1. The Notice of Default is mailed to the borrower’s of record whenever the lender deems it appropriate based upon loan-default arrears, sometimes after just two months in loan default, but usually after four months of loan arrears and non-payment. This Notice of default is recorded as a matter of public record at the county recorder’s office.
2. Three months after the mailing of the loan
Default Notice the Trustee Sale date is set, published and recorded by either
the Trustee or lender
as a matter of public record at the county recorder’s office.
3. 25 days before Trustee
Sale date is set by trustee a notice of sale is sent to the I.R.S. if deemed
appropriate.
4. 20 days before Trustee’s Sale the Notice of Trustee’s sale must be published in local Newspaper(s).
5. Within 10 days from 1st publication of Trustee Sale, the trustee will send
beneficiary (the lender) a request for property directions and any requests based upon loan agreement.
6. 14 days before Trustee Sale date the Notice of Trustee Sale is recorded.
7. On or before 10 days before the Trustee’s Scheduled Sale Date is the deadline date to receive maximum equity benefits from our programs. To enter our program for protection you need to sit down with us for maybe fifteen minutes for us to explain our program. After this we will make a verbal offer to you. Once you accept our program and the offer we will make an appointment with you to sign the necessary paperwork. The signing of this offer will be put into an escrow. No signed documents will be recorded until all documents are complete, signed by all home owners and notarized before deadline date # 7. Note: This deadline date is only 5 days before the non-redemption date of lender, # 8.
At least 4-5 business days are usually needed to request loan-arrears pay-off amount and to record transfer of title, the signing of related transfer documents and Trust Deed. This requirement is not-Statutory, but meeting this deadline date is a prime requirement for all of our offers and Equity Savings Programs.
8. 5 business days before trustee’s sale date is the Expiration Date of the borrower’s right to re-instate the foreclosing loan (the non-redemption date).
The Trustee controls the non-redemption date and generally no legal action can change it. If the Trustee’s Sale Date is postponed, for whatever reason, the borrower can no longer redeem his past due payments. After this date, and before foreclosure, the entire loan amount plus penalties must be paid in full to prevent foreclosure.
9. Trustees Sale date. At the Trustee’s sale the property is sold at auction to the highest pre-qualified bidder. The highest bidder is often the lender, if so no monies will go to the property owner upon the transfer of title.