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Ken Patterson's Blog

By Ken Patterson | Broker in Rocklin, CA

What Does a Notice of Default Mean? CALIFORNIA SHORT SALES FAQ's for Rocklin, Roseville, Granite Bay, Folsom, El Dorado Hills

2012 BLOG SERIES - "What Does a Notice of Default Mean?" CALIFORNIA SHORT SALES FAQ's RETURNS!!! for Rocklin, Roseville, Granite Bay, Folsom, El Dorado Hills, Lincoln & Sacramento CA

Do you live in Rocklin CA? How about Granite Bay CA? Or Lincoln CA maybe? Folsom CA? Well, even if you live in El Dorado Hills CA or Roseville CA this message may help you if your home mortgage is underwater or you have considered a Short Sale.

Notice of Default in California

BLOG SERIES – “What Does a Notice of Default Mean?” CALIFORNIA SHORT SALES FAQ's RETURNS!!! for Rocklin, Roseville, Granite Bay, Folsom, El Dorado Hills, Lincoln and Sacramento CA

As a Short Sale Listing Agent serving places like Rocklin CA, Granite Bay CA, Folsom CA, Roseville CA, El Dorado Hills CA, Citrus Heights CA, Sacramento CA and Lincoln CA... And others in the area, I get many questions regarding the process, lenders, what course of action should be taken... There are an endless number of questions that come up. So, I decided to start a BLOG series in 2011 regarding those Short Sale questions that I get asked. Here s a link to 10 questions and my answers BLOGGED previously.

That said here is the next question I hear from Sellers & General Public a lot:

"What does a Notice of Default mean?" ANSWER – In California, your first missed payment is technical default. However, most loan servicers (i.e. – Bank of America and Wells Fargo are Loan Servicers) do not begin the formal process until the third payment is missed. A Notice of Default is a document filed with the county recorder officially beginning a non-judicial foreclosure timeline. Once you receive a Notice of Default, foreclosure has begun. You have approximately 111 days before the property will be SOLD AT AUCTION or taken by the bank if nothing is done to prevent foreclosure. After a Notice of Default, the next document received will be a Notice of Trustee Sale. We will summarize the Notice of Trustee Sale in a later post. If you are not making your mortgage payment, it is highly recommended that you seek advice from a qualified Realtor or Real Estate Attorney immediately.

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We are proven Short Sale Rocklin / Roseville / Granite Bay/ Lincoln CA Real Estate Specialists

916-751-1800 or visit www.TEAMPattersonRealty.com for more information on us!

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TEAM Patterson Realty and Ken Patterson is synonymous with underwater mortgage assistance and short sales in Granite Bay CA. as well as understanding Loan Modification Help for your home in Granite Bay CA. We can help with the sale of your home regardless of your situation - Traditional Sale, Short Sale, Family Property Sale though a Trust - just ask for our references!!

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Keller Williams Granite Bay CA, Keller Williams Roseville CA, Keller Williams Folsom CA, Keller Williams Licoln CA and Keller Williams El Dorado Hills CA. Offices also at Keller Williams Sacramento CA.

 
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