Sometimes I find that clients believe that they received a Notice of Default (NOD), when they received something else in the mail from the banks. Typically, if you received a bona fide NOD, it will be recorded with the county soon thereafter.
Are you sure it was an NOD you received? Here is a sample. Sometimes distressed homeowners receive all types of junk mail designed to look like other things.
Regret to hear of your problem.
If you recd. it a while ago, check with the bank if you are being offered a Loan Mod.
or being considered for the Foreclosure Rescue program.
Call an agent and see if it is not too late to do a Short Sale. Its likely the banks will
be catching up with you shortly.
Drop me a line.
Sorry to here of your situation, but it doesn't seem like you are taking it very seriously. This is a great forum for general real estate questions, and although the contributors would sincerely like to help you, quite frankly we are not qualified to deal with the situation you are are in. You are facing serious credit, financial, and tax consequences and these require greater professional advice than you should count on here. You will best be served by seeking the counsel of an experienced real estate attorney and a CPA or tax attorney. This problem will not go away by itself and maybe you can't avoid foreclosure, but you need to act immediately to minimize the damage.
When the loan is in default the leader (to start the foreclosure process) must inform the trustee of the default (Declaration of Default). The trustee will then prepare and file a Notice of Default in the county where the property is located. The trustee must also post the NOD on the property in a conspicuous place, often on the garage door. This starts the clock ticking. For the first three months the borrower in default has the option to reinstate the loan (pay all the past payments and fees - and there will be plenty of fees). After that, the trustee can publish the intended sale (Trustee's Sale) in a newspaper of general circulation in that same county, once a week for a period of three weeks. Once that has gone by... the trustee (under the supervision of the beneficiary) can hold the sale. After that - it's all over. If they sent you a NOD and did not file or post it... then they are not compliant with the laws in California.
Best of luck...
Real Estate Advisor and Advocate
Fannie Mae recently launched WaysHome, a free, interactive multi-media tool designed to educate homeowners about their options to avoid foreclosure, empower them to make informed decisions, and motivate them to take action and seek help in 2011. As part of Fannie Maeâ€™s â€œKnow Your Optionsâ€ initiative to help struggling homeowners, the WaysHome video uses innovative technology to allow homeowners to put themselves in real-life situations, make informed choices, and immediately see the outcomes of those actions. WaysHome is available at http://www.KnowYourOptions.com .
The WaysHome video is set in a neighborhood that has been hurt by the foreclosure crisis. Real actors play three residents of the neighborhood â€“ each in financial distress. Homeowners select to play one of the residents and, as their stories unfold, make important financial decisions for them and see how the consequences of these decisions play out. Fannie Mae provides helpful tips, tools and links during the process and users have the ability to go back and revise their decisions should their choices lead to a negative outcome. Most choices lead to an immediate consequence followed by a related teaching point.
WaysHomeâ„¢ Interactive Video
Find Ways Home
Interactive Options to Avoid Foreclosure.
Explore WaysHomeâ„¢, an interactive video simulation to help you learn about the options to avoid foreclosure.
Youâ€™ll play the part of a homeownerâ€”in real-life, everyday situationsâ€”who is struggling to make their payments and avoid foreclosure. Make decisions about what you should do, and experience the positive outcomes or negative consequences of the choices you make. Helpful tips and advice are also included along the way.
Eli Givoni, Director
Short Sale Department, LLC
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