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flowchart
California Foreclosure
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Following are basic timeline for foreclosre in California after home owners are behind on mortgages.
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Day 1
Notice of Default (NOD) is recorded
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Within 10 business days
NOD is mailed to trustors and Special Requests for Notice
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Within 1 month from Day 1
Mail NOD to all required parties
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After 3 months
Trustee Sale (TS) date can be set
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25 days prior to TS
Notice to IRS must be given if required
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20 days prior to TS
Publish Notice of Trustee Sale (NTS) in local newspapre for at least 3 consecutive weeks
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Within 10 days from 1st publishcation
Request for directions of property sent to beneficiary
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14 days prior to TS
Record NTS at county recorder
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7 days prior to TS
Trustee can not sell for 7 days after expiration of court order
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5 business days prior to TS
Reinstate right ends
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Repossession
At about 120 days bank repossesses property, owners must vacate premises by eviction date
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Sale date
About 120 days from mail / post NOD, public auction takes place usually at court house where property is sold to highest bidder
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Real Estate Owned (REO)
Property not sold at public auction becomes REO. It may be listed on regular market or MLS as bank owned
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