Foreclosure and Trustee Sale
The foreclosure process in California, for example, follows a specified timeline. A series of events will determine who you will contact. Durning these time periods your options become limited. For example, upon recording the notice of sale the trustee will require a payoff of the entire principal balance and rarely accept the interest and late fees accured to date.
Please be cognizant of your rights as a borrower. No creditor or serving/collection agency can pursue the collection of a debt that is fraudulant. In foreclosures the lender will make every effort to recover the colateral under the terms of the security agreeement and provisions of the power of sale and acceleration clauses. However you the borrower will continue to maintain a valid claim and render unenforceable a lenders efforts to have the property vacated. This is all subject to a court proceeding and each party filling an appropriate response.
| Days | Status | Source | Classify |
| 60 | notice of default | customer service | work out |
| 90 | default | loss mitigation | reinstatment |
| 120 | trustee sale | legal/trustee | principal payoff |