Mortgages: Notice of sale.

Existing law requires that, upon a breach of the obligation of a mortgage or transfer of an interest in property, the trustee, mortgagee, or beneficiary record a notice of default in the office of the county recorder where the mortgaged or trust property is situated and mail the notice of default to the mortgagor or trustor. Existing law provides that, after not less than 3 months after the filing of the notice of default, the parties described above may give notice of sale, stating the time and place of the sale, as specified. This bill would prohibit the mortgagee, trustee, beneficiary, or authorized agent from giving notice of sale if the mortgagee, trustee, beneficiary, or authorized agent is currently in negotiations to modify the existing loan. The bill also would repeal a duplicative provision. Existing law requires that before any sale of property can be made under the power of sale contained in any deed of trust or mortgage, or any resale resulting from a rescission for a failure of consideration, notice of the sale must be given, published, and posted in a specified manner at least 20 days before the date of sale, as specified. Existing law also requires the mortgagee, trustee, or other person authorized to record the notice of default or the notice of sale to send to each mortgagee or trustee a copy of the notice of sale at least 20 days before the date of sale. Existing law provides that there may be a postponement or postponements of the sale proceedings, under specified circumstances. This bill would provide that if there is a postponement, or if there are postponements, of the sale proceedings, the borrower shall receive a new notification before the date of the actual sale.