New Foreclosure Timeline:
** Notice of Election and Demand Filed by Lender's Attorneys. Notice is sent to the owner.
** Owner Cure Period (Owner has 110-125 Days to redeem Residential Property) No Owner Redemption After Sale
** Sale The Certificate of Purchase is Issued to the Highest Bidder at Auction (Typically the Lender)
** 8 Days--Lender has the Option to Rescind the Sale
** REDEMPTION for Additional Lien Holders Only
First Lien Holder has 5 Days
Next Lient Holder has 5 Days
Next Lien Holder has 5 Days
** Finally, the Public Trustee's Deed is Issued to the Final Redeemer
A short sale may help prevent some of the pitfalls of a foreclosure. Click here for more information.