The foreclosure process, stage by stage

Payment becomes past due. Late fees typically begin to accrue after a 15-day grace period.

Lender begins sending late notices and contacting you. Credit reporting may begin after 30 days late.

Trustee records a Notice of Default with the county recorder. This formally begins the California foreclosure process and starts a 90-day reinstatement period.

Reinstatement period. You generally retain the right to bring the loan current and stop the process.

Trustee records and publishes the Notice of Trustee Sale. A sale date is set, typically at least 21 days out.

Property is sold at a public trustee sale to the highest bidder. Title transfers to the new owner or back to the lender (REO).

If the home does not sell to a third party, it becomes lender-owned (REO). Any surplus funds may be claimed by the former owner through the trustee.