NOTICE OF DEFAULT: a written document that gives constructive notice of a trust or s failure to perform his obligation under a deed of trust. This document does not require the acknowledgment of a notary public and must be recorded.
· You usually have to be 90 days late on your mortgage to get one of these. Once this is filed, you need to act urgently. DO NOT GO INTO DENIAL, YOUR HOME IS AT RISK. Contact us and we will help you. This is the time when you need to be calling your lender, trying for a loan modification or put your house on the market for a short sale.
NOTICE OF TRUSTEE'S SALE: a written document that sets forth the day, date and time of the trustee's sale, describes the property to be sold and gives an estimate of the unpaid debt as of the first publication debt. This document is prepared by the trustee and does not require the acknowledgment of a notary public and must be recorded with the county recorder in the county in which the property is located at least 14 days prior to the scheduled sale date. We must arrange for the notice of trustee's sale to be published in a qualified newspaper in the city (or judicial district), in which the property is located. This publication must appear for 3 consecutive weeks, with the first publication date being at least 20 days prior to the sale date.
· YOU MUST ACT NOW; IT MAY ALREADY BE TOO LATE. Contact us and we will tell you how you can delay the sale date.
FORECLOSURE: (non-judicial): a popular term used to describe the procedure followed in enforcing a creditor's rights when a debt secured by any lien on property is in default; however, the correct term for a "Foreclosure" involving a deed of trust is a "Trustee's Sale Proceeding."
TIME LINE FOR FORECLOSURES
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CALENDAR
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DESCRIPTION
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After approx 90 days without borrower making a mortgage payment
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Default documents prepared and sent for signature/recording.
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Start (day 1)
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Notice Of Default recorded with County Recorder.
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Within 10 business days
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Notice of Default and Important Notice are mailed to borrower and owner of note. (investor)
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Within 1 month
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Notice of Default mailed to all entitled parties with an interest in the property (i.e., new owners/junior lien holders) as required under Section 2924 (b) (1).
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3 months after recordation of Notice of Default
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Notice of Trustee's Sale is prepared and sent for publication.
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25 days prior to Sale Date
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Send Notice Of Sale to IRS (if applicable).
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20 days prior to Sale Date
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Begin publishing Notice Of Sale in an adjudicated newspaper. (Must run once a week for 3 consecutive weeks).
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20 days prior to Sale Date
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Post the Notice of Sale on the property itself. Most posting services will photograph the posting location for your records.
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20 days prior to Sale Date
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Mail Notice of Sale to the borrower and all other parties to which the Notice of Default was mailed as required under Section 2924 (b) (1).
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14 days prior to Sale Date
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The Notice of Trustee's Sale is recorded in the County Recorder's office.
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5 days prior to Sale Date
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The borrower's right to reinstate expires.
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On sale Date
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The property sale is postponed to a new sale date or the property is sold to high bidder, or the property reverts to the foreclosing beneficiary.
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DISCLAIMER: Presentation of these timelines are for general purposes only. No information on this page is to be viewed as legal advice or as an official description of the judicial or non-judicial process. These times are general and are displayed strictly as a service to consumers. They are not intended to be all-inclusive or to cover default situations in all states. Consumers are advised to seek professional legal counsel in any default proceeding.
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