For Buyers
Probate
Mortgage 101
Foreclosure Information
Calculators and Tools
Real Estate Glossary
Community Information
Consumer Links
Free Listing Updates
Contact Me
Jonson Tran Nguyen
Broker Associate - Realtor
DRE #01840344
50 E. Huntington Drive
Arcadia, CA 91006
Direct: 626.456.1911
Foreclosure Information
- Possible Options Available to Stop Foreclosure
- What are the Factors in a Property Short Sale Decision?
- Loan Workout Options
California Non Judicial Foreclosure Process
STEP ONE - NOTICE TO CURE AND INTENTION TO ACCELERATE
-
Generally, Borrower/Owner has missed between 1-3 months of payments.
-
Lender sends letter demanding payment.
-
Sometimes Lender will not send this letter and just go to Step Two.
-
Under certain cases Request for Special Notice must be filed pursuant to Civil Code §2924b(a)
STEP TWO - NOTICE OF DEFAULT AND ELECTION TO SELL UNDER DEED OF TRUST (Civil Code §2924c)
-
Borrower/Owner did not pay full amount due and owing.
-
Lender Records a Notice of Default and mails Borrower/Owner a copy by regular and certified mail.
-
Lender is also required to give notice to any party who has recorded a Request for Special Notice. Substitution of Trustee may also be recorded at this time.
STEP THREE - NOTICE OF TRUSTEE’S SALE (Civil Code §2924f)
-
At least 3 months have passed since Notice of Default was recorded, and
-
Borrower/Owner did not pay the entire past due amount.
-
Lender records the Notice of Trustee’s Sale and mails Borrower/Owner a copy.
-
Sale is set at least 20 days after recording the Notice of Trustee’s Sale.
STEP FOUR - FORECLOSURE SALE (Civil Code §2924h)
STEP FIVE - NOTICE TO QUIT (EVICTION NOTICE)
-
New owner has recorded the trustee’s deed upon sale.
-
Borrower has 3 days to vacate after getting Notice to Quit.
STEP SIX - UNLAWFUL DETAINER (EVICTION)
-
Borrower receives Summons and Complaint.
-
Borrower has 5 days to answer or risk default.
-
Trial set within 21 days of service of Complaint.
STEP SEVEN - LOCK OUT BY SHERIFF
-
Sheriff will post 5 day Notice to Vacate.
-
Borrower locked out on or after posted date.
Foreclosure Timeline
|
Day 1 |
Record “Notice of Default” |
|
Within 10 Days |
Within 10 days of recording the Notice of Default, copies of the recorded document (NOD) are mailed to the Borrower(‘s) and anyone requesting Special Notice. |
|
Within 1 Month |
Notice of Default is mailed to parties, pursuant to California Civil Code 2924(c) |
|
After 3 Months |
At the end of 3-month, prepublication period, the Lender can then instruct the Trustee to set a sale date. |
|
At Least 20 Days Prior to Sale Date |
Publish Notice of Sale, post Notice of Sale, mail Notice of Sale. |
|
Within 10 Days from first publication of Notice of Sale |
Send beneficiary request for property directions. |
|
14 Days Prior to Sale |
Record Notice of Trustee's Sale |
|
5 Business Days Before Sale Date |
Right to Reinstate expires. |
|
Sale Date |
Property is sold to highest bidder. |
Confuse about the foreclosure process? Contact me for more information.
I serve the entire San Gabriel Valley:
Alhambra, Monterey Park, San Gabriel, Rosemead, Temple City, Arcadia, Pasadena, South Pasadena, San Marino, El Monte, Irwindale, Monrovia, Bradbury, Sierra Madre, Duarte, Altadena, La Puente, Covina, Azusa, La Verne, San Dimas, Montclair, Claremont, Upland, Rancho Cucamonga, Hacienda Heights, Rowland Heights, West Covina, Diamond Bar, Walnut, Chino Hills, and surrounding areas.