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1) TRUSTOR (Property Owner)
DEFAULTS ON LOAN
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2) TRUSTEE RECORDS
NOTICE OF DEFAULT
Trustee required to notify trustor
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3) THREE MONTH REINSTATEMENT PERIOD
(Trustor must pay all delinquent
monies owed)
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4) PREP FOR TRUSTEE'S SALE
(Sale usually 3-4 weeks after this date)
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5) FIVE DAYS BEFORE SALE
Entire Obligation Date
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6) SALE OF PROPERTY
Trustor loses all rights to
property after sale
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IMPORTANT NOTES
1) Trustor can take action at any point prior to actual sale - this may delay or actually stop the entire process!
2) Trustee must follow the law exactly, or the sale will be invalid
3) Loan may be redeemed by the Trustor or ANY lienholder at any time prior to the end of sale.
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