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The California Foreclosure Process

When it comes to California foreclosure the process is made up of a number of different steps carried over a period of time. In this article we will take a look at just what these steps are.

Step 1

This is where the foreclosure process begins. It is when the lender files the Notice of Default with the county recorder. In this notice it identifies the default amount as well as the date by which the borrower has to pay the default off. A copy of the notice is then mailed to both the borrower and any other parties that will be affected.

The borrower then has up to 85 days in order to pay of the default amount along with any other costs that are applicable to the foreclosure and the process to stop it.

However once the 90 days have passed since the notice was filed the lender is then able to schedule a trustee's sale.

Step 2

Once day 90 since the Notice of Default was filed and recorded and no effort has been made by the borrower to pay off the amount owning the Notice of Sale must then be posted. It should be posted in one local public location such as a local newspaper. This Notice must then be published once a week for the next 3 weeks and should commence no less than 20 days before the actual date of the sale. Again as with the Notice of Default, the Notice of Sale is mailed to the borrower at least twenty days for the actual sale occurs and also to those who request it. Within this notice the date, time and location of the sale should be noted as well as the address of the property and the contact information for the trustee's. Also this must also be recorded with the county recorder no less than 14 days before the actual sale occurs.

Step 3

This is when the sale of the property normally takes place 111 days or more after the actual Notice of Default was first recorded. The sale is a public auction and will take place at the time and location designated in the Notice of Sale. The sale will be conducted by a representative of the lender and who successfully bids on the property must be able to pay immediately the full amount. This can either be done through cash or a cashier's check. Once the sale has been completed the successful bidder will receive a Trustee's Deed. Normally when it comes to a California foreclosure the lender will be looking for a bid price that covers the amount of the money owed by the original borrower along with any costs that they have incurred. Should no one bid on the property then it automatically goes to the lender and they will then make a decision as to what they do with the property after this.

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