Foreclosure Time–Approximate Minimum Timeframes
June 8th, 2007 . by Mike KellyHere’s the timeframe for the foreclosure process. You need to find the recordation date of the “Notice of Default”(NOD). The NOD is filed usually after the lender has determined payments on the loan are not forthcoming and they’ve attempted to notify the borrowers of their lack of payments.
Day1: Notice of Default recorded. The clock starts ticking!
Day 14: NOD must be mailed to borrower 10 days after recordation. Don’t think when you’ve “recieved” the NOD the process begins then!
Day 91: Notice of Trustees Sale recorded, published, and mailed–Lenders usually file 31 days before the dale because of an IRS notice requirement
Day 115: Deadlien to cure default–this means you need to get in all money owed to bring the loan up to date, payments, penalties, etc.–Five business days before trustee’s Sale!!
Day 122: Trustee’s Sale-Deadlien tp pay off loan is any time before the trustee’s sale begins–not just the back payments–the WHOLE Loan!!
You should be talking to your lender PRIOR to defaulting on your loan. Remember, they don’t want a bad loan on the books so can work with you. Don’t put your head in the sand. A foreclosure will be on your tax score for 7 years!
