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Summary:
MISSED PREVIOUS MONTHLY PAYMENTS: Beneficiary notifies the Trustee to start a foreclosure.
NOTICE OF DEFAULT: is prepared, recorded, published, posted and mailed to all concerned parties. Trustor has 35 days from the mailing of the notice to reinstate the loan including all expenses.
36TH DAY: Once the reinstatement period has expires on the 35th day, the Trustee enters the second phase of the foreclosure process and the entire amount of the loan is due.
NOTICE OF TRUSTEE SALE: Approximately 10 days before the three months has expired, the Trustee will begin publication of the Notice of Trustee Sale for three consecutive weeks and posted in two public places giving notice to Trustee their home is going to sale.
TRUSTEE SALE: is held on the exact day stated in the Notice of Trustee Sale. The sale deprives the homeowner of all rights, title and interest in the property.
If there are not bidders at the Trustee Sale, the property reverts to the lender as an REO.
If there is a successful bidder, that person becomes the new owner and has immediate rights to the property.
In the event that occupants refuse to move, they can be evicted through legal action.
FINAL EVICTION: The homeowner will be evicted from the property by law. There is no right of redemption.
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