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After the three months pass, if the Trustor has not reinstated the loan or redeemed the property, then the Beneficiary will request that the Trustee record a Notice of Sale (“NOS”). Within the Notice of Sale, there will be stated the upset price which is the approximate total amount that the Beneficiary will be owed (including the trustee’s fees and costs), along with the date, time, and location for the public auction which will take place no earlier than 20 days after the NOS is first published.7 The NOS is recorded in the county recorder’s office, posted on the property to be sold, sent by certified and regular mail to the Trustor and all others required to receive notice and published in a newspaper “of general circulation” once a week for three consecutive weeks prior to the sale date.

If the Trustor does not reinstate the loan or redeem the property (or in a worst-case scenario for the Beneficiary, file for bankruptcy protection), then the process continues to the actual sale of the property. The sale will take place in a public location in the county where the property is located and will be conducted by either the Trustee or an auctioneer on the Trustee’s behalf. At the auction, the property will be sold to the highest bidder.

If no one bids above the amount owed to the Beneficiary, the Beneficiary will become the owner of the property (this is known as “REO” property). The Trustee will deliver to the new owner a Trustee’s Deed in a form suitable for recording. Any liens recorded prior to the foreclosing trust deed (e.g., senior debt, taxes, condominium liens, etc…) must be paid by the new owner of the property. All liens recorded after the foreclosing trust deed (e.g. junior liens such as a deed of trust recorded after the foreclosing deed of trust) are wiped out. It should be noted, however, that property tax liens are never wiped out and the purchaser of the property is required to pay this obligation as well or else there may be a foreclosure action commenced by the county tax assessor.

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LET US HELP YOU WITH YOUR FORECLOSURE PROCESSING

The complexities of the multitude of laws affecting the foreclosure process on both the state and federal levels can be daunting.

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