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Griffin Knights Realty Corp
Foreclosure Overview
WHERE, HOW, WHAT, WHO and WHEN on Foreclosure
HOW does Nonjudicial Foreclosure works?
In a Nonjudicial foreclosures the judge is not involved and the foreclosure procedure takes place outside of a courtroom. The California Civil Code contains specific actions that a trustee must follow before selling your home. To learn more, reference Foreclosure Laws.
| Day Number | Foreclosure Event |
|---|---|
| Day 1 | Record Notice of Default |
| Within 10 business days | Mail Notice of Default |
| After 3 Months | Set sale date |
| 25 days before the sale date | Send Notice of Sale to IRS |
| 20 days before the sale date | Publish, post, mail Notice of Sale |
| 14 days before the sale date | Record Notice of Sale |
| 7 days before the sale date | Trustee cannot sell for 7 days after expiration of court order |
| 5 business days before the sell date | Right of borrower to reinstate ends |
| Sale date | Sold at Trustee's Sale |
WHAT is a Foreclosure?
Foreclosure is a legal process undertaken by your lender to sell your property if you fail to make your mortgage payments in a timely manner.
WHO are Beneficiary, Trustee and Trustor?
The lender is known as the beneficiary who can assign a trustee, or company to foreclose, on you the borrower, or trustor.
WHEN does Deed of Trust comes into play?
When you bought your home you signed a deed of trust that offers your property as collateral for the loan. This deed gives the lender the right to sell your property if you fail to make your mortgage payments.