Foreclosures:
Our Process

If you wish to institute foreclosure, please complete the Request to Prepare Notice of Default and return to us, together with the original Note and Deed of Trust and any assignments. We suggest mailing the documents by Registered Mail to our post office box. When we receive the request and the documents, we will prepare a Notice of Default for signature. The signed Notice of Default will be sent to the title company for recording and we will ask them to make a title search of the property. If you wish us to sign the Notice of Default as Trustee, check the space on the request form.

Foreclosure sale cannot be scheduled until after the expiration of three months from the date the Notice of Default is recorded. If the default has not been cured within this period, we will begin advertising of the foreclosure sale. Publication must take place once a week for three weeks and the sale can be held approximately one week after the last advertising date. The trustor may cure the default any time up to five business days prior to the scheduled sale date.

There are costs involved in foreclosure that the holder of the note must advance. If the trustor cures the default he must pay the foreclosure costs and the deposit will be refunded.

If the property goes to sale, the foreclosure costs become an item in the opening bid, which includes the unpaid principal, plus interest and any advances for prior trust deeds, taxes, etc. If it is necessary to make advances be sure to get receipts as we will need them should the property go to sale.

If the note is being collected by a bank, savings and loan association or other entity, be sure to advise their collection department to accept no further payments until the default is cured. Please send us the last payment card. A letter must be written to the payor to tell them to make the payments directly to you. The letter must be sent by regular first class mail.

Call Us at 909-882-3393