This website makes use of Macromedia(R) Flash(TM) software.
Your current version of Macromedia Flash Player cannot display this site.

Downloading the latest version is free and will only take a moment.
Be sure to come back and explore our site when you are finished.





New California Foreclosure Timeline

Based on amendments to California Civil Code 2924 made by the “Senate Bill 1137” signed into law July 8, 2008 and effective September 6, 2008;  the “California Foreclosure Prevention Act of 2009” passed February 20, 2009 and effective June 15, 2009; and the “Senate Bill 306” signed into law September 17, 2009 and effective January 1, 2010.

Lender Declares a Default on the Loan
Day 1

Required Due Diligence, Under California Civil Code 2923.5 and must Contact Borrower or Attempt to Contact Borrower for 2 Weeks and send a Certified letter on 14th day.
Days 2-15

30 Day Waiting Period
California S.B. 1137
Days 16-46

Notice of Default is Recorded (NOD)
Day 47

Loan in Default
Standard Default period 90 Days from date of recorded NOD
Within 10 days Trustee mails copies of recorded Notice Of Default to borrower(s)
Within 30 Days Trustee mails Notice Of Default to parties identified having property interest
Within 90 Days Trustee sets sales date, time and location
25 Days Prior to Sale Date Trustee sends Notice Of Sale to IRS
If default is not cured within 90 Days a Notice of Trustees Sale will be recorded
Days 48-137

California Foreclosure Prevention Act of 2009
Almost ALL Lenders & Servicers Exempt
Loans not taken 1-2003 to 1-2008 Exempt
Non Owner & Non Principle Residence Exempt
No additional 90 Day Waiting Period

California Foreclosure Prevention Act of 2009
Non Exwmpt Lenders
Mostly Small Private Party Lenders & Servicers
with No Homeowner Retention Department
Days 138-227

Notice of Trustees Sale Recorded
Day 138

Notice of Trustees Sale Recorded
Day 228

Under California S.B. 306, effective 1/1/2010
Notice must be recorded 20 days prior to sale
Days 139-158

Under California S.B. 306, effective 01/01/2010
Notice must be recorded 20 days prior to sale
Days 229-248

Trustee Sale
Day 159

Trustee Sale
Day 249

Estimated time Frame for Foreclosure on Owner Occupied Principle Residence
159 to 249 Days

* The time table presented above is an estimate calculated based on amendments and laws passed in the state of California over the past 2 years. This time line is an estimated and is not for the purposes of providing legal advice. In each foreclosure, dates vary and this time line is for informational purposes only.

  • It applies only to first lien loans.
  • The loan was taken on residential real property from the start of 2003 to January 1, 2008.
  • The mortgage property should be the primary residence of the borrower at the time that he became delinquent.
  • Only loan servicers that have not carried out a comprehensive loan adjustment program are covered by the moratorium.
  • The delinquent loan was not purchased, serviced or made by a local or state public housing agency.
  • The loan has not been collateral for securities acquired by any agency.
  • The distressed homeowner has not abandoned or surrendered his home to bank or government foreclosures.
  • The distressed homeowner should have not filed a bankruptcy.
  • The distressed homeowners have not undertaken an agreement with any person, entity or organization whose main business is to advise people who have made the decision to abandon their homes for bank and government foreclosures.

 
 

©2000-2009 A•R•E•A Realty Group. All rights reserved.  A•R•E•A Realty Group California DRE Lic# 01411312, Equal Housing Opportunity. Equal Opportunity Employer. It is illegal to discriminate against any person because of race, color, religion, sex, handicap, familial status, or national origin.
Diverse Solutions -- Real Estate Websites