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. After the lapse of not less than 3 months from the filing of the notice of default, the mortgagee, trustee, or other person authorized to take the sale is required to give notice of sale, stating the time and place, as specified. This bill would instead permit a mortgagee, trustee, or other person authorized to take sale to file a notice of sale up to 5 days before the lapse of the 3-month period provided that the date of sale is no earlier than 3 months and 20 days after the filing of the notice of default. The bill would make a conforming change.