Foreclosure is the process for enforcing lender rights once the obligation secured by a deed of trust is in default.
 

1. Initial Steps:
A. The note, deed of trust and information on the default are forwarded to the trustee.
B. The notice of default and other necessary documents are prepared.
C. The notice of default is then recorded and the foreclosure time line begins.

2. Default Period.
A. A trustee sale guaranty (TSG) is ordered from a title company.
B. The required 10 day and one month legal mailings are sent to the borrower and the junior lien holders.
C. If the loan has not been reinstated or paid off within the three-month default period, the lender then authorizes the next step in the foreclosure proceedings.

3. Publication Period and Trustee's Sale. 
A. The trustee will prepare, record and arrange to post the notice of trustees sale.
B. The notice of trustee's sale must be published once a week for three consecutive weeks in a newspaper of general circulation near the property location.
C. The borrower or junior lien holder may reinstate the loan at any time up to five business days before the sale date.
D. If the loan has not been reinstated prior to five business days before the sale, the beneficiary may demand that the entire unpaid obligation be paid in full during that five-day period.

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