Facing Foreclosure?

This information is provided for informational purposes only and not to be taken as legal advice. If you are facing foreclosure, it is strongly advised that you consult a real estate attorney to discuss your options. In many cases, a short sale can be a better option than a foreclosure. Click here for information on short sales. 

California Foreclosure Information & Timeline:

This brief time-line applies to California Foreclosures (non-judicial) under a Deed of Trust and gives you an idea as to what to expect. The Foreclosure begins when the Borrower (Trustor) stops making the monthly payments to the Lender (Beneficiary). Typically, Lenders do not start the Foreclsoure process until the 3rd payment is not made (this timeframe varies greatly in current market conditions). If the issue cannot be resolved through a loan modification or other means, the Lender will notify the Trustee to begin the Foreclosure proceedings. 

Day 1:
A Notice of Default is filed with the county recorder.

Within 10 business days:
A Notice of Default is mailed to the borrower’s address

After 3 months:
The Trustee Sale date is scheduled

14 days before Trustee Sale date:
Notice of Trustee Sale is recorded

Sale date:
Property is sold at public auction to the highest bidder or reverts to the Lender

A Foreclosure will stay on your credit report for 10 years. Fannie Mae and Freddie Mac guidelines currently require 5-years from the foreclosure before being eligible for a Fannie Mae or Freddie Mac loan. FHA requires at least 3-years to elapse before becoming eligible. Short sales require a much lesser time by all 3 agencies.