In California most mortgages and deeds of trusts (these terms can be used somewhat synonymously) contain an express contract provision that gives the mortgagee (the lender) the power of sale as an alternative to having to go to court to sell a property. Because the power of sale is contractual as opposed to statute driven, there may be variations between deeds of trust. That being said, there are a series of laws that control how a nonjudicial foreclosure can proceed. It is important to understand these laws if you are seeking to use non-judicial foreclosures as a way to efficiently sell property that is in default. Likewise, as foreclosure remain very common in California, it is also important of anyone trying to avoid losing their property to understand the statutory protections afforded borrowers even in nonjudicial foreclosures.
For more information, see the related blog posts or contact Zachary D. Schorr, Schorr Law, APC, www.schorr-law.com, firstname.lastname@example.org, 310-954-1877