Notice of Default Definition: Lenders file in the public records where the property is located a public notice called the Notice of Default. In some states, the Notice of Default is also attached to the home, generally on the front window, like a big scarlet letter. It states that the borrower is in default, behind in the mortgage payments, and if the payments are not paid up, the lender will seize the home.

In California, lenders typically do not file a Notice of Default until the borrower is at least 60 days behind in making payments. Lenders must then wait 90 days. During that 90-day period, the borrower has the right to make up the back payments and reinstate the loan. After 90 days, the lender is required to publish a notice in the newspaper for 20 days and then may sell the property to the highest acceptable bidder on the courthouse steps. If no acceptable bid is received, the trustee then conveys the property to the lender.

 

Question: What is a Trustee's Sale?

Answer: A Trustee's Sale is s public auction that is open to all bidders and the property is usually awarded to the highest bidder who meets all the criteria set by the Trustee.

Question: What or who is a Trustee?

Answer: A Trustee is an individual or company chosen to administer the assets of the beneficiary and facilitate the foreclosure process.

Question: Will I be notified and kept informed of what is happening if I get behind on my mortgage payments?

Answer: First, a notice will be sent to you regarding your account being behind and the dollar amount needed to bring your loan current. After a certain period of time, if the payments are not brought current, your lender will request that a Notice of Default be filed by the Trustee at the County Recorders Office in the county in which the property is located.

Question: How will I know that the Notice of Default has been filed?

Answer: Copies of the Notice of Default will be sent to you by regular mail and by certified mail.

Question: What happens next?

Answer: A time frame, normally three months, is given after the recording of the Notice of Default in which you can bring your payments current, along with all additional foreclosure fee's that are incurred.

Question: What will happen if I can't bring my payments current during this time frame.

Answer: A Notice of Trustee Sale will be prepared and published in a legal newspaper once each week for at least three weeks and a sale date is set for your property.

Question: Will my name be mentioned in the newspaper?

Answer: All names listed as owners on the deed to the property will be printed in the newspaper along with the property address, a legal description of the property, how much is owed on the property, the time and location where the sale is to take place and the opening bid amount requested by the trustee on the property.

Question: Will I be notified of the sale date?

Answer: Yes. You will be sent a copy of the Notice of Trustee's Sale and a copy will be posted on the property. Another copy will be posted at the location where the sale is to take place.

Question: How long does it take after the Notice of Trustee Sale is posted to actually end the process?

Answer: Usually the sale falls within twenty one to twenty five days after the end of the publication period but there may be issues that influence the actual sale date.

Question: How long can I keep the property once the Trustee's Sale is completed?

Answer: Once the highest bidder has been confirmed and the Trustee's Sale has been officially completed, a Trustee's Deed Upon Sale will be issued to the highest bidder. At that time, the property belongs to the purchaser and the purchaser is entitled to immediate possession.

Note: Each state has it's own laws concerning foreclosure issues, so, if a Trustee's Sale has been published on your property, it is highly recommended that you obtain the services of an attorney as soon as possible.

 

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