The Notice of Trustee’s Sale:

The foreclosure process starts by the recording of a Notice of Trustee’s Sale with the Office of the County Recorder. This Notice describes the property being sold, the date, time and place of the auction, the original borrowers, the lender and the trustee. It also states the original principal balance of the loan.
The Notice of Trustee’s Sale is published in the newspaper, posted at the county courthouse and on the property, and mailed to everyone with a recorded lien or interest in the property.

Reinstatement Quotes:

During the foreclosure process, property owners and junior lienholders can request a reinstatement quote of the amount needed to bring the loan payments current and cure any default. This is not public information. Upon written request, Trustees must respond within five business days.

Payoff Quotes:

Also, property owners and junior lienholders can request a payoff quote. Upon written request, Trustees must respond within 14 business days. The original loan balance is stated on the Notice of Trustee’s Sale.

Other Available Information from Trustees:

Upon request and payment of a small fee, the Trustees will provide the unpaid principal balance remaining, the name and address of the owner, and a list of liens or encumbrances recorded against the property.

Credit Bid Quote:

Starting at 9:00 a.m. on the last business day prior to the auction date, the Trustee must make available the opening credit bid for the sale.

The Date of the Sale:

The Trustee can extend the sale to a new date within the next 90 days and can postpone a sale an unlimited number of times. If the sale is extemded, the Trustee will provide the new date and time upon request.

The Auction:

The property will be sold at public auction at the time, place, and date stated in the Notice of Trustee’s Sale. The starting point will be the bid by the lender that is foreclosing, who can bid any amount up to the total amount owed, including the fees and costs for the foreclosure process.