The information below describes a typical California Non-Judicial Foreclosure. Default occurs the first day after you mortgage payment was due; even if you are still in the lender allowed grace period. Technically the lender could file a Notice of Default on that first day, however, they almost always wait until you are thirty, sixty, ninety days late, or even longer.
Usually, within the first 120 days they will file a Notice of Default with the county recorder. Recording this document notifies the public, and then they mail a copy to you for your notification. This also begins your reinstatement period. You now have a minimum of 106 days to reinstate. If the process continues on a typical schedule, you don't reinstate or make a deal to hold off on the foreclosure process, your home will be sold at auction on day 111.
As you can see, if you have received a Notice of Default, time is really of the essence. I highly recommend you contact us immediately!
The Notice of Default waiting period is ninety days unless you bring your loan current. After ninety days, the trustee will record and publish a Notice of Trustee Sale. The Notice of Trustee Sale period is twenty days. The sale date (foreclosure auction) will be on the twenty first day.
Your reinstatement period began with the recording of the Notice of Default. You have up until six days before the sale date to reinstate your loan by bringing it current with all payments, late fees, etc. You are not entitled to reinstatement during the last five days of the Notice of Default period. As always, please consult with a qualified attorney to verify all information provided. This is not intended as legal advice and every situation is a little different. |