Trying to understand the general foreclosure process is hard enough, but if you want to pursue any other options, such as selling your home, you will want to know what happens when during the foreclosure process. If you have a general idea about the timeline of Pasadena foreclosures, you have a higher chance of pursuing your other options before it is too late.
Image by Casey Serin via FlickrBefore the Pasadena foreclosure Period Begins
Once you quit making your mortgage payments your lender has the right to start the foreclosure process, but they typically don’t start the process until two or three months after you have quit making your payments. Some lenders will even wait as long as four months to start the process.
Pasadena foreclosure Process Day 1: Lender Makes Contact with Borrower
To begin the foreclosure process for owner-occupied residential loans that were issued between 2003 and 2007, the lender needs to contact you either in person or over the phone to talk about your financial situation and what options you might be able to pursue so you can avoid foreclosure. At this time, you will also be given the toll-free number for housing counselors that are HUD-certified and told that you have the right to meet with your lender face to face within 14 days. If your loan was issued after 2007 or it is for property that is not owner occupied the lender does not have to contact you in person or over the phone, everything can be done through the mail.
Pasadena foreclosure Process Day 31: Notice of Default
Once your lender has contacted you about your alternatives to foreclosure, they will give you 30 days to make some kind of decision. Once the 30 days are up most lenders will file a notice of default against the borrower. This notice of default is used to inform the borrower and any other person whop requested to be notified of the default. The notice of default has to be filed in the same county as the property. Once filed the notice must be mailed within 10 business days to the borrower and any other parties that have requested notice.
Pasadena foreclosure Process Day 121: Notice of Trustee’s Sale
After you have been issued the notice of default, the lender must wait at least three months before they can proceed with the next step. After those three months are up the lender can then file a notice of trustee’s sale. This initial filing is going to set up the date, time, and place of the upcoming sale. This notice must not only be recorded and posted, but it also must be mailed to the borrower and any other parties that requested to be notified. The notice of trustee’s sale must also be published in a newspaper once a week for three straight weeks and the newspaper has to be considered a general circulation newspaper.
Pasadena foreclosure Process Day 145: Last Chance to Cure Default
Under California law, the lender can hold the trustee’s sale 20 days after filing the notice of trustee’s sale. In most cases, the lender will wait an additional 11 days, so 31 days total, because of federal tax liens. If the default is not cured before the date of the trustee’s sale, the property goes up for public auction. At the auction, the highest bidder is awarded the property and the title to the property is given to the winner through a trustee’s deed.
Image by Casey Serin via FlickrBefore the Pasadena foreclosure Period BeginsOnce you quit making your mortgage payments your lender has the right to start the foreclosure process, but they typically don’t start the process until two or three months after you have quit making your payments. Some lenders will even wait as long as four months to start the process.
Pasadena foreclosure Process Day 1: Lender Makes Contact with Borrower
To begin the foreclosure process for owner-occupied residential loans that were issued between 2003 and 2007, the lender needs to contact you either in person or over the phone to talk about your financial situation and what options you might be able to pursue so you can avoid foreclosure. At this time, you will also be given the toll-free number for housing counselors that are HUD-certified and told that you have the right to meet with your lender face to face within 14 days. If your loan was issued after 2007 or it is for property that is not owner occupied the lender does not have to contact you in person or over the phone, everything can be done through the mail.
Pasadena foreclosure Process Day 31: Notice of Default
Once your lender has contacted you about your alternatives to foreclosure, they will give you 30 days to make some kind of decision. Once the 30 days are up most lenders will file a notice of default against the borrower. This notice of default is used to inform the borrower and any other person whop requested to be notified of the default. The notice of default has to be filed in the same county as the property. Once filed the notice must be mailed within 10 business days to the borrower and any other parties that have requested notice.
Pasadena foreclosure Process Day 121: Notice of Trustee’s Sale
After you have been issued the notice of default, the lender must wait at least three months before they can proceed with the next step. After those three months are up the lender can then file a notice of trustee’s sale. This initial filing is going to set up the date, time, and place of the upcoming sale. This notice must not only be recorded and posted, but it also must be mailed to the borrower and any other parties that requested to be notified. The notice of trustee’s sale must also be published in a newspaper once a week for three straight weeks and the newspaper has to be considered a general circulation newspaper.
Pasadena foreclosure Process Day 145: Last Chance to Cure Default
Under California law, the lender can hold the trustee’s sale 20 days after filing the notice of trustee’s sale. In most cases, the lender will wait an additional 11 days, so 31 days total, because of federal tax liens. If the default is not cured before the date of the trustee’s sale, the property goes up for public auction. At the auction, the highest bidder is awarded the property and the title to the property is given to the winner through a trustee’s deed.
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