o    31 Days - Current owner must be at least 31 days behind on the mortgage (1st or 2nd) before the lender can record a Notice of Default (NOD). It will not always be exactly two months from when you become delinquent on your mortgage, but the lender may begin the foreclosure process by directing the Trustee to record an NOD at any time from this point forward. (We are routinely seeing lenders delay the NOD for months and in a few case up to 12 months and beyond). This is another indication the banks cannot handle any more foreclosures.

o    3 months (91 days) – The NOD period lasts a minimum of three months. During this time the borrower will be contacted by the lender in an effort to resolve the situation. At the end of the three months the lender will likely direct the trustee to publish a notice of Trustee Sale.

 

o    20 days*Minimum period from initial default until property has been foreclosed upon and title transferred to lender or bidder at auction is four months and 20 days* – The actual Trustee’s Sale can occur no sooner than 20 days after the Notice of Trustee’s Sale is posted on the property, published in a publication of general circulation and mailed to the borrower.

 

 

o    If the property goes to sale on the date published by the Trustee, the high bidder action, or the foreclosing lien holder gain title to the property with a Trustee's Deed.