Legal Question in Real Estate Law in California

Re: forclosure time frame

The lender will eventually stop sending demands and will send you a copy of a Notice of default, which he will record. Ninety days must then elapse, and then he will record and send to you a second document, a Notice of Trustee's sale which will set a place and time for the trustee's sale which must be, at least 21 days in future. If you choose to "cure" the arrearages (payoff what you owe), you have the absolute right up until five days prior to the sale date...after that, the lender can elect not to accept your tender of money (but likely would want to do so). The sale can be continued any number of times by the lender, but they do not have to send you any notice to that effect, but you can go to the sale to find out if it will be continued and to what date. They can sell whether or not you have vacated. Once it is sold, then the new owner (which may be your lender) will bring an eviction to get you out if you are still there.

Re: forclosure time frame

Yes you are making sense. Call me and I'll put you in touch with a company that can help you.

Re: forclosure time frame

The time period from giving notice to the borrower to when the house can be sold is 108 days. There are someways to do it so it will take a little longer.

Once they have legal possession, they can then toss you out.

george shers

Re: forclosure time frame

I thought the time was 90 days for the Notice of Default plus 20 days for the Notice of Sale, or 110 days altogether, from Notice of Default until the first day on which a sale could be held. There are certain Federal tax (IRS) reasons why most lenders wait a week or so longer before accrying out a sale. Thus, in many cases, the sale won't occur until about four months after the date of the Notice of Default. With trustees and foreclosure services pretty busy these days, it might be running even a bit slower.

The borrower doesn't have to get out until the sale happens, and the lender is not entitled to "change the locks" or anything of that sort prior to a sale AND (if necessary) lawful eviction of the holding-over former owner through the notice and unlawful detainer process.

Since an unlawful detainer action takes around five weeks from notice until sheriff's action, the total time from Notice of Default (lender's step one) to eviction can be in the area of 150+ days.

Re: forclosure time frame

I stand corrected. I answered too quickly.

Re: forclosure time frame

I stand corrected. I answered too quickly.