First American Title Company was so nice to supply us with this Foreclosure Timeline of events. This chart really helps to explain what happens once a homeowner defaults on their loan, this is the sequence of events that takes place by the bank…
| Day 1 | Preparation and recordation of Notice of Default and Election to Sell. Election/Waiver of Mediation form sent to Homeowner along with copy of the Notice of Default. |
| Within the next 10 Days | Notice of Default must be mailed to the Trustor/Owner and all junior LienHolders by Certified Mail, including any guarantors. |
| 1st Day after Mailing | Commences the 35 day reinstatement period. |
| Day 30 | Election/Waiver of Mediation expires. |
| Day 35 | Reinstatement rights expire at the end of the working day. |
| AFTer 3 Months | Trustee’s Sale can be established. |
| PublicaTion | Notice of Trustee’s Sale must be published in the legal newspaper where the property is situated AND where the sale is to be held, once a week for three consecutive weeks. |
| 25 Days Prior To The sale DaTe | Notification to the I.R.S. (if applicable) |
| AT least 20 Days Prior To The sale | Notice of Sale must be sent by registered mail to all parties entitled there to. Notice must also be posted within the County where the sale is to be held and where the property is situated. |
| 1 Week Prior To sale | Establishment of the minimum bid for sale. This amount includesall principal, interest, advances and costs. |
| Sale DaTe | Barring any actions to enjoin the sale, the public auction is held and property is sold approximately 120 days from the recording of the Notice of Default. Anyone interested in bidding at the sale must attend with Cash or Certified Funds to be qualified to bid. |
| After The Sale | Trustee’s Deed will be prepared and recorded. |
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