This form serves as a notice of default to the mortgagor for payments that are past due. The default notice states that while the property is in foreclosure, the mortgagor is still responsible for paying other obligations required by the note and the deed of trust. If the mortgagor fails to make future payments on the loan or other financial obligations, the beneficiary or the mortgagee may insist that he/she do so in order to reinstate the account into good standing. The form also emphasizes that the mortgagor could lose his/her rights in the property if prompt action is not taken.
Contra Costa California Notice of Default And Election to Sell Under Deed of Trust
State:
California
County:
Contra Costa
Control #:
CA-02000
Format:
Word;
Rich Text
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FAQ
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.
Nonjudicial Foreclosure: A nonjudicial foreclosure is used when there is a power of sale clause in the deed of trust. This clause authorizes the lender to order the trustee to sell the home to pay off the loan balance.
Three types of foreclosures may be initiated at this time: judicial, power of sale and strict foreclosure. All types of foreclosure require public notices to be issued and all parties to be notified regarding the proceedings.
In states that allow the use of a deed of trust as opposed to a mortgage agreement, most homes are foreclosed through a process called non-judicial foreclosure. Non-judicial foreclosure, as the name implies, occurs outside of the court system, and is usually much faster and cheaper than judicial foreclosure.
How to Foreclose on a Deed of Trust Step 1 ? Notice of Default. Record a Notice of Default with the county recorder.Step 2 ? Notice of Sale.Step 3 ? Auction.Step 4 ? Obtain Possession of Property.
Whether you get a deed of reconveyance, a full reconveyance or a satisfaction of mortgage document, it means the same thing: your loan has been paid in full and the lender no longer has an interest in your property. With your mortgage or deed of trust paid off, you cannot be foreclosed on by a financial institution.
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 nonjudicial foreclosure process is used most commonly in our state.
How to Write Step 1 ? Obtain The California Deed Of Trust Form For Your Use.Step 2 ? Determine And Present Where This Deed Must Be Returned.Step 3 ? Report The Assessor's Parcel Number.Step 4 ? Record The Effective Date Of This Deed.Step 5 ? Produce The Debtor's Identity As The Trustor.
When a deed of trust is foreclosed by court sale, the action: Would allow the trustor a redemption period; A trustee has legally begun the process to sell property secured by a trust deed.