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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 30 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.

At least 21 before the sale before the sale date:

The Notice of Sale must be served on the borrower and posted on the property. It is also published in local newspapers.

At least 14 days before the sale date:

The Trustee must record the Notice of Trustee Sale

5 Business days before sale date:

Expiration of borrower's right to re-instate the loan

Sale Date (Day 111+) :

The Trustee sale occurs - at the Trustee sale auction buyers/bidders are required to have all cash or cashiers checks for the amount bid.If no one bids at least the minimum set by the lender, the property reverts to the lender.

After the Sale (Beyond Day 111):

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).

Postponement:

Sales may be postponed by announcement at the time and location speci? ed for the intended sale. The borrower may postpone the sale in order to obtain cash, provided the written request for postponement identi? es source from which the funds are to be obtained, and the postponement is only for one business day. The borrower may obtain one such postponement.


CALIFORNIA CIVIL CODE SECTION 2924:

Notice of Default recorded with County Recorder - Civil Code Section 2924

Trustee mails Notice of Default to borrower with the recording date - Civil Code Sections 2924(b)(1) and 2924(e)

Trustee sets sale date, time and location - Civil Code Sections 2924 and 2924(b)

Trustee publishes Notice of Sale for three consecutive weeks- Civil Code Section 2924(b)

Trustee posts Notice of Sale on the property - Civil Code Section 2924f(b)

Trustee serves Notice of Sale on borrower by mail - Civil Code Section 2924b(c)(3)

Trustee records the Notice of Sale with county recorder’s office - Civil Code Section 2924f(b)

The borrower’s right to reinstate expires 5 business days before the sale date - Civil Code Section 2924c(e)

CLICK HERE for a link to Section 2924 of the California Civil Code.




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