The foreclosure process laws can vary by state. A foreclosure occurs when a property owner cannot make principal and/or interest payments on his/her loan. The stages of foreclosure in California are: 1. Notice of Default - the start of the foreclosure process. This is the initial notice recorded when a borrower does not meet the terms of a loan. 2. Notice of Trustee Sale - sets the auction date. Notice of Trustee Sale can be recorded 90 days after the Notice of Default. 3. Auction - the original auction date set can be just 14 days after the Notice of Trustees Sale is recorded. 4. Trustee's Deed - a transfer of a property to a winning bidder, or to the foreclosing bank if no bids are received.

To see a visual presentation of this process and get more information, go to California Foreclosure Process.