Foreclosure
Time Line
The time line displayed below is typical in a non-judicial foreclosure.
The foreclosure time line will not begin until the lender feels
they have exhausted all avenues to settle the delinquency. Generally,
this happens after the borrower has missed 3 monthly mortgage
payments. The borrower has probably been contacted by the lender
several times prior to beginning the foreclosure process to settle
the delinquency. The official foreclosure process begins with
the lender contacting a Trustee (usually an attorney) and instructing
them to file a Notice of Default.
-
Within 10 business days: Mail and publish
Notice of Default
-
Within 30 days: Mail Notice of Default
-
After 90 days (3 months): Set Sale Date
|
- 25 days prior to Sale Date: Send notice of sale to I.R.S. (when
necessary)
-
20 days prior to Sale Date:
-
Begin publishing Notice Of Sale in an adjudicated
newspaper. (Must run for 3 consecutive weeks.)
-
Post the Notice of Sale on the property.
Most services will photograph the posting location for your
records
-
Mail Notice of Sale to borrower and required
parties
-
Within 10 days from 1st of month: Send beneficiary
request for property directions publication
-
14 days prior to Sale Date: Record Notice
of Sale with County Recorder’s Office
-
7 days before Sale Date: If court action,
7 day rule may apply
-
5 business days before Sale Date: Right
to reinstate loan expires
-
Sale Date: Property is sold to highest bidder
|
