"Matching you with the best in the industry"

• Mortgage payment too high?
• Fear of foreclosure?
• Victim of bad lending practices?
• Behind on mortgage payments?
• Has your rate adjusted or will it adjust soon?
• Do you owe more than your home is worth?

FAQ's - Foreclosure

• What is foreclosure?
• Foreclosure Timeline

Q. What is foreclosure?
Home foreclosure is a process by which a lender regains a property which they have financed. Typically, this is because the borrower or homeowner is behind on house payments and is unable to catch up, often due to circumstances outside of his or her control. When the lender forecloses on the homeowner, the homeowner must move out of the house, therefore, losing all possession of the property and jeopardizing any possible equity that the homeowner may have in the home. There is a legal time frame, which varies from state to state, which determines how long the foreclosure process can take.


As borrowers fall behind in their payments, they can expect lenders to react in specific ways at specific times. Here's a look at the timeline from late payment to foreclosure.

DAY 1: it’s the first of the month, and the mortgage payment is due. The borrower misses the payment.

DAY 16-30: A late charge is assessed. The company that processes the borrower's payments (called the mortgage servicer) begins to attempt to make contact with the borrower to find out why the payment is late. File is sent to the Collection Department.

DAY 45-60: The servicer sends a “demand” or “breach” letter to the borrower pointing out that terms of the mortgage have been violated. The borrower is given 30 days to resolve the situation by paying the delinquent amount.

DAY 90 Notice of Default: Foreclosure proceedings start with a Notice of Default (NOD). The document is recorded at the request of the lender by the trustee and is recorded in the county in which the property is located. The recording of Notice of Default gives “Constructive Notice” to the public. After the recording of the Notice of Default, in the state of California, the borrower and junior lien holders are given proper notification and the borrower has 90 days to bring their account current. This period is referred to as the Reinstatement Period.

DAY 180 Notice of Trustee Sale: If the borrower does not reinstate their account within the 90 day period, the lender will authorize and instruct the Trustee to record the Notice of Trustee Sale (NOS).

DAY 201: After 21 days of the recording of the NOS, a foreclosure sale can take place at public auction. The property may be sold to a third party bidder or revert back to the lender for a specified amount.

Bidders are required to bring cashier's checks or money orders to the sale in an amount equal to or higher than the lenders opening bid. The auctioneer will qualify each bidder and the successful bidder will have to tender full payment at the sale.