Real Estate Foreclosure Process
Day 1: The Notice of Default (NOD) is recorded. The defaulting property owner has 3 calendar months to cure, or payback the default amount, either by paying off the lien, negotiating a payment plan, or refinancing.
Within 10 days: The Notice of Default mailed to the homeowner.
Within 1 month: The Notice of Default mailed to the homeowner again.
3 Months Later: Trustee schedules a Trustee's Sale (foreclosure auction).
21 days later: On the date of the sale, trustee sells the property to the highest bidder. This sale is usually held at the trustee's office, or at the County Courthouse (you must call the trustee for updates on times, dates and places).
The information above was gathered from sources deemed reliable and is intended for informational purposes only. Please consult official assessment records. State and county terms and policies may vary so consult your local bylaws.
Visit our resource page to read helpful and informative foreclosure articles.