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Friday
Apr302010

California Mortgage Foreclosure Laws – Notice of Trustees Sale

Under the California mortgage foreclosure laws [Civil Code 2924 c.(b)(1)], 90 days after the filing of the Notice of Default, the next step in the mortgage foreclosure process is the Notice of Trustees Sale.

The California mortgage foreclosure laws require that the lender’s trustee (i.e., the attorney who is performing the foreclosure) performs some ministerial procedures.  This will usually take approximately one week to complete.

The next step in the California mortgage foreclosure laws process is the Notice of Trustees Sale must be recorded with the County Recorder.  This Notice of Trustees Sale indicates the date and location of the auction. The California mortgage foreclosure laws also require that a copy of the “Notice of Trustees Sale" is published in a newspaper with a general circulation.

The California mortgage foreclosure laws require that a copy of the Notice of Trustee Sale is served to the property owner who is subject to foreclosure, and a copy is also posted onto the property, usually on the front door or front gate. 

Under the California mortgage foreclosure laws, the property owner has until 5 days before the auction to bring the loan current, although in reality, most lenders are willing to work with the property owner up until the day of the auction.

Under the California mortgage foreclosure laws, the next step in  the process is the actual Trustees Sale.

To stop foreclosure or prevent the foreclosure process entirely, it is advisable that the property owner work with a foreclosure avoidance team to prevent the foreclosure auction from occurring.  One important point worth mentioning here is that most lenders do not want to foreclose.  They want to avoid the legal expense and avoid the liability that comes with owning vacant real estate.  For these reasons, most lenders will consider any reasonable proposal to avoid foreclosure and may be willing to postpone the auction.

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