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Hey DingDong, from what i read of the CA timeline for foreclosure, after the NOD has been filed and recorded, there is a "cure" or redemption period of 90 days, but from what you said, there is no mention of the 90 day redemption period at all.
See this http://www.youtube.com/watch?v=CyQ0l79eDK4
and this http://www.all-foreclosure.com/timeline.htm
DingDong:
Your Cal timeline basically goes like this.
After 3 months of non payment, you will get a NOD. If the arrears are not paid, the lender can move to FC, by Trustee Sale.
The Trustee sale has to be published for 3 weeks (21 days), after that, if you don't move, and the lender has recorded the new deed, they can give you a 3 day notice.
Stay past the 3 days, they have to go to court , file an Unlawful Detainer action against you (2-6 weeks depending on if you answer the complaint or not)
One the UD is heard, if you lose, a writ of possesion is issued and served, giving you 5 days before the Sheriff locks you out.
Filing BK before the Trustee Sale date, stops the FC process, they have to start all over again IF they file for and are granted a motion for relief from stay (Which will typically take 40-60 days, maybe longer depending on how busy they are)
So a BK, timed right before the TS date, gets you approx 21 days ( new TS publishing requirements, plus the time for filing MFRFS and hearing date) 30-60 days, often longer. Then the lender has to move to evict. So usually at least 3 months post BK filing.
My experience living in a rental that was FC was 5 months post BK filing for TS completion and eviction notice. I am in Cal.
Hey DingDong, from what i read of the CA timeline for foreclosure, after the NOD has been filed and recorded, there is a "cure" or redemption period of 90 days, but from what you said, there is no mention of the 90 day redemption period at all.
See this http://www.youtube.com/watch?v=CyQ0l79eDK4
and this http://www.all-foreclosure.com/timeline.htm
DingDong:
Your Cal timeline basically goes like this.
After 3 months of non payment, you will get a NOD. If the arrears are not paid, the lender can move to FC, by Trustee Sale.
The Trustee sale has to be published for 3 weeks (21 days), after that, if you don't move, and the lender has recorded the new deed, they can give you a 3 day notice.
Stay past the 3 days, they have to go to court , file an Unlawful Detainer action against you (2-6 weeks depending on if you answer the complaint or not)
One the UD is heard, if you lose, a writ of possesion is issued and served, giving you 5 days before the Sheriff locks you out.
Filing BK before the Trustee Sale date, stops the FC process, they have to start all over again IF they file for and are granted a motion for relief from stay (Which will typically take 40-60 days, maybe longer depending on how busy they are)
So a BK, timed right before the TS date, gets you approx 21 days ( new TS publishing requirements, plus the time for filing MFRFS and hearing date) 30-60 days, often longer. Then the lender has to move to evict. So usually at least 3 months post BK filing.
My experience living in a rental that was FC was 5 months post BK filing for TS completion and eviction notice. I am in Cal.
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