Timeline of the Foreclosure Process
Feb 21st, 2008 by The Cilks
Day 1 - The recording of the Notice of Default takes place
Day 14 - Ten days after the Notice of Default is recorded, it must be mailed to the borrower
Day 91 - The recording, publishing and mailing of the Notice of Trustee’s Sale takes place. (Due to an IRS requirement, the lenders usually file this notice 31 days prior to the sale)
Day 115 - Five business days prior to the Trustee Sale is the Deadline to Cure Default of the loan
Day 122 - Trustee Sale of the property. (Borrower may pay off the loan anytime before the commencement of the Trustee’s Sale.)
**Keep in mind that owners do have alternatives to losing a home in foreclosure. Options include negotiating directly with the lender for any of the following - loan modification, an extension, a revised repayment plan, or even a deed in lieu of foreclosure.
For answers to your questions about short sales, foreclosures, REO’s (real estate owned properties), or about buying, selling and investing in real estate, contact Bob & Deb direct at (925) 417-7129.
Keeping an ear on the pulse of real estate…..
No related posts.
Related posts brought to you by Yet Another Related Posts Plugin.
