Basic Process Timelines when Incline Village Property goes on the Foreclosure Radar.

 

 

 

 

 

 

 

 

 

 

Day 1

Preparation and recordation of Notice of Default and Election to Sell.

 

Election/Waiver of Mediation form sent to Homeowner along with copy

of the Notice of Default.

 

Within the Next 10 Days

 

Notice of Default must be mailed to the Trustor/Owner and all junior Lien

 

Holders by Certified Mail, including any guarantors.

 

 

 

 

Commences the 35 day reinstatement period.

 

 

Election/Waiver of Mediation expires.

 

 

 

 

Reinstatement rights expire at the end of the working day.

 

 

 

Trustee’s Sale can be established.Publication

 

Notice of Trustee’s Sale must be published in the legal newspaper where

the property is situated AND where the sale is to be held, once a week

for three consecutive weeks.

 

 

 

 

Notification to the I.R.S.At least 20 days

 

Notice of Sale must be sent by registered mail to all parties entitled there

to. Notice must also be posted within the County where the sale is to be

held and where the property is situated.

 

 

 

Establishment of the minimum bid for sale. This amount includesall

principal, interest, advances and costs.

 

Barring any actions to enjoin the sale, the public auction is held and

property is sold approximately 120 days from the recording of the

Notice of Default. Anyone interested in bidding at the sale must attend

with Cash or Certified Funds to be qualified to bid.

 

 

 

 

 

Trustee’s Deed will be prepared and recorded.