Residential property: foreclosure.

Existing law prescribes various requirements to be satisfied before the exercise of a power of sale under a mortgage or deed of trust and prescribes a procedure for the exercise of that power. Existing law requires, among other things, that a statement of the default containing specific information be mailed to the trustor or mortgagor at that person's last known address. If the deed of trust or mortgage containing a power of sale is secured by real property containing from 1 to 4 single-family residences, existing law requires the notice of sale to contain specified notices to potential bidders and to the property owner in substantially prescribed language.