California Foreclosure Process
Notice of Default
Start of foreclosure process. Initial notice recorded after borrower fails to meet the terms of their loan.
Notice of Trustee Sale
Sets auction date. Can be recorded 3 months after Notice of Default
CC 2924 c. (b)(1)
Initial auction date can be just 20 days after Notice of Trustees Sale is recorded.
CC 2924 f. (b)(1)
Auctions can postpone for up to one year.
CC 2924 g. (c)(1)
Postponed/Sold to Bank/Sold to 3rd Party/Cancelled
Transfers property to winning bidder. By default this will be the lender if no bid higher than the lender’s opening bid is received.
CC 2924 h. (c)
|Opportunity||Traditional Financing||Subject-To Financing||Title Insurance||Inspections||Eviction Required||Overall Risk|
|Bank Owned||Yes||No||Yes||Yes||No||Very Low|