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You have 90 days from the date the Notice of Default is recorded to pay what you owe to the lender. If you pay the amount on the Notice of Default, the lender cannot sell your home. Notice of Trustee Sale ? If you don't pay within 90 days, a Notice of Trustee Sale will be recorded against your property.
AB 2170: Prioritizing Eligible Bidders and Ensuring Transparency AB 2170 introduced a significant shift in the foreclosure process for Institutions and investors. It mandates that Institutions prioritize ?Eligible Bidders? during the initial 30-day window after listing a real estate-owned (REO) property for sale.
California changed its law at the beginning of the 2023 to require that certain sellers of foreclosed properties containing one to four residential units only accept offers from eligible bidders during the first 30 days after a property is listed.
In California, lenders can foreclose on deeds of trust or mortgages using a nonjudicial foreclosure process (outside of court) or a judicial foreclosure process (through the courts).
The Foreclosure Reduction Act reforms California's non-judicial foreclosure process so that borrowers have greater protection from wrongful foreclosures, and a meaningful opportunity to be considered for, and obtain, a loan modification or other alternative to foreclosure.
Before recording a notice of default, California law requires your servicer to contact you in person or by phone to assess your financial situation and explore options to avoid foreclosure. This must be done at least 30 days prior to recording the notice of default (California Civil Code § 2923.5).
Under federal law, your mortgage lender must wait until you are 120 days overdue on a payment to file an official notice of default at the county recorder's office. A default notice is an official record of the nonpayment of your mortgage.