What is Foreclosure

Initial Steps:
Default Period.

The Note, Deed of Trust and information on the default are forwarded to County Records Research.
The notice of default and other necessary documents are prepared for your signature.
The notice of default is then recorded and the foreclosure time line begins.
A Trustee Sale Guarantee (TSG) is ordered from a title company.
The required 10 day and one month legal mailings are sent to the borrower and the junior lien holders.
If the loan has not been reinstated or paid off within the three-month default period, the lender then authorizes the next step in the foreclosure proceedings.

Publication Period and Trustee's Sale.

County Records Research will prepare, record and arrange to post the Notice of Trustees Sale.
The Notice of Trustee's Sale must be published once a week for three consecutive weeks in a newspaper of general circulation near the property location.
The borrower or junior lienholder may reinstate the loan at any time up to five business days before the sale date.
If the loan has not been reinstated prior to five business days before the sale, the beneficiary may demand that the entire unpaid obligation be paid in full during that five-day period.
The trustees sale is conducted.
A Trustee's Deed is prepared for the lender or outside bidder, then recorded.