Foreclosure Statements
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Important
Foreclosure documents |
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It is critical that you submit the Beneficiary Statement to your lender and the trustee immediately. This statement will help you understand the charges and fees which the trustee and the lender are seeking to impose on you. The Beneficiary Statement is even more important if you might reinstate the loan. It is essential that you submit the Payoff Demand Statement if you intend to refinance and simply payoff the defaulted or foreclosing loan. It is best to submit both documents to both your foreclosing lender and the trustee. The Beneficiary Statement request must be made within two months of the recording of the Notice of Default. The Payoff Demand must be made before the publication of the first Notice of Trustee Sale (which is normally 3 months after the Notice of Default recording). The beneficiary (the foreclosing lender) is then obligated under California Civil Code §2943 to provide you with the requested information within 21 days from receipt of your written demand. You should be aware that California Civil Code §2924(e)(6) permits a $30 charge for each statement. These statements are well worth the money for the ability they will give you to detect inflated charges and fees, which almost always exist. |
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California Civil Code Section 2920 to 2944 |
When you are finished with the Statements and Research,
