• Notice of default: Document filed by trustee as first step of the foreclosure process,
• Trust Deed: A contract by which property is made as security for the payment of a dept or obligation without a change of possession; a lien against property,
• Trustee's Deed: Document conveying ownership of a property,
• Trustee's Sales: Sales date has been issued for Public auction.

Foreclosure Time Line

Step 1 - 

Time Line                                 Action Taken

Day 1                                      Notice of Default Recorded

10 Business Days                 Notice of Default Mailed, Notice of Default Published (When Neccessary)

Within 1 Month                      Notice of Default Mailed
    
After 3 Months                       Sale Date Set 

25 Days Before Sale             Notice of Sale to I.R.S. Sent I.R.S Publication 786 (When Neccessary)

20 Days Before Sale             Notice of Sale Published Begins. Notice Posted and Mailed.



Step 2 -


Time Line                                  Action Taken

Within 10 Days                        Benefiiary Request for Property
1st Publication                        Directions is Sent

14 Days Before                        Notice of Sale Recorded 
Sale Date

7 Days Before                          If Court Action, "7 Day" Rule may apply
Sale Date                                  before Sale can occur

5 Business Days                      Expiration of Right to Reinstate the loan
Before Sale

Sale Date                                   Property is Sold to Highest Bidder.





How To Read The Foreclosure Notice


*Notice should start with the site address at the top. The location of the property in 
 default may or may not be the address of the owner of the property.

* A.P.N.- This is the Assessor's Parcel Number, followed by "T" (the tract #), "L" (Lot #)
  "B" (Book #), and "P" (Page #) of the parcel.

* Trustor- Original borrower does not always reside on property.

* Bene- The beneficiary, another term for lender.

* Trustee- Neutral third party in trust deed transactions Holds property in trust for
   another to secure performance of an obligation.

* Sale- (On Trustee's Sale listings only) This line shows the day, time and location of sale.

* Sale # Number- (On trustee's Sale Listings Only) The instrument # assigned by the 
   County Recorder's office for the Notice of Trustee's Sale.

* Rec- (On Trustee's Sale Listings Only) The recording of the Notice of Trustee's Sale 
   "Minimum Bid" is set by the beneficiary. Also called the opening bid.

* Loan Amount- The face value of the original loan.

* Delinq Date- Date the borrower first went delinquent.

* As Of- Delinquent amount is calculated by the trustee as of this date.

* Rec Date- The date the NOD was officially recorded

* Loan Date- Date of original loan.

* Loan # Number- This is the loan # assigned by the County Recorder's Office.

* Last Sold- Last sale date of the property.

* Land Value- The last assessed value of improvements.

* Bldg Value- Last assessed value of improvements.

* Assessed Value- Last assessed value of the property.

* Size- Size of the building on the property in square feet.

* Lot- Size of the lot in square feet.

* Use- This is the zoning code for the property.

* Built- Year Built.

* Units- Number of units in the building.

* BR- Number of Bedrooms.

* BA- Number of Bathrooms.