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Attorney & Mediator
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Category: Real Estate Law
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What is the step by step and time line for each step to foreclose on a note secured b

Customer Question

What is the step by step and time line for each step to foreclose on a note secured by first Deed of Trust on real property in San Bernardino County, State of California
Submitted: 5 years ago.
Category: Real Estate Law
Expert:  Attorney & Mediator replied 5 years ago.
The following is the break down of the process. There is also a link at the bottom to access the actual California statute on the subject of foreclosure.


California Timeline

The following time-line is applicable for non-judicial California Foreclosures under a Deed of Trust. Foreclosures begin with the Trustor (borrower) not making the monthly payments to the Beneficiary (Lender), the first missed payment is technical default, but in practical terms, most Beneficiaries do not begin the process until the third payment is missed. If the Beneficiary cannot resolve the defaulted payment amount with the Trustor through Forbearance or other Loss Mitigation measures, the Beneficiary will instruct the Trustee to begin Foreclosure proceedings.

Day 1
Notice of Default is filed with the county recorder.

Within 10 business days
Mail Notice of Default to borrower address

Within 1 month
Mail Notice of Default

After 3 months
Set Trustee Sale date

25 days before Trustee Sale date
Send notice of sale to I.R.S.(when necessary)

Within 10 days from 1st publication of Trustee Sale
Send beneficiary request for property directions

14 days before Trustee Sale date
Record Notice of Trustee Sale

7 days before sale date
If court action, 7day rule may apply

5 business days before sale date
Expiration of borrower's right to re-instate the loan

Sale date
Property is sold to highest third party bidder or reverts to Beneficiary at public auction



Article 1. Mortgages in General ........................... 2920-2944.7 [foreclosure states in section 2924]








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Attorney & Mediator and 5 other Real Estate Law Specialists are ready to help you
Customer: replied 5 years ago.

THANK YOU for the above clairfication!

At what point can i record the property to myself rather than selling said?

Expert:  Attorney & Mediator replied 5 years ago.
At what point can i record the property to myself rather than selling said?

Could you please clarify how you are related in this situation? Are you the lender, private buyer? Please clarify.

In addition, could I please get your consent to remove the negative feedback since the information has been clarified?

Thank you.
Customer: replied 5 years ago.

YES PLEASE REMOVE MY NEGATIVE FEEDBACK & CHECK POSITIVE, DEL.

 

I'M A PRIVATE LENDER WITH A NOTE SECURED BY DEED OF TRUST

Expert:  Attorney & Mediator replied 5 years ago.
Thank you for your reply.

First, you need to double check and see if your loan give you a "power to sell" if not, you would have to first file a lawsuit to obtain the court's approval to foreclose. Assuming your agreement gives you a "power to sell". You must follow the steps outline in my first answer. You can only transfer the property to yourself if there are no buyers or buyers who do not meet your bidding requirements. You can only transfer to the new buyer or to yourself after the sales date. The whole process is 120 days (4 months). You must follow each step and can only transfer after the sales date. If there is a "power to sell" the buyer has no rights to redeem. Otherwise if you have to go through the courts to foreclosure the buyer has one year to redeem (reclaim the property) after the foreclosure date. Hope this makes sense.

So the answer to your question depends on whether you have a "power to sell" clause (non-judicial) included. If yes, then you can only transfer after following the steps outlined above and there are no bidders to the property after the sale.




Please Note: JustAnswer.com is a public forum. JustAnswer.com is not a law firm. JustAnswer.com is only a question and answer site. Asking a question does not create an attorney-client relationship nor is your question protected under the attorney-client privilege. An attorney-client relationship is established when you enter into written contract for representation and pay a retainer directly with the attorney or attorney’s firm.

JustAnswer.com uses the term “Expert”. I do not hold myself as an expert when I answer your questions. The information given by me is not legal advice. I am not establishing an attorney-client relationship with you. I am providing only research, resources and information only for you to be informed and educated about your particular needs and my answer is limited to the facts presented. You are only paying me for such information given.

My answer or reply is limited to your facts presented and additional information you post may not come in after my reply or answer has posted, if this has occurred please let me know and I will answer further. Due to site tech reasons, oftentimes I am initially only able to see the first part of your post, so this may result in more interactions between us. There might also be a delay in my reply or answers, as I may be helping other customers, or called away from my office or have logged off. Please be assured your question(s) will be answered promptly.

If I have been helpful, please click Accept for my time and research, this is the only way I get paid. If you need more help or clarification, please click reply. Positive Feedback is greatly appreciated and reciprocated. Feedback should relate to customer service and not about the law, which I have no control over. You can always request me through my profile here or beginning your question with “Attention lawNinvest” Thank you.

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