Yvonne's Real Estate Blog

Knowledge -

Foreclosure Insights

When it comes to different types of real estate transactions, I want you to be informed, knowledgeable and ready for whatever you may need to deal with.

• DEFAULT:
• The debtor has been late on their mortgage payments. guidlines for how many months behind the debtor is before official default process begins depends on the lender.
• - - - - -»  30-180 days behind (typical)

• Notice of DEFAULT:
• The creditor will send out a notice of default to the debtor or successor in interest which sets forth the default and consequences.  This must be done at least 30 days before the notice of trustee's sale can be recorded, transmitted or served.
• - - - - -»  30 day waiting period after transmitted

• Notice of TRUSTEE SALE:
• The notice of trustee's sale must be recorded; mailed or served on the owner; mailed to all parties with an interest, and posted on the property at least 90 days prior to the actual sale date.
• - - - - -»  90 day waiting period after recorded

• TRUSTEE SALE:
• The debtor must pay the back payments no later than 11 days proir to the trustee sale date in order to stop the sale.  Once the sale has occurred, the purchaser is entitled to possession of the property on the 20th day following the sale.
• - - - - -»  20 day waiting period until possession

 I hope this is informative to everyone in these trying times. I hope no one has to go through this process, but if you do, you will have some knowledge of the process timeline.

If you need help, please call me, I'm here to be of service to those in need of real estate transactions.

Yvonne Nystrom

John L. Scott Kent North

Cell: (253) 334-0232

yvonnen@johnlscott.com

www.YvonnesRealEstate.com