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Foreclosure Timeline 5242010
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Foreclosure Timeline 5242010
1.
FORECLOSURE
TIMELINE FROM YOUR REALTOR® . . . Ronny Budiutama DRE License No. 01713274 Intero Real Estate Services Office Address: 1788 19th Avenue San Francisco CA 94122 Phn: 415.242.8177 Fax: 415.759.2200 Cell: Email: R.Budiutama@gmail.com Web Address: http://www.RonnyBudiutama.com If you're facing foreclosure, you may find it challenging just understanding the foreclosure procedures your lender will use to sell your property to satisfy your debt. Yet, you may want to beat the clock by selling your home yourself or pursuing another alternative to avoid foreclosure. So to help you prepare yourself for what's to come, here's a quick summary of the approximate minimum timeframe for the typical non-judicial foreclosure in California. DAY EXPLANATION Pre-Foreclosure If you stop making your mortgage payment, your lender may take about two, three, four, or more Period months before it commences foreclosure. A lender must contact the borrower by phone or in person to assess the borrower's financial Day 1: Lender situation and explore options to avoid foreclosure. During the conversation, the lender must Contacts Borrower inform the borrower of the right to meet with the lender within 14 days and give the borrower a toll-free number for HUD-certified housing counselors. This requirement to contact borrowers only applies to certain owner-occupied residential loans made between 2003 and 2007. For most owner-occupied loans made from 2003 to 2007, a lender may file a notice of default 30 Day 31: Notice of days after contacting the borrower to explore options to avoid foreclosure. The notice of default Default informs the borrower of the default. It must be filed in the county where the property is located and then mailed within 10 business days to the borrower and others who have requested notice. Three months after the notice of default, the lender may record a notice of trustee's sale setting Day 121: Notice of forth the date, time, and place of an upcoming trustee's sale. The notice of trustee's sale must Trustee's Sale be recorded, posted, mailed to the borrower and others, as well as published once a week for three consecutive weeks in a newspaper of general circulation. Up to five business days before the trustee's sale, the borrower may reinstate the loan by paying Day 145: Deadline to the missed payments plus allowable costs. After the reinstatement period expires, the borrower Cure Default still has the right to redeem the property by paying the entire debt, plus interest and costs (not just the arrearage) at any time before the bidding begins at the trustee's sale. Although California law allows a trustee's sale to take place 20 days after the posting of the Day 152: Trustee's notice of sale, lenders customarily wait 11 more days to help protect against federal tax liens. At Sale the trustee's sale, the property is sold at a public auction to the highest bidder. Title is transferred to the successful bidder by a trustee's deed. Borrower Day 31 Day 145 Notice of Deadline to Defaults Default Cure Default Pre-Foreclosure Period Month 1 Month 2 Month 3 Month 4 Month 5 Day 1 Day 121 Day 152 Lender Notice of Trustee's Contacts Trustee's Sale Sale Borrower Copyright© 2010 CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). The information contained herein is believed to be accurate as of May 24, 2010. It is intended to provide general answers to general questions and is not intended as a substitute for individual legal advice. Advice in specific situations may differ depending upon a wide variety of factors. Therefore, readers with specific legal questions should seek the advice of an attorney. Permission is granted to C.A.R. members only to reproduce this material for non-commercial purposes (personal use and to distribute to clients). C.A.R. members must reprint the material in its entirety, but may add their own names and contact information where specified. Agent: Ronny Budiutama Phone: 415.242.8177 Fax: 415.759.2200 Prepared using zipForm® software Broker: Intero Real Estate Services 1788 19th Avenue San Francisco, CA 94122