Foreclosure Timeline

Question 1

Deed of Trust

nonjudicial foreclosure

Answer 1

(1) Borrower(trustor) dedaults of loan.
(2) trustee records notice of default (NOD) and send copy to borrower.
(3) after the statutory period, notice of sale is posted on property
(4) sale is advertised to public.
(5) if borrower does not bring account into good standing, property is auctioned at foreclosure sale.

Question 2

Mortgage

judicial foreclosure

Answer 2

(1) borrower defaults on mortgage
(2) lender notifies borrower of mortgage before.
(3) if borrower cannot bring account into good standing, lender hires attorney.
(4) attorney begins A foreclosure action and orders foreclosure search.
(5) referee reviews foreclosure action and renders report to court
(6) judgment of foreclosure and sale is issued by Judge.
(7) foreclosure sale is advertised; property is offered for sale to highest bidder.