The foreclosure process varies between the states - Judicial versus Non-Judicial. California is a Non-Judicial Foreclosure state.
This tab explains the differences between the two types (Judicial versus Non-Judicial).
This tab explains timeline of the steps in the process in California. Most other non-judicial states are similar.
This tab explains an owner's right to simply walk away from an "upside down" loan. It also addresses the issues of Deficiency Judgements, tax implications and credit impact.