Under California's non-judicial foreclosure process, what is the minimum statutory timeline that must elapse from the recording of a Notice of Default before a trustee's sale can be conducted?
Correct Answer
B) 3 months after the Notice of Default, followed by a Notice of Sale with a minimum 21-day waiting period
Under California Civil Code §2924 et seq., after a Notice of Default is recorded, the borrower has a 3-month (90-day) reinstatement period. Once that period expires, the trustee must record and publish a Notice of Trustee's Sale and then wait a minimum of 21 days before conducting the sale. This means the earliest a sale can occur is approximately 111 days after the Notice of Default is recorded.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Closing costs are the fees and expenses paid by the buyer and seller at the closing of a real estate transaction, beyond the purchase price. They typically range from 2-5% of the purchase price.
A conventional loan is a mortgage that is not insured or guaranteed by a government agency such as the FHA, VA, or USDA. It is originated and funded by private lenders and may be conforming or non-conforming.
The debt-to-income ratio (DTI) compares a borrower's monthly debt obligations to their gross monthly income. It is used by lenders to determine how much mortgage a borrower can afford.
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