California foreclosure – How much time after the bank files a NOD?

By | August 10, 2009

In the state California mortgage servicers may foreclose on a property that is currently in default by either going through the judicial or non-judicial foreclosure process. In California the most common method used by servicers is the non-judicial foreclosure process aka “Trustee’s Sale.”

This way of foreclosure is very fast and inexpensive for the lender. In the Deed of Trust it clearly states that the borrower gives the Trustee (usually title company) the power of being able to take and sell the property if the borrower defaults on their payments.

The foreclosure process will begin once a borrower defaults on their mortgage. There will be a Notice of Default or NOD recorded and a also period of time called the “Redemption Period.” This period will begin and end within 90 days. After the NOD has been recorded within 10 buisness days, a copy of this will be sent via certified and regular mail to the homeowner. Ordered from the title agency is a Trustee’s Sale Guarantee Report, which will provide any and all information about the title. The foreclosure will remain in process for 90 days unless the homeowner attempts to resolve this issue.
 
Once the 90 day Redemption Period ends, the “Publication Period” will start to take place. They will then prepare and publish the Notice of Trustee’s sale in your local newspaper one time per week for at least a three week period. The actual date of sale will not occur for at least 21 days after the sale date published in the newspaper and a copy will also be posted on the foreclosing property.
 
The final step in the foreclosure process is the trustee’s sale, the date the property is actually sold. California’s foreclosure laws state that only after all requirements have been met, and on the actual date property is to be sold, the highest bidder will take the property. If somehow there are no bidders at the time of sale, the home will then again become property of the beneficiary of the debt.
 
So to answer the question, you are typically looking at about 90 days until foreclosure after being served with an NOD.

4 thoughts on “California foreclosure – How much time after the bank files a NOD?

  1. sam.p

    we have a neighbor who has foreclosed and are wondering when we will expect to see them out of the home..would the sheriff offer that kind of info if requested?

      (Quote)  (Reply)

  2. CandaceDCG

    We just signed a forbearance agreement, but the bank set a sale date in spite of this.
    Is this legal? I was told the agreement would temporarily stop the foreclosure process.
    This is just one of many mistakes Wells Fargo Home Mortgage has made, all documented by myself, and of course, recorded to “protect” them… I hope they recorded the conversations, all of them, it is amazing how much their people do not know, and lie about, and when pushed to give facts get down right rude.

      (Quote)  (Reply)

  3. RICHARD ROMO

    PLEASE ADVISE:

    BANK OF AMERICA GAVE MY REAL ESTATE AGENT A LETTER OF APPROVAL TO COMPLETE THE SHORT SALE OF MY HOME THAT I LIVE IN NOW. IT CLEARLY STATED THAT ESCROW WITH THE NEW BUYER MUST BE COMPLETED AND CLOSED BY SEPTEMBER 30, 2010.

    HOWEVER, A FORECLOSURE DATE OF AUGUST 27, 2010 WAS STILL ON CALENDAR.

    BANK OF AMERICA OR THE INVESTOR DECIDED TO PROCEED WITH THE FORECLOSURE (AFTER PROVIDED US WITH THE LETTER) AND NOW MY R.E. AGENT IS DOING EVERYTHING IN HER POWER TO HAVE THE FORECLOSURE REVERSED, SO THAT THE SHORT SALE CAN BE COMPLETED.

    A COMPLAINT WAS SUBMITTED BY MY R.E. AGENT AND THE MATTER IS NOW UNDER REVIEW WITH THE ADVISORY DEPARTMENT.

    IF THE FORECLOSURE CONTINUES, BY WHEN WILL I HAVE TO VACATE THE HOME? SALE DATE : 08/27/2010

    IS THERE ANY ONE TO BLAME FOR FORCLOSING ON THE PROPERTY AFTER BANK OF AMERICA PROVIDED US WITH THE LETTER OF APPROVAL TO COMPLETE THE SHORT SALE?

      (Quote)  (Reply)

  4. Esther Maddox

    I am looking for a foreclosure attorney.I have been going back & forth with Bank of America for over a year just recived a letter saying we are not eligible for any programs.I have freddie mac as investor I was with countrywide than boa. I have written to CEO Ms,Desero .I have had two negoitors.my file was in escalation dept and I also am in escalation dept with naca Mr.Winn yet nothing has been done.we fell behind do to illiness and lost of second job. I need help on what to do.please help.

      (Quote)  (Reply)

Leave a Reply

Your email address will not be published. Required fields are marked *