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Are you a Homeowner or Investor in foreclosure? If so, the following overview is provided to give you a
better understanding of the process and your rights. Information herein is deemed reliable, but is not
guaranteed, nor should it be used as a substitute for your own due diligence.
Notice of Defaults - Beginning phase of the foreclosure process. The beneficiary (lender) will hire a trustee (third party) to
prepare and process the Notice of Default. The trustee then records a copy of the Notice of Default with the County Recorder's
office where the property is located. The trustor (borrower) has 90 days in which to cure the Notice of Default.
If, at any time, during the sale process the Trustor requests the amount necessary to reinstate the loan, the Trustee must provide
him with this information. This reinstatement figure will be comprised of the amount necessary to bring the account current, all
permitted penalties, costs, interest, taxes, insurance and monies paid to keep any senior liens current.
Upon receipt of the reinstatement, the Trustee will record a cancellation of Trustee's Notice of Sale which will effectively terminate
the sale. The Trustor has the right to reinstate his loan at any time prior to the date of sale, assuming that all fees permitted by the
Statutes are paid at the time of reinstatement. Should he default again, the lender can begin the sale process over as many times
as necessary.
Notice of Trustee Sale - If the trustor does not cure the Notice of Default within 90 days after the recording of the Notice of
Default, the trustee then records the Notice of Trustee Sale at the County Recorder's Office and schedules a Trustee's Sale 21
days after the recording of the Notice of Trustee Sale.
THE SALE: If there are any bidders present, they will be asked to sign in with their name, phone number and address. The
successful bidder must tender to the Trustee all funds at that time. Should the property sell for more than the minimum bid the
Trustor (owner) will receive the difference. If no bidders are present, the Beneficiary will take the property for the amount of the
credit bid and the Trustee will then issue a Trustee's Deed naming the Beneficiary as owner of the property.
There are only four things an owner can do when they get into a default situation: Sell, Refinance, come
current with the penalty and fines, or file for Bankruptcy. Divorce is the number one reason for Defaults.
Should you decide to sell your home, do it quickly. Call me today to see what your options and
strategies are. Perhaps the lender would agree to a short sale.
better understanding of the process and your rights. Information herein is deemed reliable, but is not
guaranteed, nor should it be used as a substitute for your own due diligence.
Notice of Defaults - Beginning phase of the foreclosure process. The beneficiary (lender) will hire a trustee (third party) to
prepare and process the Notice of Default. The trustee then records a copy of the Notice of Default with the County Recorder's
office where the property is located. The trustor (borrower) has 90 days in which to cure the Notice of Default.
If, at any time, during the sale process the Trustor requests the amount necessary to reinstate the loan, the Trustee must provide
him with this information. This reinstatement figure will be comprised of the amount necessary to bring the account current, all
permitted penalties, costs, interest, taxes, insurance and monies paid to keep any senior liens current.
Upon receipt of the reinstatement, the Trustee will record a cancellation of Trustee's Notice of Sale which will effectively terminate
the sale. The Trustor has the right to reinstate his loan at any time prior to the date of sale, assuming that all fees permitted by the
Statutes are paid at the time of reinstatement. Should he default again, the lender can begin the sale process over as many times
as necessary.
Notice of Trustee Sale - If the trustor does not cure the Notice of Default within 90 days after the recording of the Notice of
Default, the trustee then records the Notice of Trustee Sale at the County Recorder's Office and schedules a Trustee's Sale 21
days after the recording of the Notice of Trustee Sale.
THE SALE: If there are any bidders present, they will be asked to sign in with their name, phone number and address. The
successful bidder must tender to the Trustee all funds at that time. Should the property sell for more than the minimum bid the
Trustor (owner) will receive the difference. If no bidders are present, the Beneficiary will take the property for the amount of the
credit bid and the Trustee will then issue a Trustee's Deed naming the Beneficiary as owner of the property.
There are only four things an owner can do when they get into a default situation: Sell, Refinance, come
current with the penalty and fines, or file for Bankruptcy. Divorce is the number one reason for Defaults.
Should you decide to sell your home, do it quickly. Call me today to see what your options and
strategies are. Perhaps the lender would agree to a short sale.