Foreclosure Timeline

In California, what is the timeline between when the homeowner gets behind his mortgage payment to the day that the lender actually files a notice of default? Is it 30 days, 60 days?

By the time a notice of default is filed, is the homeowner already a couple of payments behind?

The lender can file a notice of default 1 day after the grace period on the loan. This is what smart 2nd or below lienholders will do. As a matter of practice, institutional lenders will wait 3 months for a couple reasons. Chief among them that nobody would borrow from them if they foreclosed on people 5 days after they miss a payment. Not good business.

So basically once a NOD has been filed, the property owner is already at least 30 days behind in their payments? If this is so, when would be the best time to start direct mailing them?

In California normally they are 3 to 6 months behind when they get their Notice of Default. When the Notice Of Default is recorded they have 90 days. After 90 days then it become Notice Of Sale . After Notice Of Sale is recorded your Sale date should be 21 days. California does double tracking . Judicial and non judical.
The bank take the cheaper route thru non judical thru a trustee sale where there is no rededemption period.Cost bank 30,000 to 80,000 to foreclosure. Banks will only negotiate after the 90 days. Hope this info help

That information helps out a lot. So when is the best time to direct mail them? As soon as they get the Notice of Default or 1 month to 2 months AFTER a NOD is filed?

SEND IT OUT RIGHT AWAY WHEN THEY GET THE NOTICE OF DEFAULTS. THESE PEOPLE GET 30- 40 LETTER A DAY.
MAKE LETTER PERSONAL AND ENVELOPE PERSONAL. NO BULK MAILING.
PUT ON ENVELOPE SAVE YOUR HOME!ASSO GET NOTICE OF SALE LIST . THESE PEOPLE ARE MORE DESPERATE BECAUSE TIME IS OF ESSENCE… THEY HAVE 21 DAYS BEFORE AUCTION.

hi Johny Q
How do I get notice of sale list ?

thanks

I am a brokoer, I get my list from 3 different title companies. Sometimes I can get it daily.For Free

Foreclosuredotcom- a charge
countyrecordsreserachdotcom- a charge

You can also get this list from Realtytrac.( 2nd )
I forgot who is number one.

A realator in your area should have a list.

Let me know what are you trying to do? I am hook up with non-profit organization and HUD. I do foreclosure as well.Can help. Just ask.

lovetoknow, you can also do a search at your county recorder’s office (or courthouse). I am in Cook County Illinois and the records are all online. You can search the records for free, but if you want to copy actual documents there is usually a fee involved.

I find the records on the recorder’s site to be far more up-to-date and accurate than the pay sites.

countyrecordsresearchdotcom ?? How can I get to this website. There is no www.countyrecordsresearchdotcom.com or countyrecordsresearchdotcom

What are you talking about?

Please help

Greetings,

Also, when is it too late to stop a foreclosure auction. Can one be stopped at the last minute, or do you have to negotiate with the bank 1st??

Thanks,

Doug

Yes, you can and depending on what state you have redemption period. Most of the states there is none.

Thanks Johnny,

I am in Calif. so i’m sure there is no red. period?

bank get do a nod even after the first month it all depends on the situation and what bank it is. they might wait 6 months so its hard to say. Im a broker and i get listings of people with nod’s and some of them are only 30 days behind