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In California, there are two ways a creditor can foreclose on real property – either through a power of sale authorized under a deed of trust or through a court action known as a judicial foreclosure. While most foreclosures proceed by exercising the power of sale under a deed of trust, a judicial foreclosure can be a better option in some situations. The method selected will determine the rights and remedies available to the lender. When deciding to foreclose, creditors should consider both types of foreclosure and weigh the pros and cons of each to determine which method is most advantageous.
The KIRK & SIMAS Creditors' Rights and Bankruptcy Group is experienced in both types of foreclosures and can direct the creditor to the proper action based upon the creditor's unique goals and situation. Whether you are a large, multi-state lender or an individual with a single self-financed commercial or residential property, KIRK & SIMAS can help decide on the best strategy and manage its implementation.
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Contact KIRK & SIMAS with your creditor rights or collection questions or schedule a consultation today.
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