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Foreclosure Timeline for California
Posted: Administrator on May 19 | Headlines
(The foreclosure timeline and process varies from state to state. In California it is generally non-judicial and done outside of the courts but some states have judicial foreclosure. Be sure you understand the correct process and timeline in your state. Our counselors may be able to provide you with information on your state.)
Day 1 You are in default on the 2nd day after your payment is due.
You are in default on the 2nd day after your payment is due.
Day 32 You have now missed two monthly payments.
You have now missed two monthly payments.
Day 32-90
Sometime during this period you will receive a letter stating that the Notice of Default(NOD) has been recorded. The speed with which lenders record the NOD depends on the policy of each individual lender.
NOD
Recorded From this day, the next 90 days is a silent period in which you can pay lender all back payments, fees, and other charges and your default will be cured.
Trustee
Sale Date At the end of the 90 day silent period you will receive another letter specifying the date that the Trustee’s Sale will take place. This is usually 3 weeks from the date you receive this second letter.
At the end of the 90 day silent period you will receive another letter specifying the date that the Trustee’s Sale will take place. This is usually 3 weeks from the date you receive this second letter.
Right
to Cure You have until 5 business days before the Trustee’s Sale to reinstate your loan (cure) by paying all payments, fees, and other costs associated with the foreclosure.
You have until 5 business days before the Trustee’s Sale to reinstate your loan (cure) by paying all payments, fees, and other costs associated with the foreclosure.
Eviction After the Trustee’s Sale you may have up to 30 days to remain prior to being evicted.
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