Glossary

Notice of Trustee's Sale

Also known as: Notice of Sale

In non-judicial foreclosure states, the recorded and published notice — issued after the Notice of Default's reinstatement period expires without a cure — that sets the specific date, time, and location of the public auction at which the trustee will sell the property under the power of sale in the deed of trust.

Publication, posting, and mailing requirements vary substantially by state, but commonly require recording the notice, physically posting it on the property, and publishing it in a local newspaper of general circulation for a statutory number of consecutive weeks before the sale. The borrower's right to cure and reinstate the loan by paying the arrears generally terminates a set number of days before the sale date; after that, the borrower's remaining protection is typically limited to any statutory redemption period the jurisdiction recognizes. At the sale itself, bidders — including the foreclosing lender, which can submit a credit bid rather than cash — compete in a public auction, and the successful bid amount often has direct consequences for any subsequent deficiency claim against the borrower or guarantors.