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Positive Equity Partners
Financial Education
Workshops
ph: 888.668.0686
fax: 888.899.8915
info@positiveequitypartners.com
Financial Education
Workshops
ph: 888.668.0686
fax: 888.899.8915
info@positiveequitypartners.com
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Positive Equity Partners
Financial Education Workshops
Providing Cash Flow and Equity Saving Solutions!
Financial Education Workshops
Providing Cash Flow and Equity Saving Solutions!
Positive Equity Partners
Financial Education Workshops
Financial Education Workshops
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Foreclosure Timeline
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.
* The above is a general timeline. Timelines will vary state to state and on a case by case basis. Please call for
further details.
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.
* The above is a general timeline. Timelines will vary state to state and on a case by case basis. Please call for
further details.
State Foreclosure Laws
This page provides details about foreclosure law designed to help users
look after their own legal needs. Click on the state your home is in for
specific information. Legal information is not the same as legal advice.
The application of foreclosure law to your specific situation should be
This page provides details about foreclosure law designed to help users
look after their own legal needs. Click on the state your home is in for
specific information. Legal information is not the same as legal advice.
The application of foreclosure law to your specific situation should be
approached with caution and perhaps some legal advice. Although we go to great lengths to make
sure our information is accurate and useful, we recommend you consult a lawyer if you want
professional assurance that our information, and your interpretation of it, is appropriate to your
particular situation.
sure our information is accurate and useful, we recommend you consult a lawyer if you want
professional assurance that our information, and your interpretation of it, is appropriate to your
particular situation.