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Judy Leonetti
(916) 223-2318
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Foreclosure Information
DEFINITIONS:
Foreclosure - A legal process in which, against the wishes of the owner, real property is sold to satisfy a public or private debt for which the real property has been pledged as security.
Notice of default (NOD) - A notice that is filed with the county recorder when a homeowner is not current on the loan that is secured by the homeowner's property. If the default is not cured within a statutory period of time, the lender can move to auction the property to the highest bidder.
Foreclosure Sale (NTS) - The actual sale of real property at the conclusion of a foreclosure proceeding. The sale may be to a third party as a result of a high bid, or to the foreclosing creditor (the lender) if there are no bids higher than the amount of the defaulted debt plus foreclosure costs. If the sale generates proceeds beyond the satisfaction of the debt and foreclosure costs, the balance generally must be refunded to the party who has lost title to the property. (the homeowner)
Real Estate Owned (REO)- Real property that has been foreclosed by a lender and is now owned by the lender.
TIMELINE:
The timeline displayed here is typical in a California non-judicial foreclosure. The foreclosure timeline does not begin until the lender feels they have exhausted all avenues for curing the payment delinquency. Normally, this happens after the borrower has missed 1 to 3 monthly mortgage payments. The borrower has probably been contacted by the lender several times prior to beginning the foreclosure process .The official foreclosure process then begins by the lender contacting a Trustee and instructing them to file a Notice of Default.
Day 1
Record Notice of Default
Within 10 business days
Mail and publish Notice of Default
Within 1 month
Mail Notice of Default
After 3 months
Set sale date
25 days before sale date
Send notice of sale to I.R.S. (when necessary)
Within 10 days from 1st publication
Send beneficiary request for property directions
14 days before sale date
Record Notice of Sale
7 days before sale date
If court action, 7day rule may apply
5 business days before sale date
Expiration of right to re-instate the loan
Sale date
Property is sold to highest bidder at public auction
or goes back to the Lender (REO)
If you have received a Notice of Default then you need to call me NOW! Time is of the Essence! You need to take action NOW! Call me for a free no obligation consultation. We will go over all the available options available to you! |
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