Foreclosure can be a daunting process, but understanding the steps involved can make it more manageable. In California, the non-judicial foreclosure process is the most common method used. Here's a brief overview of the key steps and timeline:

When a borrower defaults on his loan, the bank can take back the property which is the collateral or security for its loan. Most lenders do not want to own these properties, because the maintenance and management expenses add to their costs and decrease profitability. This climate creates a favorable environment for both investors and residential home buyers who are searching for a good deal.