The following time-line is applicable for California Non-Judicial Foreclosures under a deed of trust. Foreclosures begin when the Trustor (borrower) does not make the monthly payment to the Beneficiary (Lender).
The first missed payment is a technical default, but in practical terms, most Beneficiaries do not begin the process until the third payment is missed.
If the Beneficiary cannot resolve the defaulted payment amount with the Trustor through forbearance or other loss mitigation measures, the Beneficiary will instruct the Trustee to begin foreclosure proceedings.The Non - Judicial Foreclosure Timeline - California
Record "Notice of Default"
Within 10 Days
Within 10 days of recording the Notice of Default, copies of the recorded document (NOD) are mailed to the Trustor(s) and anyone requesting Special Notice.
Within 1 Month
Notice of Default is mailed to parties, pursuant to California Civil Code 2924(c)
After 3 Months
At the end of 3-month, prepublication period, the Lender can then instruct the Trustee to set a sale date.
25 Days Prior to Sale Date
Notice to the IRS must be given, if required
At Least 20 Days Prior to Sale Date
Publish Notice of Sale, post Notice of Sale, mail Notice of Sale
Within 10 Days from first publication of Notice of Sale
Send beneficiary request for property directions
14 Days Prior to Sale
Record Notice of Trustee's Sale
5 Business Days Before Sale Date
Right to Reinstate expires
Property is sold to highest bidder
This information is being provided to try and help educate individuals who may be experiencing a possible foreclosure or potential foreclosure proceeding. Of course you should always seek advice from an attorney when able to do so. In the event you can't make your mortgage payment, or you suffer a hardship, contact your lender, bank, or mortgage company right away. Try and prevent this process from happening to you if possible. There are usually other options available if you take action in a timely manner. Don't wait until you are behind in your payments, or your home is in default to seek councel or get advice from a real estate professional or real estate attorney. Sometimes just knowing the right thing to do, or who to call can make the difference between keeping and losing your home in foreclosure.
The information in this chart is meant for general illustration and/or informational purposes only and it is not to be construed as tax, legal, or investment advice. Although the information has been compiled from sources deemed reliable, please note that individual situations can vary and therefore, please consult your attorney for specific advice and legal counsel.