Notice of Defaults
Start of the foreclosure process. The Notice of Default or Breach is recorded and mailed. The 35-day reinstatement period begins. On the 36th day the redemption period begins, typically requiring payment of entire loan balance under an acceleration clause in the loan documents.
Notice of Trustee Sale
Sets auction date. The Trustee Sale can be noticed for a time and place after 3 months from recoding of the Notice of Default.
If trust agreement is subject to the provisions of § 152 of the Home Ownership and Equity Protection Act of 1994, then a specific Notice must be served at least 60 days before the trustee sale.
Initial auction date. At least 21 days from the Notice of Trustee Sale which must be served or mailed to the trustor, posted for 20 days and published once a week for 3 weeks.
Auction may be postponed 3 times before process must restart.
- Transfers property to highest bidder.
- There is no right of redemption in a non-judicial foreclosure.
- Debtor is subject to a deficiency judgment unless loan documents prohibit.