Our Real Estate Blog

Foreclosure Process

December 10th, 2007 5:33 PM by Lehel Szucs

Simply stated, a foreclosure is when a lender forces the sale of a piece of property to repay a borrower’s delinquent debt. During this forced sale, or "Foreclosure", the bank must follow strict laws, adhere to statutory timelines, and complete certain tasks which all together make up the 3 stages of foreclosure.

The 3 Stages of Non-Judicial Foreclosure in California Are:

Pre-Foreclosure (NOD) - This is when the bank has formally started the foreclosure process by filing a Notice of Default (NOD), making it public record.  Typically a homeowner has missed at least three payments by now.

Trustee Sales (NTS or NOS) - This is the sale of the property at auction to satisfy the delinquent debt.

Real Estate Owned (REO's) - This is when the property reverts to the lender and becomes part of inventory when it doesn't sell at auction.

 

 

Posted in:General
Posted by Lehel Szucs on December 10th, 2007 5:33 PM

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