Power of Sale Foreclosure Guidelines
If the power of sale clause does not specify the terms of the sale, the non-judicial foreclosure process must be carried out as follows: A notice of sale must be sent to the borrower through both regular and certified mail, with the request of return receipt. This notice must also be sent to the borrower's attorney through regular mail at least 30 days prior to the date of sale. The same notice of sale must be published in the county newspaper where the property is located, once a week for 4 consecutive weeks. Additional 2 notices must be put up in public places around the county, with one being put up in the county courthouse. These ads must be put up at least 4 weeks before the date of sale. These notices must contain all the important information that people need to know about the foreclosure sale. If the borrower wishes to stop the foreclosure process, he must pay the remaining balance of the loan plus additional costs at least 11 days before the foreclosure sale. The foreclosure sale must be done at anytime between 9am-4pm, in front of the courthouse door. This must be done on a Friday, unless it falls on a legal holiday, in which case the sale is moved to the next business day. A certificate of sale is awarded to the winning bidder. The sale must be conducted no less than 190 days from the date of default. And a sale may be postponed up to one week as long as new notices are posted next to the original notices of sale. Unless rights of redemption have been precluded, the borrower has 8 months to reclaim the property by paying the price for which the property was sold plus interest. Deficiency suits may not be filed for non-judicial foreclosures while it may be filed if the judicial process is used, provided that the property was not abandoned for 6 months before the decree to foreclose was approved.