Most CA Forclosures begin with the Trustor (homeowner) missing a monthly payment. In most practical terms, the Beneficiary (the Bank) doesn't begin the Forclosure process until the 3rd missed payment. We've seen much longer periods here in Ventura County, haven't we!? If the Bank cannot resolve the defaulted payment amount with the Trustor (homeowner), then the Trustee is instructed to begin Forclosure proceedings.
The California Forclosure Timeline Is As Follows:
Day 1: Notice of Default is filed with the County Recorder.
Within 10 Business Days: Mail Notice of Default to Borrower's address.
Within 1 Month: Mail Notice of Default.
After 3 Months: Set the Trustee Sale date.
25 Days Before Trustee Sale date: Send Notice of Sale to IRS.
Within 10 Days from 1st Publication of Trustee Sale: Send Beneficiary request for property directions.
14 Days before Trustee Sale date: Record Notice of Trustee Sale.
7 Days before Trustee Sale date: If court action, 7 day rule may apply.
5 Business Days before Trustee Sale date: Expiration of Borrower's right to re-instate the loan.
SALE DATE: Property is offered for sale at a public auction to highest bidder. (Right out front of the Ventura Court House.) If Beneficiary's lowest acceptable bid in not achieved, it will revert back to the Beneficiary (the Bank).
The above timeline is applicable for non-judicial CA Forclosures, under a Deed of Trust.
For More Information On How To Avoid Forclosure, how to get Cash For Keys, or to find out how a Short-Sale would benefit you, call me or email me directly:
Temple Schneider-Callahan
BROKER/REALTOR
Connect Real Estate Services
805-208-6024
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