| Q. What is a Foreclosure? A. A foreclosure is a term used to describe a trustee's sale proceeding. It is a procedure used for enforcing a lender's rights once an obligation secured by a deed of trust is in default. Q. What constitutes a default? A. A default or breach exists when the borrower fails to make the payments required under a note and secured by a deed of trust. Q. How long does a foreclosure take? A. If there are no delays a foreclosure proceeding will take approximately four months from the date of recording the notice of default. Q. How do I start a foreclosure? A. To start a foreclosure with California Trustee Services, Inc. (CTS) you will need to provide us with original note, deed of trust and any assignments or modifications along with a payment history. You will also need to complete our order form that requests that we start a foreclosure on your behalf. Q. Are there any other forms which I must fill out? A. In most cases you will need to sign a substitution of trustee. This document requires NOTARY. Q. Do I need to make a deposit to start the foreclosure proceeding? A. In most cases we can delay requirement of payment until two months into the foreclosure action before publication. Q. Who pays for the foreclosure proceeding? A. Borrowers pay unless otherwise agreed- lenders only pay foreclosure costs if they get the property back. Q. What if the borrower sues or files bankruptcy? A. The trustee may not proceed in any way, he may, however, postpone an already schedule sale. Before the trustee can continue the foreclosure, the lender must obtain relief from the bankruptcy court. You will need to retain the services of an attorney to acquire this order. Q. What costs can be included in the reinstatement or payoff amount? A. Any money advanced to protect lender's security. Attorney fees and costs incurred while defending yourself in court of seeking relief from bankruptcy are allowable. Check with your attorney before including any questionable items. Contact the trustee for update fees and costs before accepting reinstatement. A partial payment may not cure the default. Accepting partial payment may invalidate the foreclosure. If you believe it is in your best interest to accept partial payments, consult your attorney regarding a written agreement between you and the borrower. |
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If the borrower files for
Bankruptcy protection, all
actions regarding the
foreclosure must immediately
stop. To proceed with the
foreclosure a Relief from stay
or dismissal must be obtained
from the courts. Before the
trustee can continue the
foreclosure, the lender must
obtain relief from the
bankruptcy court. You will
need to retain the services of
an attorney to acquire this
order.
Bankruptcy protection, all
actions regarding the
foreclosure must immediately
stop. To proceed with the
foreclosure a Relief from stay
or dismissal must be obtained
from the courts. Before the
trustee can continue the
foreclosure, the lender must
obtain relief from the
bankruptcy court. You will
need to retain the services of
an attorney to acquire this
order.
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| Any questions or comments please contact us at 858-270-7938/E-mail info@caltrustsvc.com |
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