A synopsis of the tasks and procedures necessary to initiate and complete a non-judicial foreclosure sale in the state of California and the Guidelines Cimarron Trustee Services will comply with are as follows:
Upon Receipt of documents from LENDER to commence foreclosure, written acknowledgement of receipt will be forwarded to LENDER within 48 hours, any deficiency in documentation shall be duly noted. LENDER will be immediately notified of any additional items necessary to initiate the foreclosure action. If an affidavit or approval of cost of obtaining certified copies is required, it will be noted in said receipt.
Within 5 business days of receipt of all necessary documentation a properly executed notice of default (N.O.D.) shall be recorded in the proper county. Said notice will be in conformance with all requirements of California Civil Code Section 2924.
Concurrent with the recording of the N.O.D. a trustee sale guarantee (T.S.G.) will be ordered from a reputable title company assuring Cimarron and the lender
Within 10 days of recording the N.O.D. a copy thereof will be mailed both certified and first class, to the trustor as required by Civil Code Section 2924. In addition, notices will be mailed to those who have recorded Special Request for Notice Civil Code Section 2924b.
Within 30 days of recording the N.O.D. a copy thereof will be mailed to all parties shown by the T.S.G. who are required to be given notice by law.
Prior to expiration of 90 days (on or about the 75th day after recordation of N.O.D.) LENDER shall be contacted in writing to obtain authorization to post subject property and publish Notice of Sale (N.O.S.) as required by Civil Code Section 2924f. An affidavit of non-military status will be requested and information as to the amount of the outstanding obligation shall be obtained at this time in order to prepare the N.O.S.
Following the expiration of three months from the recordation of the N.O.D. and upon receipt of date down endorsement from the title company, a Notice of Sale will be prepared and recorded prior to 14 days of trustee's sale as required by Civil Code Section 2924f.
Upon authorization to post and publish subject property, Cimarron will arrange to have the N.O.S. posted on the property and in a public place as required by Civil Code Section 2924f. The N.O.S. will be published in a newspaper of general circulation in the county which the property is located. Said publication will appear once a week for three consecutive weeks, denoting date, time and place of sale and any other information required by Civil Code Section 2924f.
Upon receipt of title company date down, if an Internal Revenue Service lien is disclosed, notice will be given to the I.R.S. at least 25 days prior to the trustee sale date as required by federal law.
On the day before the sale Cimarron will confirm bidding instructions for the foreclosure sale. Upon receipt of a sale date down endorsement from the title company and the instructions from the LENDER, the foreclosure sale will be held at the time and place specified in the Notice of Sale.
The foreclosure sale will begin with the qualifying of any interested bidders. Certified funds will be required of all prospective bidders. The foreclosure sale will be conducted in conformity with Civil Code Sections 2924g & 2924h.
Upon completion of the foreclosure sale, LENDER shall be verbally notified by telephone within 48 hours and written notice shall follow within 5 days of the date of the foreclosure sale. A Trustee's Deed Upon Sale shall be prepared naming either the third party bidder or the lender. In the event the property reverts to the lender, said Trustee's Deed shall be prepared and recorded within 5 working days with the recorded deed sent to the LENDER via the county recorder.
With respect to redemption rights under California law, the foreclosure sale precludes any such rights except for the 120 day right of redemption in favor of the United States, where a federal tax lien attaches to the property. The other exception being the foreclosure of a Homeowner's Assessment Lien which allows a 90 day period of redemption in favor of the foreclosed homeowner.
In the event a request is received for reinstatement or for a payoff of the loan, Cimarron shall contact LENDER to obtain written updated figures. Cimarron shall send a copy of the transmittal letter along with the final invoice to LENDER. All disbursements shall reference the Loan Number for identifying purposes.
Upon receipt of funds sufficient to pay the delinquency current to date, or funds sufficient to pay the loan off entirely, Cimarron shall immediately advise LENDER of payment & forward funds appropriately.
Upon sale of the property to a third party bidder, the LENDER and appropriate field office shall be notified verbally by telephone within 48 hours of such sale. A written confirmation will follow within 5 days. Any funds received will be disbursed in the same manner as described in the preceding paragraph with respect to reinstatement or payoff.
In the event the net sale proceeds exceed the mortgage debt, Cimarron shall submit a claim for surplus funds to all junior lien holders, as determined by the title company.
Upon being notified of a bankruptcy or any type of legal action, Cimarron shall immediately advise LENDER, halt all foreclosure actions and await further instructions.
Should a request for a deed in lieu be received, Cimarron shall immediately forward such request to the LENDER for further instructions. In the event the LENDER advises Cimarron of acceptance of deed in lieu proposal, Cimarron shall prepare the deed with an attached estoppel affidavit, obtain appropriate signatures and send to LENDER along with a deed of reconveyance of the Deed of Trust. Upon receipt of documentation Cimarron shall deliver to LENDER a copy of the recorded deed.
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