure sale to a bona fide purchaser.
- When the San Diego foreclosure sale is being conducted after a prior sale was rescinded because of the buyer’s failure to pay the purchase price, the notice must reference this fact.
Call our office TODAY to set up a free consultation with an experienced San Diego bankruptcy lawyer. At Thompson | Wedeking, because we are San Diego bankruptcy lawyers, we will guide you through each step of the Chapter 7 or Chapter 13 San Diego foreclosure process. You can stop any San Diego foreclosure before it starts. Call us at 619.615.0767 for more information.