California Foreclosure Timeline
Foreclosure Process (CA Civil Code 2924 et. seq.)
This information is provided for homeowners and their families in all counties of California including Los Angeles, San Bernadeno, Sacramento, San Francisco, Riverside, Orange and San Diego Counties.. The following timeline and description of the foreclosure process here within are intended for educational purposes and are not to be construed as legal advice.
1. Notice of Default / Reinstatement Period
Foreclosure proceedings are initiated by recording a Notice of Default (NOD) in the county in which the property is located. This recording of the Notice of Default gives "Constructive Notice" to the public.
After the recording of the Notice of Default, in the state of California, the borrower and junior lien holders are given proper notification and the borrower has 90 days to bring their account current. This period is referred to as the Reinstatement Period. Many foreclosure proceedings are reinstated during this 3-month default period. The borrower or anyone with a subsequent interest in the property may pay the beneficiary or his authorized agent the amount necessary to cure the default.
This amount will include delinquent payments, and advances and the fees and costs associated with filing the notice of default and other necessary documents. When the default is cured, a Notice of Rescission will be prepared so that it can be signed by the beneficiary. When the Notice of Rescission is recorded it cancels the Notice of Default.
2. Notice of Trustee’s Sale
If after 90 days the borrower has not remitted the arrearages, the lender may authorize and instruct the Trustee to record the Notice of Trustee Sale (NOS).
After 21 days of the recording of the NOS, a foreclosure sale can take place at public auction. The property may be sold to a third party bidder or revert back to the lender for a specified amount.
Bidders are required to bring cashier's checks or money orders to the sale in an amount equal to or higher than the lenders opening bid. The auctioneer will qualify each bidder and the successful bidder will have to tender full payment at the sale.
The Notice of Trustee's Sale is recorded at the County Recorder's office in the County where the property is located. It contains the date, time and place where the auction will take place. This notice has to be published in an adjudicated newspaper in the city where the property is located. The NOS is also posted on the property as a requirement of law.
3. Disbursement of Funds
After the sale auction is completed and if the property sells to an outside third party bidder, all funds owed to the lender/beneficiary will be prepared for immediate payout. If the property reverts to the lender/beneficiary at the sale, a Trustee's Deed will be issued and the lender will have ownership to the property securing the debt.
4. Sheriff Notice of Eviction
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Keep Me In My Home is in no way trying to permanently prevent foreclosure. At no point will Keep Me In My Home be contacting your lender or giving you advice on how to prevent your foreclosure. Keep Me In My Home is simply working at the trustee level to delay the trustee sale of our client’s properties. We are not offering any legal advice nor representing you in any way. We advise clients to consult their local tax attorney or professional. Keep Me In My Home is not collecting any advanced fees, as services are provided prior to Keep Me In My Home being paid. Keep Me In My Home has no guarantees that it will delay your sale, although no home has been lost in the first 6 months in the program. Keep Me In My Home should be used as the last resort for anyone who intends to keep their home after exhausting all other avenues.
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