Category: Glossary

REINSTATEMENT PERIOD | this is the interval from the date the notice of default is recorded until five business days prior to the date of sale during which time a default may be reinstated/cured.

REINSTATEMENT | a curing of a default and restoration of the loan to current status through payment of past-due amounts together with the fee and expenses of the trustee.

RECONVEYANCE | a recorded document which gives notice that the loan secured by the identified deed of trust has been paid in full.

PUBLICATION PERIOD | this is the interval beginning the day after the pre-publication period expires and ending with the conducting of the trustee’s sale. During the publication period, the notice of trustee’s sale is published, posted, recorded, and copies are mailed to all entitled parties. The publication period is normally 30 to 40 days.

PUBLICATION LETTER | this letter is sent to the lender by the trustee. When completed and returned, it authorizes the trustee to proceed with the scheduling of the trustee’s sale and preparation of the notice of trustee’s sale.

PROMISSORY NOTE | See “Note.”

PRESENT OWNER, CURRENT OWNER, NEW OWNER | the successor to the trustor named in the deed of trust and now the owner of the property.

PRE-PUBLICATION PERIOD | the three month period following the recording of the notice of default. Prior to 1986 this period was called the reinstatement period.

PRELIMINARY INJUNCTION | A judicial order granted by a judge of the Superior Court, which prohibits the trustee from proceeding with any further action on a specific foreclosure file until a trial is held or settlement reached. This occurs when there is a dispute between the owner of a property and the beneficiary. A Trustee’s Sale cannot be held any sooner than seven (7) days from the dismissal of the action or the expiration of a restraining order, injunction or stay from any court of competent jurisdiction. However, the order or any amendment thereto may expressly provide for an earlier sale date.

POSTPONEMENT | a verbal announcement made at the time and place of the scheduled trustee’s sale that establishes a new date or time for the trustee’s sale. The sale cannot be changed from the originally noticed location.