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When you receive a Notice of Default in California, the formal foreclosure process has begun. The document is official notice that you are in default on your mortgage and it will include options for getting your loan out of default.
A trustee sale is the sale of real estate property through a public auction. In most cases, trustee sales are only possible because homeowners are in some financial crisis, such as a homeowner defaulting on their mortgage payments and the property going into foreclosure.
You can cure a default in payments by paying the amount due, plus any allowable costs and fees, by a specific time before a foreclosure sale. The cure amount includes just overdue payments, plus fees, costs, and interestnot future payments or accelerated payments. After you cure the default, the foreclosure stops.
Foreclosures may be judicial (ordered by a court following a judgment in a lawsuit) or, most likely in Texas, non-judicial (on the courthouse steps). The effect of foreclosure is to cut off and eliminate junior liens, including mechanics liens, except for any liens for unpaid taxes.
A trustee sale is the sale of real estate property through a public auction. In most cases, trustee sales are only possible because homeowners are in some financial crisis, such as a homeowner defaulting on their mortgage payments and the property going into foreclosure.
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In CA a Notice of Default does not expire. The Notice of Default would be active until a Notice of Rescission or a Reconveyance is recorded on the loan in question.
Technically speaking, a notice of default is not a foreclosure. Instead, it serves as notice that you are behind in your payments and that your property may be sold as a result of foreclosure if you dont act soon.
Notices are entitled Notice of Trustees Sale or Notice of Substitute Trustees Sale. They provide information about the debt, the legal description of the property, and designate a three-hour period during which the sale will be held.
The Notice of Sale states that the trustee will sell your home at auction in 21 days. The Notice of Sale must: Be sent to you by certified mail. Be published weekly in a newspaper of general circulation in the county where your home is located for 3 consecutive weeks before the sale date.
If you live in the City of Los Angeles, renters in good standing cannot be evicted because of a foreclosure. (See details below.) If you live anywhere else in California, renters get until the end of their lease, or at least 90 days, to move out in a foreclosure.

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