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by Willard Michlin
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s much easier than our own.
When we are willing to confront our own problem head on, solutions begin to appear miraculously. What I do is help people take their mountains and turn them into molehills. The molehills are then flattened with ease.
Foreclosure; the basic procedure:
In order for foreclosure to occur in California, there are certain basic things that have to take place. How this works, in the case of a Deed of Trust, called a ‘Non Judicial Foreclosure,’ goes like this - with regard to the time line.
The borrower (property owner) does not make the monthly payment to the person or institution that he or she borrowed money from. Technically, a default occurs the moment the first payment is missed. However, for practical purposes, most lenders do not really start the foreclosure proceedings until after the third payment is missed. A few only wait until the second payment is missed, but this is rare.
The procedure, once started, is continued on through to the end unless the property owner stops it by bringing the loan current (bringing it current means to make all back payments owed to the lender).
· Day 1 - A notice of default is recorded.
· Within 10 business days - The Notice of Default (NOD) is posted on the property, mailed to the property owner and published in a countywide newspaper.
· After 3 months - A sale date can be set for the property to be sold, in order to repay the lender their money. The Notice of Sale (NOS) is also posted on the property, mailed to the property owner and published 3 times in a countywide newspaper. The publications are one week |
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