Typical Timeline of a Foreclosed Home

Ø 30 + days of no payment:  Borrower receives a late payment notice
Ø60 + days of no payment:  Borrower receives a notice that the lender/trustee may take action if the delinquency is not corrected.
Ø      90+ days of no payment:  Loan service company files a Notice of Default.  It is recorded in public record.
Ø      Borrower is mailed a “Notice of Trustees Sale” which means the property is now scheduled to be sold at a future date at a public auction.  Date is approximately 120 days after the Notice of Default is recorded.
Ø      Borrower has up until 5 days prior to the Trustee Sale to cure the loan delinquency or right up to the date of the auction to redeem the property by paying all interest, principal and penalties.
Ø      120 AFTER Notice of default is filed:  Trustee sale takes place
Ø      If the property does not sell at the Trustee sale, it goes back to the bank and the bank must sell it.