Payment Due – Mortgage payment is due on the 1st, with a 15 day grace period.
It is late after 30 days, affecting your credit and the loan.
Late Notice – Sent any time after being 30 days late.
Nasty Letter – A warning about the interest and penalties accruing with the particular dollar
amount to pay it current. By paying this amount you could stop the
foreclosure process.
Notice of Foreclosure/Default – Start of the 120 day process towards the Foreclosure Auction.
Notice of Trustee Sale Recorded – Document recorded with the County Recorder’s Office,
showing the property going to Foreclosure Auction in 90 days. This notice
is a public record
Last Date to Reinstate Loan (11 Days before Sale) – After this point, the only way to stop
home from going to Auction is by negotiating with the lender.
Foreclosure Auction – The property is up for sale to the highest bidder, with a minimum bid
set by the lien holder to ensure they get the full amount due. If the house is not
bought at auction, the bank takes ownership and kicks you out.