CGHouses.com
| Carmen G. Gutierrez |
| 909-921-4206 |
| Foreclosure Procedures in California |
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In California the most common type of foreclosure is the one held out of court (non- judicial). Some cases could occur in court though, but this rarely happens. California non-judicial foreclosures usually are scheduled as follows: Day 1 to day 90......(Redemption Period,)lasts 90 days from the day the Notice of Default is recorded. Day 90 to day 120....(Publication Period) lasts 30 days from the day of Redemption. Day 120 to day 141.. (Trustee's Sale) Occurs 21 days after the 1st publication\ The following time-line is applicable for non-judicial California Foreclosures under a Deed of Trust. If the Trustor (borrower) is not making the monthly payments to the Beneficiary (Lender), the first missed payment is technical default, but in practical terms, most If the Beneficiary cannot resolve the defaulted payment amount with the Trustor through Forbearance or other Loss Mitigation measures, the Beneficiary will instruct the Trustee to begin Foreclosure proceedings. Day 1 Record Notice of Default (Redemption Period) 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 |
| assistance, you must consult an attorney. |
