RIGHT TO CURE AND FORECLOSURE SALE

Right to Cure.  At least fifteen calendar days prior to the date the foreclosure sale is to be held, you must submit to the Public Trustee a notice of intent to cure (this means that you will pay all of the past due months to bring your loan current).  The right to cure is a statutory right and even if you don’t know for sure that you will have the money to cure, it is still a very good idea to file your notice, that way you preserve your right to cure just in case. 

These forms are typically available at the Public Trustee’s office.  This notice simply means that you intend to bring your loan current prior to the actual sale of your property by the Public Trustee.  If you are fortunate enough to raise the money to bring your loan current before the sale takes place, the foreclosure will terminate and you will continue to make your scheduled monthly payments as before.

On the day of your foreclosure sale, your property will be put up for bid in the usual manner in which property auctions are held.  Once your property is sold at auction, your rights and interests are extinguished ONLY if your foreclosure was in COMPLETE compliance with the law.   If not, the title to your home cannot legally be transferred to the lender; you still own your home!!