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The foreclosure process is generally commenced
when the borrower becomes delinquent. Delinquent status
depends
on the terms of the Note, the lender's internal policies
and the requirements of any investor. Generally, the foreclosure
is commenced when a loan becomes three months delinquent.
The foreclosure process generally begins by the holder of
the Note appointing a trustee to file a Notice of Default
with the county recorder of the county where the property
is located. From the date of the filing of the notice of
default, the borrower has 3 months to reinstate or pay off
the loan.
At the conclusion of the 3 month reinstatement period, if
the loan has not been brought current, a foreclosure sale
is set. A Notice of Trustee's Sale is sent to the borrowers
and posted on the property. It is also posted at the County
Recorder's Office of the county where the property is located
and published in a newspaper having general circulation
in
the county. The actual foreclosure sale is held at the time
and place specified on the Notice of Trustee's Sale, generally
an active county courthouse* of the county where the property
is located. The trustee appointed by the note holder, or
an
attorney representing the trustee, conducts the foreclosure
sale. The foreclosure sale is a public auction. The
minimum
bid on the property is set by the lender and, as it becomes
to us, is
posted on this web site under the heading of
Opening Bids for Upcoming Sales and Results
of Recent Sales. Generally our office
receives bids
the week of the sale. The attorney conducting the foreclosure
sale will bid on behalf of the lender. If no bid higher
than the minimum bid is presented the property goes back
to the lender. If there is competitive bidding, the property
is sold to the
highest
bidder. The successful bidder must deliver $5,000 in the
form
of a cashiers check, wire transfer or money order at the
time of the sale to the trustee or attorney conducting
the sale.
The balance of the purchase price, also in the form of a
cashier's check, wire transfer or money order, must be received
in our office by noon the following day.
Bidding takes place at the time of the
public auction. In order to bid, you must have $5,000 in the
form of a cashier's check, wire transfer or money order. Personal
checks, trust checks and cash are not acceptable. The cashier's
check or money order should be made payable to Lundberg &
Associates or endorsed in that manner. The lender foreclosing
on the property determines the minimum bid.
To check for minimum bid amounts, click
on the "Opening Bids for Upcoming
Sales" link located on this website then click on
this week's sales and scroll down to the date of the foreclosure
sale. Please note that the lender foreclosing on the property
provides the minimum bid. Generally the minimum bid is not
available until the week of the sale, and may not be available
until the day before or morning of the sale. The bid amounts
on our web page are updated several times a day.
The trustee or an attorney representing
the trustee will conduct the sale at the time and place specified
on
the Notice
of Trustee's Sale. The bidding will begin at the minimum
amount
set by the lender. If no third-party bids that amount, the
attorney will then sell the property to the lender for the
minimum bid. If there are other interested bidders, competitive
bidding
takes place. When the highest
bid has been entered, the successful bidder must give the
attorney a $5,000 cashier's check, certified funds or money
order. Cash or personal checks are never accepted.
Certified funds (no cash or personal checks) for the remainder
of the purchase amount must be received in our office within
24 hours.
Subcribers to the bidder's list receive
a weekly packet of the upcoming foreclosures that our office
is handling
statewide. Although information
provided is public record, it is a convenient way to get
it. For
a
fee of $50.00 you will be e-mailed 4 consecutive weeks of the
list. The bidder's list is e-mailed out every Friday afternoon
(or it may be picked up in our office if you specify this
arrangement at the time the list is purchased). The bidder's
list is for all foreclosure properties that our office is
handling in the state. The information available on the
bidder's
list is for properties that are going to sale approximately
3 weeks from mailing date. Click here to view an example
of
the information available for each property on the bidder's
list. To start receiving the bidder's list, send a check
made
payable to Lundberg & Associates to the attention of
Melissa at our office. Please specify when you would like
to start
receiving the list and where you would like the list to be
sent or if you would prefer to pick it up at our office
each
Friday afternoon. Our office address is available on the
home page.
The bidder's list is not available online
at this time.
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Upcoming Sales
ere
you will find all the latest information regarding the
opening bids on the properties in foreclosure and the
results from recent sales. 
