What is the Foreclosure Process??

Once the first monthly payment is missed, the lenders take notice and typically give a three month grace period before the foreclosure process begins.

California Foreclosure Timeline:

Day 1 - Record Notice of Default with County Recorder.
Within 10 Days - Notice of Default copies are mailed to the borrower and anyone requesting special notice.
Within 1 Month - Notice of Default is mailed to all involved parties.
After 3 Months - Trustee's Sale (Public auction date is set).
25 Days Prior to Sale Date - Notice sent to IRS (if required).
At Least 20 Days Prior to Sale Date - Publish, post, and mail Notice of Sale.
Within 10 Days from Publication - Send beneficiary request for property directions.
14 Days Prior to Sale Date - Record Notice of Trustee's Sale.
5 Days Prior to Sale Date - Expiration of the borrower's right to re-instate the loan.
0 Days - Trustee Sale - Property sold to the highest third party bidder.

Tips for Avoiding Foreclosure:

1. Don't ignore the problem.
2. Contact your lender as soon as you realize that you have a problem.
3. Open and respond to all mail from your lender.
4. Know your mortgage rights.
5. Understand foreclosure prevention options.
6. Contact a HUD-approved housing counselor.
7. Prioritize your spending.
8. Use your assets.
9. Avoid foreclosure prevention companies.
10. Don't lose your house to foreclosure recovery scams.