Power of Sale Foreclosure Guidelines

If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:

1. A notice of sale must be recorded in the county where the property is located and then: 1) mailed, by registered or certified mail, to the borrower at his last known address at least 120 days before the foreclosure sale; 2) published once a week for three (3) successive weeks in a newspaper of general circulation in the county where the property is located; and 3) posted on the property at least twenty (20) days before the foreclosure sale.
   
   The notice must contain the time, date and place of sale, the borrowers, lenders and trustees name, a description of both the property and the default, and the book and page where the deed is recorded.
   
2. The trustee must conduct the sale between the hours of 9:00 am and 4:00 pm at the courthouse in the county where the property is located. The property must be sold at public auction to the highest bidder.
   
   The sale may be postponed for up to fifteen (15) days by posting a notice at the time and place where the sale was originally scheduled.

Lenders may not obtain a deficiency judgment against the borrower and the borrower has no rights of redemption.