Big Topic these days. Have a super day.
Notice of Default
Non Judicial foreclosure proceedings under the power of sale
contained in the deed of trust is commenced when the trustee or
beneficiary executes and records a "Notice of Default." The notice
of default when recorded provides "Constructive Notice" of a
default in the terms and provisions of said deed of trust. The notice
of default identifies the deed of trust by giving the recording
information; the names(s) of the trustor(s); that a default has
occurred and the details thereof; plus, it must state that the
beneficiary has elected to proceed to sale (foreclose), to satisfy the
obligation secured by the deed of trust. Note: Any material
discrepancies could void the entire trustee's sale proceedings.
Notice of Trustee Sale
On any non-judicial foreclosure proceeding of a deed of trust, a
"Notice of Trustee's Sale" must be recorded in the office of the
county recorder of the county in which the property is located at
least 14 days prior to the date of the trustee's sale. The "Notice of
Trustee's Sale" provides constructive notice of the intention to
proceed to foreclose and, in addition to other matters, provides:
information relating to the trustee conducting the sale; the
reasonable estimation of the amount necessary to pay the
obligation; and the location, time and place of the sale. The "Notice
of Trustee's Sale" must also be posted, published and mailed in
accordance with the State of California Civil Code Section 2924.
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