Foreclosure - A legal process in which, against the wishes of the owner, real property is sold to satisfy a public or private debt for which the real property has been pledged as security.
Notice of default (NOD) - a notice that is filed with the county recorder when a homeowner is not current on the loan that is secured by the homeowner's property. If the default is not cured within a statutory period of time, the lender can move to auction the property to the highest bidder.
Foreclosure Sale (NOTS) - The actual sale of real property at the conclusion of a foreclosure proceeding. The sale may be to a third party as a result of a high bid, or to the foreclosing creditor (the lender) if there are no bids higher than the amount of the defaulted debt plus foreclosure costs. If the sale generates proceeds beyond the satisfaction of the debt and foreclosure costs, the balance generally must be refunded to the party who has lost title to the property. (the homeowner)
Real Estate Owned - Real property that has been foreclosed by a lender and is now owned by the lender.
Day 1 - Notice of Default recorded with County Recorder.
Within 10 business days - Notice of default is mailed by the Trustee to the borrower and includes the recording date.
Within 1 month - Notice of Default is mailed to borrower again.
At 90 Days - Notice of Default period ends and Notice of Trustee Sale period begins.
1 st Missed payment 2 nd Missed payment 3 rd Missed payment NOD Filed (Begin Three) (Month Period) NOTS Filed (21 Day Period Begins) 30 60 90 30 60 90 Auction TYPICALLY Held after 21 Days Foreclosure Process