San Diego Foreclosure Timeline

Posted by & filed under General Bankruptcy.

San Diego Foreclosure – Stop Foreclosure In San Diego – Foreclosure Help

The San Diego notice of default must be in writing, prepared, and subscribed by the trustee, mortgagee, or beneficiary. When the beneficiary is a corporation, an election to commence a San Diego foreclosure can be made by the corporation’s administrative officer without a specific resolution by the board of directors, and it can be signed by any authorized officer of the corporation. Presumably, the notice of default can be executed and recorded by the attorney or other agent of the beneficiary upon the beneficiary’s express authorization, and the authorization can be given orally.

Within 10 “business days” after the San Diego notice of default is recorded, a copy of the notice which specifies the date the original was recorded must be mailed by registered or certified mail, postage prepaid, addressed to the trustor or mortgagor, and to all other persons who have requested notice and whose request for special notice was recorded prior to the recordation of the notice of default. The San Diego notice of default must be mailed to the address specified in the recorded deed of trust or other request for notice.

The San Diego notice of sale can be given at any time after the expiration of the three-month period following the recordation of the notice of default. There is no statutory requirement that it be given within a specified time thereafter and, in the absence of facts showing a waiver of the default or an estoppel, a substantial delay in giving the notice of sale does not invalidate the notice of default or stop a San Diego foreclosure.

A copy of the notice of sale must be published at least once a each week in a newspaper of general circulation for three consecutive calendar weeks, with the first date of publication being at least 20 days before the date of sale. A weekly publication for a 20-day period only necessitates three publications. In other words, the span of publication from the first to the last publication does not exceed 15 days.

The San Diego foreclosure must be held in the county in which the encumbered real estate property is located. If the property is located in two or more counties, the sale may take place in any county in which a portion of the property is located. The San Diego foreclosure must be held between the hours of nine in the morning and five in the afternoon on any business day, Monday through Friday.

In conducting the San Diego foreclosure, the trustee (or the person holding the sale) appears at the time and place specified in the notice of sale, announces the sale, identifies the property to be sold, and the terms of the sale. Usually this is accomplished by reading the notice of sale. The auctioneer then asks for bids. A bid by a prospective purchaser is an irrevocable offer to the auctioneer to purchase the property, and it cannot be withdrawn by the bidder. A subsequent bid cancels a prior bid. The auctioneer signifies acceptance of the offer by the fall of the hammer or by some other signal or word that evidences the intention to accept the particular bid.

If the highest bid received is totally inadequate in relation to the value of the property, the trustee can reject it and postpone the sale, unless the sale has been noticed as being “without reserve.” The trustee has the discretion to continue the San Diego foreclosure to protect the interests of either party and has a statutory duty to postpone the sale upon the request of the beneficiary. If the trustee postpones the San Diego foreclosure after the bidding has commenced, all bids are cancelled.

Call our office TODAY to set up a free consultation with an experienced bankruptcy lawyer. At Thompson | Wedeking, because we are San Diego bankruptcy lawyers, we will guide you through each step of the Chapter 7 or Chapter 13 San Diego foreclosure process. You can stop any San Diego foreclosure before it starts. Call us at 619.615.0767 for more information.

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