Borrowers FAQs

Just a friendly reminder, we highly recommend contacting your lender for more information before contacting us.

Frequently Asked Questions

Who are you? What is a trustee?

TTDSC is a real estate trustee. Under California law, we process defaulted loans on behalf of lenders. This means that when borrowers do not pay their loans, liens, and other notes held against a property, lenders have us conduct the foreclosure process for them.

I received a letter from TTDSC that my property is being foreclosed. Is this real?

Unfortunately, yes, this is real. TTDSC has been a trustee for nearly 45 years, and we understand that foreclosure on your property can be a trying time, and we are here to help make sure you are aware of the process and given every opportunity to rectify the situation with your lender.

Will all properties in foreclosure eventually be sold at a foreclosure sale?

No. There are many options for the borrower and lender to work out an amicable solution before a foreclosure sale.

What is the outcome of the foreclosure process? Will I lose my property?

A borrower will not necessarily lose their property, however, be aware that if you do not find a solution that works for both you and your lender, the lender or a third party may end up taking possession of the property.

The following are a few of the possible outcomes of foreclosure:

  • Third Party Sale --the property is sold at auction, and the proceeds repay the principal of the loan and any foreclosure costs
  • Deeds in Lieu of Foreclosure --the borrower deeds the property directly to the lender to avoid foreclosure
  • Payoff --the borrower satisfies the loan by paying the entire principal balance of the loan, plus any additional fees and foreclosure costs
  • Reinstatement --the borrower makes a payment to bring the loan current, including past due payments, fees, and penalties, as well as any foreclosure costs, and then can continue with the existing loan
  • Loan Modifications --the lender and borrower agree to new restructured terms for the remainder of the loan and the new principle can include past due payments, fees, penalties, and foreclosure costs
  • Forbearance --the lender and borrower agree to temporarily delay foreclosure

How do I work something out to halt the foreclosure on my property?

We recommend contacting your lender. Unfortunately, we do not have the authority to forgive debt or speak on behalf of your lender. Most lenders are open to finding an amicable solution with you.

What are the legal, financial, and tax liabilities associated with foreclosure?

As the trustee, we are not acting as your lawyer or accountant throughout the foreclosure process. We may be able to generalize about how the process works and what we have seen throughout our over four decades of experience. However, we suggest you speak to your lawyer or accountant about your legal, financial, and tax liabilities, as every situation can be different.