Areas Served Understanding Foreclosure REO FAQ REO Glossary

REO / Foreclosure Resale Services - FAQ Section

Please Click on the desired question below for more information.

What is a foreclosure?
What constitutes a breach or a default?
Should I forego a foreclosure and take a deed in lieu?
Must the original trustee process a non-judicial foreclosure?
Should I notify a senior lender of the existence of my junior lien?
Must I give notice of delinquency to a junior lienholder even if I don't file an NOD?
If my loan is in a senior position, when should I start my foreclosure?
If my loan is in a junior position, when should I start my foreclosure?
Should I reinstate the senior loan which is in foreclosure, or bid at its sale?
Do I need the borrower's permission to foreclose?
What documents do I need to foreclose?
Why is an accurate "last known address" of the last known owner vital?
How long does it take to foreclose?
Who pays the foreclosure fee and costs?
Do all trustees charge the same?
What is a Declaration of Default?
What is the fastest way to record the NOD?
What are the most common delays to the foreclosure process?
What law authorizes foreclosures through a trustee's power of sale?
How does bankruptcy of the borrower affect the foreclosure?
Could a senior lender get relief from the bankruptcy stay and go to sale while the junior lender is still stayed?
Who is entitled to receive a copy of the Notice of Default?
Does the borrower need actual notice to have a valid foreclosure?
What is a Trustee's Sale Guarantee report?
Who should record a request for a copy of a Notice of Default?
When can I refuse reinstatement?
Who is entitled to reinstate the loan?
What costs can be included in the reinstatement or payoff amount?
How long does the publication period last?
Where is the Notice of Sale published and how often?
Who is entitled to receive the notice of trustee's sale?
What should the beneficiary do during the publication period?
Am I limited to only three postponements?
Must I bid the full indebtedness, plus advances and costs?
Are the trustee's sales really held on the steps of the county courthouse?
Is the trustee's sale conducted orally or by sealed bid?
Must I attend the sale and enter my own bid?
When am I entitled to possession of the property?
Is there a redemption period after the sale?
What liens or rights may survive the trustee's sale?
Who gets the over bid surplus?
What happens if I feel sorry for the sold out borrower and deed the property back to them?
When is the trustee's sale complete?
 
DISCLAIMER: Presentation of this FAQ is for general purposes only. No information on this page is to be viewed as legal advice or as an official description of judicial process. These terms are general and are displayed strictly as a service to consumers. They are not intended to be all-inclusive or to cover default situations in all states. Consumers are advised to seek professional legal counsel in any default proceeding.