What is the Foreclosure Process or Timeline?

When you are late on your mortgage payments, usually by several months, you will receive a notice of default from a trustee, a third party that works for the beneficiary of your mortgage (aka your lender).  In the notice of default, it will state the arrearage amounts that has to be paid within 90 days.  If the loan is not brought current within the 90 day period, you will receive a notice of trustee sale (or auction date), which will be set at least 21 days from the date of filing this notice.  It takes at least 111 days to completely foreclose on a property (90 days after the notice of default and 21 days after the notice of sale).

The sale is publicized and the public is invited to show up and bid on your property.  If there are no successful bidders, the bank will then take the property back and own it at that time. The result is that you end up living in property you no longer own. Normally, the new owner will then begin eviction proceedings against you. When they obtain a judgment, a Marshall or Sheriff can come to the house and remove you and your possessions.  Call an experienced Sacramento Bankruptcy Attorney for answers.