Nonjudicial foreclosure on commercial real estate in California is remarkably straightforward compared with the principal means for a lender to exercise real property remedies in other jurisdictions. In the Golden State, the rules are set out by statute and, if complied with, allow a lender to take title to its real property collateral in approximately four months from filing a notice of default.
This is decidedly not the case in other states, especially those that effectively require judicial foreclosure, a time-consuming motion practice that—based on court calendars—can take more than a year even in circumstances in which the property-owning borrower offers little or no contest.
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