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The Trustee then sends (by regular and certified mail) to the Trustor and any one else entitled a copy of the NOD with the recording information. The NOD notifies the Trustor that the loan is in default, advises the Trustor of the amount then in arrears, and informs the Trustor that he/she must maintain the property and otherwise comply with the other terms and conditions in the Deed of Trust. At this point, the Trustee must wait at least 3 months from the recording date of the NOD before taking the next step in the non-judicial foreclosure process. During this time, the Trustor has the exclusive right to possess and occupy the property since the Trustor remains the legal owner of the property. Neither the Beneficiary nor the Trustee has the right to enter or inspect the premises at this time.

 

The Trustor also has two other very important rights: the right of reinstatement and the right of redemption. The right of reinstatement allows the Trustor to pay only the back payments, plus late fees, interest, default interest, and the fees and expenses of the Trustee (along with any advances made by the Beneficiary to bring current any senior loan or pay taxes or insurance premiums). The Trustor can then begin making their regular monthly payments with the next installment payment that becomes due. This right of reinstatement may be exercised by the Trustor up until five (5) business days before the Trustee’s Sale (discussed below). The Beneficiary has to accept this payment if it is timely made. It is important during this period of time that the Beneficiary not accept anything less than the full amount required to reinstate the loan. Unless there is proper documentation doing so might very well invalidate the NOD and the process must then start anew if the Trustor does not make subsequent payments. Any postponement of the actual sale restarts the five business day reinstatement period.

The right of redemption allows the Trustor to pay off the loan in full (including any accrued interest, default interest, trustee fees and costs, and any advances made on behalf of the Trustor). This right may be exercised at any time up until the auction sale starts.

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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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