Is it against the law to have a foreclosure in California?

This happened because of a practice known as dual-tracking, in which one department of the bank will be (slowly) processing mortgage modifications while a separate group continues to move forward with foreclosure. The practice is so controversial that after Jan. 1, it will be against the law in California.

How does a nonjudicial foreclosure work in California?

These are the main steps in a nonjudicial foreclosure, which apply to the majority of foreclosures in California. The lender MUST contact you and anyone else on the mortgage loan to assess your financial situation and explore your options to avoid foreclosure (called a “foreclosure avoidance assessment”).

Is it illegal for Bank of America to foreclose in Nevada?

In 2010, Bank of America suspended foreclosures across the US after officials alleged many foreclosures were based on faulty documents and potentially illegal procedures. In response to complaints about illegal foreclosures, Nevada has become the first state to make illegal foreclosure a felony.

When was the first foreclosure lawsuit filed in California?

In 2010, a California woman became the first person in that state to win her home back from a lender after it was foreclosed. The 73-year-old filed a lawsuit against Washington Mutual alleging wrongful foreclosure.

What do you need to know about California foreclosure laws?

Servicers generally have to provide borrowers with loss mitigation opportunities, account for each foreclosure step, and strictly comply with foreclosure laws. Also, most people who take out a loan to buy a residential property in California sign a promissory note and a deed of trust, which is like a mortgage.