Legal Question in Real Estate Law in California

Re: Foreclosure

There are a large number of articles posted here, and on several website discussing the foreclosure timing in California. You are already in default by the time a Notice of Default gets served and recorded. Before the Notice of Default can be served and recorded, a new law in California requires that the lender attempt to contact the borrower and that gives them 30 days before the Notice of Default can be served and recorded. Once the Notice of Default has been recorded, it starts a 90 day period. When that period expires, the lender records and serves a second document called a Notice of Trustee's sale. The time period for that notice is a minimum of 20 days from the date it is recorded. Sale takes place either on the sale date in the notice, or at a date thereafter if the lender elects to continue the sale date. Homeowner then gets a notice to vacate and is evicted if they don't move. Search for California Foreclosure Timeline and you'll find a bunch of articles with the reference to specific statutes.

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Re: Foreclosure

See David Gibbs answer.

Re: Foreclosure

As a practical matter, many if not most trustees will allow at least 30 days, not 20, between the notice of sale and the sale date; this is due to a Federal law that gives the IRS 30 days to assert certain tax-lien claims and rights it may hold. Also, the system is pretty well clogged up at present and many foreclosures don't happen as fast as they might, under the strict arithmetic rules - but don't count on it!