|
Here is a list of frequently asked questions about foreclosure. If your
question is not in the list, please call us and we will give you an answer and
update this list.
What is the foreclosure
timeline?
In most of the case, you are in non-judicial foreclosure. The whole process
will last for 4 months. Here is the timeline.
| Day |
Events |
| Day 1 |
Record Notice of Default |
| Within 10 business days |
Mail and publish Notice of Default |
| After 3 months |
Set sale date |
| 25 days before sale date |
Send notice of sale to I.R.S (when necessary) |
| Within 10 days from 1st publication |
Send beneficiary request for property directions |
| 14 days before sale date |
Record Notice of Sale |
| 7 days before sale date |
If court action, 7 day rule may apply. |
| 5 business days before sale date |
Expiration of right to re-instate the loan |
| Sale date |
Property is sold to highest bidder |
During the foreclosure process, you should try to get help from experts as
soon as possible.
I am in foreclosure. What
should I do?
According to the book: "Stop foreclosure in California", you should
consider the following steps:
- Decide whether or not to keep your property
- Learn about the legal documents underlying a foreclosure
- Read about the kind of foreclosure you're facing. Are you in
non-judicial or judicial foreclosure?
- Purse strategies to stop foreclosure.
- Seek additional help if you need it.
Shall you sell the property?
In some situation, selling the property is one way to solve your
foreclosure problem. However, before you do that, you should consider:
- Is there any equity in the property?
- Does the property have economic value apart from the equity?
- Are you emotionally attached to the property?
- Is there any other considerations?
Where
can I find out more information about foreclosure?
We can get more information about stopping foreclosure from books and web
sites. Here is a list of references:
| 
