Foreclosure Clock (continues...)

If you fail to come up with all of the back payments, the foreclosure process is started by orders from the lender to the county that you live in, where they immediately post it publicly for everyone to see. –That’s when all the junk mail will start arriving and the pressure sets in.

Thirty days later on the timeline of foreclosure, the Notice of Foreclosure and Notice of Trustee's Sale are both filed as a result of not bringing the mortgage current by day 100.  These two notices mailed to you by certified, return receipt requested, but are sometimes ‘served’ to you, (the sheriff’s office will drive by and hand deliver in some counties) and they serve two different purposes. 

First, the Notice of Foreclosure alerts you to the fact that you are now in foreclosure.  An itemized list of all delinquent payments, attorneys' fees and other charges now due, is stated in it.

Second, the Notice of Trustee's Sale is a notice also recorded at the courthouse, which states where and when your property will be sold at auction. Prior to being sold, the person or firm who conducts the auction must advertise the property for a minimum of 20 days, with a specific number of advertisements within that time period.

As soon as those are sent over, the advertisements for your auction date start as well. The Notice of Trustee's Sale is published twice between the 2nd and 28th day before auction. This is usually accomplished by advertising in the ‘Legal Notices’ section of the classifieds section in your local city newspaper.  You may receive many ‘drive-bys’ at this point; anxious auction-going investors looking at your foreclosure property to decide how much they want to bid for it!

To make matters worse, day 100 in the timeline for foreclosure is the day that they will put the dreaded Foreclosure sign in your yard for all your friends and neighbors to see. It must by law be displayed there in full view until the auction in 20 days.

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