Typical Timeline for a Non-Judicial Foreclosure

Day 1:

The lender (or trustee for the lender) files a Notice of Default with the county, after the property owner (trustor) doesn't make his loan payment. The owner may be behind anywhere from 15 days to 12 months (or more). If the owner does not act, he/she could eventually lose their property, equity and credit at the trustee sale auction.

Day 90:

The lender (or trustee for the lender) files a Notice of Trustee Sale with the county. This notice is given to the borrower and the public, stating the lender is going to sell the property at public auction within the next two to five weeks.

Day 104+:

Trustee sale - at the trustee sale auction buyers/bidders are required to have all cash or cashiers checks for the amount bid.

Beyond Day 104:

If no one bids at least the minimum set by the lender, the property reverts to the lender. The trustee must then file a Trustee's Deed to convey title to the lender. Once this occurs, the property becomes "R.E.O." (Real Estate Owned).




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