There are probably several places in the world wide web where you could find information about the different time frames for each state in the union. Personally, I have found the Foreclosure Forum to be very helpful. If you follow my link, you will see a list of the foreclosure time frames state-by-state.
Although the laws are currently changing almost everyday of the week, the California foreclosure time frame is as follows:
- Lender can record a Notice of Default after 3 months of missed payments
- Lender can record a Notice of Trustee's Sale (Notice of Auction) 90 days after the Notice of Default was recorded against the property
- Lender can auction off the property as early as 21 days after the Notice of Trustee's Sale is recorded.
There are many borrowers out there who have missed more than three payments, yet the lender has not filed a Notice of Default. There are many reasons that this may occur. Understand, however, that the lender is within their right to file the Notice anytime after the 3 months of missed payments.
There are many options available right now to avoid foreclosure. A short sale (selling your home for what it is now worth, and asking the lender to forgive the difference) is just one of those options. Consumers need to be aware of all of the options available to them so that they can make the most informed decision possible.
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