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Do you live in Rocklin CA? How about Granite Bay CA? Or Lincoln CA maybe? Folsom CA? Well, even if you live in El Dorado Hills CA or Roseville CA this message may help you if your home mortgage is underwater or you have considered a Short Sale.

BLOG SERIES – “What Does a Notice of Default Mean?” CALIFORNIA SHORT SALES FAQ's RETURNS!!! for Rocklin, Roseville, Granite Bay, Folsom, El Dorado Hills, Lincoln and Sacramento CA

As a Rocklin CA Short Sale Listing Agent serving places like Rocklin CA, Granite Bay CA, Folsom CA, Roseville CA, El Dorado Hills CA, Citrus Heights CA, Sacramento CA and Lincoln CA... And others in the area, I get many questions regarding the process, lenders, what course of action should be taken... There are an endless number of questions that come up. So, I decided to start a BLOG series in 2011 regarding those Short Sale questions that I get asked. Here s a link to 10 Short Sale Questions and Answers and my answers BLOGGED previously.

That said here is the next question I hear from Sellers & General Public a lot:

"What does a Notice of Default mean?" ANSWER – In California, your first missed payment is technical default.  However, most loan servicers (i.e. – Bank of America and Wells Fargo are Loan Servicers) do not begin the formal process until the third payment is missed.  A Notice of Default is a document filed with the county recorder officially beginning a non-judicial foreclosure timeline. Once you receive a Notice of Default, foreclosure has begun.  You have approximately 111 days before the property will be SOLD AT AUCTION or taken by the bank if nothing is done to prevent foreclosure.  After a Notice of Default, the next document received will be a Notice of Trustee Sale.  We will summarize the Notice of Trustee Sale in a later post.  If you are not making your mortgage payment, it is highly recommended that you seek advice from a qualified Realtor or Real Estate Attorney immediately.