California Notice of Default - Flowchart / Timeline

Day 1  : Notice of Default is recorded

Within 10 Business Days:  Notice of Default mailed to trustors and Special Requests for Notice

Within 1 Month from date of recordation of the NOD: Mail Notice of Default Trustor to all required parties under 29246 (c) (2)

After 3 months:   Trustee's sale date can be set

25 days prior to sale date:  Notice to IRS must be given if required

20 days prior to sale date:  -- Publish Notice of Sale in local paper at least once each week for 3 consecutive weeks with the first date of publication at least 20 days before date of sale.   --  Post Notice of Sale.    --  Mail Notice of Sale to all parties who were sent the NOD - including any state agency

Within 10 days from 1st publication Notice:  Request for directions of property sent to beneficiary (if no known  designated property address)

14 days prior to sale date:  Record Notice of Sale at County Recorders Office

7 days prior to sale date: Trustee cannot sell for 7 days after expiration of court order

5 business days prior to sale: Right of borrower to reinstate ends

Sale date:   Public Auction, approximately 120 days from mail/post date of Notice of Default. Sold at Trustee's Sale.  Property is sold to highest bidder.

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   YOUR Immediate Action is Required

Thanks to vast concern from President Obama - Banks are offering loan modification options to homeowners.  We URGE each and every homeowner to contact their mortgage lender and see what options are available to help them stay in their home.

YOUR Immediate Action is Required

Early in the default process you can still come back from the brink if you haven't missed more than 1 or 2 monthly payments and your lender hasn't spent too much trying to get you back in line.

Remember, the foreclosure fees start to increase as the process goes on.  This is why it is so important to not let this go on.  As soon as you know that you are falling behind, let your lender know.   No one wants to talk to their lender about missed payments, but it can be one of the most important steps you take.  The longer you wait, the more difficult it becomes to solve your problem.

Lender's time chart (keep in mind not all lenders work the same)

16 days late:  Lender will try to get in touch with you and figure out a way to bring the payment current.                                

30 days late:  Lender's collection attempts gets aggressive

90 to 100 days late: Lender will refer the mortgage to an attorney or other representative,
who will initiate the formal foreclosure process.

90 to 120 days late : Lender will record your delinquency as a public notice of default.  Two things then happen.  The foreclosure department is moving as quickly as possible to get to the foreclosure sale and the "loss mitigation" department is working with you to try to do a workout.

 
It is up to you to take the necessary actions to get back on track with the lender.  Never ignore your problem, you must take ACTION.