The courts have inherent power to restrain the sale of mortgaged premises in foreclosure proceedings, but are reluctant to exercise such power except where it is shown that particular circumstances, extrinsic to the instrument, would render its enforcement in this manner inequitable and work irreparable injury, and that complainant has no adequate remedy at law. Furthermore, a party must show a probable right of recovery in order to obtain a temporary injunction of a foreclosure action.
Petition to Enjoin Foreclosure Sale and Seeking Ascertainment of Amount Owed on Note and Deed of Trust
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Repayment Plan: Getting Current on the Loan. Mortgage Modification: Adjusting Your Loan Agreement. Short Sale: Selling the Property for Less Than You Owe. Deed in Lieu of Foreclosure: Give the Property to the Lender.
A lender can rescind a foreclosure sale if a borrower requests to reinstate the loan agreements and then makes payment to bring the loan balance current, provided this is done more than five days before the scheduled sale date.
To contest a judicial foreclosure, you have to file a written answer to the complaint (the lawsuit). You'll need to present your defenses and explain the reasons why the lender shouldn't be able to foreclose. You might need to defend yourself against a motion for summary judgment and at trial.
In a non-judicial foreclosure, the lender is proceeding on the basis that the mortgage or deed of trust provides for its right of foreclosure. This means that your lawsuit will ask the judge to stop the foreclosure proceeding until they can review your argument against the foreclosure.
Judicial foreclosure involves filing a lawsuit to get a court order to sell the home (foreclose). It is used when there is no power-of-sale clause in the mortgage or deed of trust. Generally, after the court orders the sale of your home, it will be auctioned off to the highest bidder.
To contest a judicial foreclosure, you have to file a written answer to the complaint (the lawsuit). You'll need to present your defenses and explain the reasons why the lender shouldn't be able to foreclose. You might need to defend yourself against a motion for summary judgment and at trial.
You can stop the foreclosure process by informing your lender that you will pay off the default amount and extra fees. Your lender would prefer to have the money much more than they would have your home, so unless there are extenuating circumstances, this should work.
Judicial foreclosure is when foreclosure proceedings on a property take place through the court system. This type of foreclosure process often occurs when a mortgage note lacks a power of sale clause, which would legally authorize the mortgage lender to sell the property if a default occurred.
California Foreclosure Postponement In California, foreclosure sales (auctions) can be postponed for up to one year per CA Civil Code 2924 g (c)(2).