IMPORTANT NOTICE | A written document required by California law to be a part of the recorded Notice of Default. This document is completed by our office and attached to the Notice of Default (as page 1) prior to recording. It sets forth the reinstatement amount as of a specific date and contains certain language directed to the borrower and emphasizes the fact that a foreclosure proceeding has been initiated.
FORECLOSURE | (non-judicial) | a popular term used to describe the procedure followed in enforcing a creditor’s rights when a debt secured by any lien on property is in default; however, the correct term for a “Foreclosure” involving a deed of trust is a “Trustee’s Sale Proceeding.”
FEDERAL TAX LIEN | an obligation to the United States government as a result of nonpayment of federal income taxes.
EXTENSION AGREEMENT | an agreement (normally written) giving additional time to pay an obligation.
EVICTION | See “Unlawful Detainer.”
ENDORSEMENT/DATEDOWN | A continuation of the trustee’s sale guarantee that reports any changes in the status of the property being foreclosed. Such “date downs” are requested from the title company prior to preparation of the notice of trustee’s sale and prior to the trustee’s sale.
DEED OF TRUST | a written document, describing the real property that is being given as security for the repayment of an obligation.
DECLARATION OF DEFAULT | a written document that instructs the trustee to prepare and record a notice of default and if necessary, to sell the secured property in order to satisfy the unpaid obligation. This document does not require the acknowledgment of a notary public or recording and is merely retained by the trustee in their foreclosure file.
BREACH | the failure without legal excuse to perform any promise made in a contract. A breach is stated in the notice of default.
BID AUTHORIZATION LETTER | your written authorization instructing the trustee to make the initial opening bid at the trustee’s sale on the lender’s behalf. This form will also advise our office of any additional amounts to be included in the opening bid, (total Debt), such as funds advanced by you to pay delinquent real estate taxes, etc.