THE NON-JUDICIAL FORECLOSURE PROCESS

The non-judicial foreclosure process can be divided into the following four stages:

STAGE 1: DOCUMENT PREPARATION AND RECORDATION

• Foreclosure Resources requests the original documents from the lender;
• Foreclosure Resources prepares a Notice of Default, Declaration of Default and Substitution of Trustee; and
• Upon receipt of the executed documents, Foreclosure Rescources has them recorded and orders a Trustee’s Sale Guarantee.

• After the Notice of Default is recorded, Foreclosure Rescources mails copies of same to interested parties.  The borrower has three calendar months, sometimes referred to as the ‘Reinstatement Period,’ to bring their account current with the lender;
• Foreclosure Rescources reviews the Trustee’s Sale Guarantee for pertinent information and potential errors; and
• Two weeks before the Reinstatement Period ends, Foreclosure Rescources sends the authorization to publish to the lender.

• Foreclosure Resources sets the sale date four to five weeks in advance and publishes the Notice of Sale;
• Foreclosure Rescources mails a copy of the Notice of Sale to the same persons who received copies of the Notice of Default.  Federal and state tax lien notifications are mailed as required;
• Foreclosure Resources arranges posting of the Notice of Sale in a conspicuous place on the property and one public place; and
• Foreclosure Resources records the Notice of Sale at least 14 days prior to the sale.

• The borrower has the right to reinstate the loan by making late payments to bring the loan current until five days before the sale date;
• Foreclosure Resources prepares the bid instructions and receives the posting affidavit;
• Foreclosure Resources arranges for the sale to be conducted; and
• After the sale, Foreclosure Resources records the trustee's deed and disburses the funds to the lender.