Legal Question in Real Estate Law in California
Foreclosure on second deed of trust
What steps are necessary to foreclose when balloon payment is due on second deed of trust? Is a grace period allowed?
Asked on 10/05/01, 5:12 pm
1 Answer from Attorneys
Ken Koenen
Koenen & Tokunaga, P.C.
Re: Foreclosure on second deed of trust
You must give a written 90 day notice, sent by first class mail with proof of mailing, to the trustor (the person to whom you made the loan,)
It must contain 1. the name and address of the person to whom the payment is to be mailed, 2. the date on or before which the final payment must be paid, 3. The amount of final payment, including approximate accrued interest, and 4. if they had a right to rifinance with you, a statement to that effect.
Answered on 12/09/01, 4:59 pm
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