(b)
(1) The notice, of any default described in this section,
recorded pursuant to Section 2924, and mailed to any person pursuant
to Section 2924b, shall begin with the following statement, printed
or typed thereon:
"IMPORTANT NOTICE (14-point boldface type if printed or in<br />capital letters if typed)<br /><br /> IF YOUR PROPERTY IS IN FORECLOSURE BECAUSE YOU ARE BEHIND IN YOUR<br />PAYMENTS, IT MAY BE SOLD WITHOUT ANY COURT ACTION, (14-point boldface<br />type if printed or in capital letters if typed) and you may have the<br />legal right to bring your account in good standing by paying all of<br />your past due payments plus permitted costs and expenses within the<br />time permitted by law for reinstatement of your account, which is<br />normally five business days prior to the date set for the sale of<br />your property. No sale date may be set until three months from the<br />date this notice of default may be recorded (which date of<br />recordation appears on this notice).<br /><br /><br /> This amount is ___________________ as of ______________________<br /> (Date)<br />and will increase until your account becomes current.<br /><br /> While your property is in foreclosure, you still must pay other<br />obligations (such as insurance and taxes) required by your note and<br />deed of trust or mortgage. If you fail to make future payments on<br />the loan, pay taxes on the property, provide insurance on the<br />property, or pay other obligations as required in the note and deed<br />of trust or mortgage, the beneficiary or mortgagee may insist that<br />you do so in order to reinstate your account in good standing. In<br />addition, the beneficiary or mortgagee may require as a condition to<br />reinstatement that you provide reliable written evidence that you<br />paid all senior liens, property taxes, and hazard insurance premiums.<br /><br /> Upon your written request, the beneficiary or mortgagee will give<br />you a written itemization of the entire amount you must pay. You may<br />not have to pay the entire unpaid portion of your account, even<br />though full payment was demanded, but you must pay all amounts in<br />default at the time payment is made. However, you and your<br />beneficiary or mortgagee may mutually agree in writing prior to the<br />time the notice of sale is posted (which may not be earlier than the<br />end of the three-month period stated above) to, among other things,<br />(1) provide additional time in which to cure the default by transfer<br />of the property or otherwise; or (2) establish a schedule of payments<br />in order to cure your default; or both (1) and (2).<br /> Following the expiration of the time period referred to in the<br />first paragraph of this notice, unless the obligation being<br />foreclosed upon or a separate written agreement between you and your<br />creditor permits a longer period, you have only the legal right to<br />stop the sale of your property by paying the entire amount demanded<br />by your creditor.<br /> To find out the amount you must pay, or to arrange for payment to<br />stop the foreclosure, or if your property is in foreclosure for any<br />other reason, contact:<br /><br /><br /> ______________________________________<br /> (Name of beneficiary or mortgagee)<br /><br /> ______________________________________<br /> (Mailing address)<br /><br /> ______________________________________<br /> (Telephone)<br /><br /> If you have any questions, you should contact a lawyer or the<br />governmental agency which may have insured your loan.<br /> Notwithstanding the fact that your property is in foreclosure, you<br />may offer your property for sale, provided the sale is concluded<br />prior to the conclusion of the foreclosure.<br /> Remember, YOU MAY LOSE LEGAL RIGHTS IF YOU DO NOT TAKE PROMPT<br />ACTION. (14-point boldface type if printed or in capital letters if<br />typed)"
Unless otherwise specified, the notice, if printed, shall appear
in at least 12-point boldface type.If the obligation secured by the deed of trust or mortgage is a
contract or agreement described in paragraph (1) or (4) of
subdivision (a) of Section 1632, the notice required herein shall be
in Spanish if the trustor requested a Spanish language translation of
the contract or agreement pursuant to Section 1632. If the
obligation secured by the deed of trust or mortgage is contained in a
home improvement contract, as defined in Sections 7151.2 and 7159 of
the Business and Professions Code, which is subject to Title 2
(commencing with Section 1801), the seller shall specify on the
contract whether or not the contract was principally negotiated in
Spanish and if the contract was principally negotiated in Spanish,
the notice required herein shall be in Spanish. No assignee of the
contract or person authorized to record the notice of default shall
incur any obligation or liability for failing to mail a notice in
Spanish unless Spanish is specified in the contract or the assignee
or person has actual knowledge that the secured obligation was
principally negotiated in Spanish. Unless specified in writing to
the contrary, a copy of the notice required by subdivision (c) of
Section 2924b shall be in English.
(2) Any failure to comply with the provisions of this subdivision
shall not affect the validity of a sale in favor of a bona fide
purchaser or the rights of an encumbrancer for value and without
notice.
