Mary Fierro, Senior Real Estate Consultant - Notice Of Default/ Foreclosure, Recovery Process,

Notice of Default &
Foreclosure Time Line

The Clock Is Ticking.....
Call to Start The Recovery Process Today!

See Time Line Chart Below

Definitions:

Notice of default: Document filed by trustee as first step of the foreclosure process, "Borrower is behind on payments"
Trust Deed: A contract by which property is made as security for the payment of a dept or obligation without a change of possession; a lien against property,
Trustee's Deed: Document conveying ownership of a property,
Trustee's Sales: Sales date has been issued for Public auction.

   Please see page 2 of 2 of this link!

FORECLOSURE RELIEF BILL BECOMES LAW
Article at bottom of page.

What you can do:

Early Communication to achieve
      Mutual Understanding! It Works.

Start the recovery process by contacting your mortgage company... Early!
If you have a first and a second trust deed be sure to call each provider.
Convey your willingness and desire to change the current situation.

Mortgage companies frequently work with their borrowers during difficult
times and may offer valuable insight and assistance that
may afford you the time needed to reverse the foreclosure process.

If the situation is not improving and your mortgage provider is unable to
assist you, it may be PAST time to consult a Realtor. When selecting the right Realtor,
experience with NOD's and/or foreclosures is necessary for best results.

Your Realtor can often be more help if made aware early on. Call Today!

Remember, "Time-Is-Of-The-Essence"!

Notice Of Default & Foreclosure Time Lines

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 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.

Calendar Description With Civil Code Reference
Start (Day) 1
Notice of Default recorded with County Recorder- 2924
Within 10 Business Days
Trustee mails Notice of Default to borrower(s) with recording date- 2924(b)(1) and 2924(e)
Notice of Default Mailed (NOD) Published.
Within 1 Month

Mail Notice of Default as per TSG instructions - 2924b(c)(1)(2) and 2924b(e)
Notice of Default Mailed
After 3 Months
Set Sale Date, time and location unless a bankruptcy has been filed, or event occurs that holds timeline - 2924 and 2924f(b)
Sales Date Set
25 Days Prior to Sale Date
Send Notice of Sale to IRS (if applicable)
IRS Regulations
NOD of Sale to I.R.S., When Necessary.

20 Days Prior To Sale Date
Public Notice of Sale - 2924f(b)
Post Notice of Sale - 2924f(b)
Mail Notice of Sale - 2924b(c)(3)
Begin publishing Notice of Sale in a adjudicated newspaper. (must run 3 consecutive weeks)

2924b(e) - INCLUDES any state taxing agency
Notice of Sale Published, Notice Posted and Mailed.
Within 10 Days from First Publication Of Notice Of Sale
Send beneficiary request for directions to the property - 2924(b)
Beneficiary Request for Property.
Directions Sent
14 Days Prior To Sale Date
Record the Notice of Sale with recorder’s office - 2924f(b)
Notice Of Posted
7 Days Prior To Sales Date
Trustee cannot sell for 7 days after expiration of court order - 2924g(d)
"Court Action" 7 Day Rule May Apply Before Sale.
5 Business Days Prior To Sale Date

Sale Date
The borrower’s right to reinstate expires- 2924c(e)
Expiration of Right to Reinstate the loan

The lender’s property is sold to high bidder or reverts back to lender
Property is Sold to Highest Bidder.

How To Read The Foreclosure Notice

Notice Of Default- (NOD)	Notice should start with the site address at the top. The location of the property in default may or may not be the address of the owner of the property.
A.P.N. Assessor's Parcel Number	A.P.N.- This is the Assessor's Parcel Number, followed by "T" (the tract #), "L" (Lot #)"B" (Book #), and "P" (Page #) of the parcel.
TrustorSize	Original borrower does not always reside on property.
Beneficiary	The beneficiary, another term for lender.
Trustee	Neutral third party in trust deed transactions Holds property in trust for another to secure performance of an obligation.
Sale	(On Trustee's Sale listings only) This line shows the day, time and location of sale.
Sale Number#	(On trustee's Sale Listings Only) The instrument # assigned by the County Recorder's office for the Notice of Trustee's Sale.
Recording	(On Trustee's Sale Listings Only) The recording of the Notice of Trustee's Sale "Minimum Bid" is set by the beneficiary. Also called the opening bid.
Loan Amount	The face value of the original loan.
Delinquent Date	Date the borrower first went delinquent.
As Of.....	As Of- Delinquent amount is calculated by the trustee as of this date.
Recording Date	The date the NOD was officially recorded
Loan Date	Date of original loan.
Loan Number	This is the loan # assigned by the County Recorder's Office.
Last Sold	Last sale date of the property.
Land Value	The last assessed value of improvements.
Building Value	Last assessed value of improvements.
Assessed Value	Last assessed value of the property.
Size	Size of the building on the property in square feet.
Lot	Size of the lot in square feet.
Use	Use- This is the zoning code for the property.
When Built	Built- Year Built.
Units	Units- Number of units in the building.
Total Bedrooms	Number of Bedrooms.
Total Bathrooms	Number of Bathrooms.
Short Pay	Please see my page titled "SHort Pay" What Is It? http://nowmyrealtor.com/custom19.aspx

New Foreclosure law (sB 1137)FFective immediately

Disclaimer:This web site is informational purposes only. The information contained herein may not be APPLICABLE TO EVERY SITUATION OR JURISDICTION AND I URGE YOU TO CONSULT YOUR PROFESSIONAL ADVISER PRIOR TO ACTING ON INFORMATION CONTAINED HEREIN. "The content, accuracy and opinions expressed herein are not verified or endorsed by the sponsor hereof."