Wanna buy a foreclosure in Santa Ana?
Yes, I’m still obsessing about buying a foreclosure. Anyway, here’s an interesting time line following all the events of a foreclosure posted on the Santa Ana, Orange County Real Estate blog. To my surprise, it seems like a very drawn out process.
“Day 1 – Notice of Default recorded with Orange County Recorder
Within 10 Business Days – Trustee mails Notice of Default to borrower(s)
Within 1 Month – Mail Notice Of Default to all entitled parties with an interest in the Santa Ana property
After 3rd Month- Notice of Trustee’s Sale is prepared and sent for publication
25 Days Before Sale Date – Send Notice Of Default to IRS (if applicable)
Within 20 Days Before Sale Date- Publish Notice of Sale in an adjudicated newspaper (must run once a week for 3 consecutive weeks)
Within 10 Days from 1st publication of Notice of Sale – Trustee sends Beneficiary a request for directions to Santa Ana, California property being foreclosed, in order to post Notice of Sale on Santa Ana property
14 Days Before Sale Date – Record Notice Of Sale with Orange County Recorder
5 Business Days Before Sale Date – The borrower’s right to reinstate expires
Sale Date – The Santa Ana property is Sold to the highest bidder or reverts back to lender.”
The same time line is available at All Foreclosure Information. This site also has a good section on avoiding scams when buying a foreclosure.
