Malibu ReconTrust, LLC is organized around team units, managed and guided by one of the most experienced default processing management team in the industry. It is a unique team coordination that provides our clients with impeccable service. We are dedicated to customer service, and continous education in accordance with the state and federal compliance laws.
Each file is processed accurately and on time
Our Clients are our priority
Default Loan Process includes:
Single Family Residence default loans
Multifamily units default loans
Commercial default loans
Land default loans
Before you can Foreclose you must comply with the new law! On July 8, 2008 Senate Bill 1137 enacted new provisions of the civil code and code of civil procedure, and amending existing provisions, related to the servicing and foreclosure of residential real property loans and the management and evictions of REO properties. The new law requires a Notice of Default (Nod) must include a Declaration for Notice of default that states the borrower has been contacted or due diligence has been used to try to contact the borrower or that the borrower has surrendered the property. The law also requires a Declaration for Notice of Sale be included as part of the notice of sale if a NOD was filed prior to the effective date of the new law.
Initial notice recorded after borrower fails to meet the terms of their loan
Sets auction date. Can be recorded 3 months after Notice of Default
Initial auction date can be just 20 days after Notice of Trustees Sale is recorded
Auctions can postpone for up to one year
Transfers property to winning bidder (by default this will be the lender if no bid is higher)
Properties are considered to be in Preforeclosure from the filing of the initial Notice of Default until the property is sold at auction. During this period investors can purchase the home directly from the owner, Realtors can list the home, and Lenders can help them refinance.
Auction properties have had a Notice of Trustee Sale filed setting an auction date, and have not yet been sold or cancelled. Investors can purchase the home at auction; and Realtors and Lenders can monitor their client's properties, to ensure their listing and loan activities are completed before the auction.
Bank owned properties received no bid at auction, resulting in the bank taking ownership. These properties are commonly referred to by the banks are REO's (Real Estate Owned). Investors can purchase these properties directly from the bank; and Realtors can solicit the listing, since banks will almost certainly market the property for sale.
To start a non-judicial Foreclosure in California, you will need to fill out our "Referral Request for Services form" to get started. Once this document is filled out an returned to us fill out the "Declaration of Default and Demand for Sale" and the other is "Substitution of Trustee" which you can print out here on our site or we can fill it out for you. You will need to get both of these forms notarized.