NEVADA COUNTY FORECLOSURE PROCESS

Nevada County Foreclosure Process

NOTICE OF DEFAULT

Start of foreclosure process. Initial notice recorded after borrower fails to meet the terms of their loan.
CC 2924c.(a)(1) Your lender will record the N.O.D. with the Nevada County recorders office.

NOTICE OF TRUSTEE SALE

This is where your name, address, and loan amount are printed in The Union newspaper. Once the NOD is filed you will have 90 days to bring your loan current.

Sets auction date. Can be recorded 3 months after Notice of Default. CC 2924 c. (b)(1)
Properties are considered to be in Preforeclosure from the filing of the initial Notice of Default until the property is sold at auction. During this period investors can purchase the home directly from the owner, Realtors can list the home, and Lenders can help them refinance.

AUCTION

Initial auction date can be just 20 days after Notice of Trustees Sale is recorded. CC 2924 f. (b)(1)

Auction properties have had a Notice of Trustee Sale filed setting an auction date, and have not yet been sold or cancelled. Investors can purchase the home at auction; and Realtors® and Lenders can monitor their client's properties, to ensure their listing and loan activities are completed before the auction

Auctions can postpone for up to one year. CC 2924 g. (c)(1)

More information on Postponement Reasons

BANK OWNED

Transfers property to winning bidder. By default this will be the lender if no bid higher than the lender's opening bid is received.CC 2924 h. (c)

Bank owned properties received no bid at auction, resulting in the bank taking ownership. These properties are commonly referred to by the banks as REO's (Real Estate Owned). Investors can purchase these properties directly from the bank; and Realtors® can solicit the listing, since banks will almost certainly market the property for sale.

The information contained here was compiled from Foreclosure Radar.

Scott Hopper - Realtor, 530-477-2277