Foreclosure in Belmont>Question Details

Rob, Other/Just Looking in Pleasanton, CA

What is a notice of default really mean ? Is the next step, an auction ?

Asked by Rob, Pleasanton, CA Fri Mar 20, 2009

Is it possible to contact the Asset Manager directly thru your own realtor ? What's the ave. time from offer to close of escrow ?

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Hey Rob,

The notice of default is the first step in a foreclosure. It is followed by a 90-120 day repayment period (depending on the lender) after which it is placed up for auction 30-60 days later.

Contacting an asset manager directly is not that easy, unless the realtor already has a relationship. And they tend to be concerned with selling portfolios of properties rather than just one at a time. A good resource to start is to find listing agents who handle a lot of REO listings.

They will probably be your best bet in benefiting from a realtor asset manager relationship. But like I said before asset managers are concerned more with portfolios than individual properties so it may not be helpful.
1 vote Thank Flag Link Tue Mar 2, 2010
Hi Rob.

Every answer below is pretty good. The Notice of Default is a legal action necessary to begin the foreclosure process. It is a notice that is recorded with the county, goes on the public record, and begins the countdown to a foreclosure/trustee's sale on the courthouse steps.

There are serval actions that can prevent the actual foreclosure/trustee's sale of the home including, but not limited to, a declaration of bankruptcy, paying all the delinquent loan payments, or forbearance.

Unless you are working with a Realtor who has a specific relationship with the foreclosing lender, which is very rare, it will be near impossible to contact the asset manager. Even so, the asset manager usually takes over in case of short sale or after the foreclosure has occurred. The bank will not have full control over the property until it is foreclosed upon, so you will just have to wait on the sidelines until it goes up for sale.
Web Reference:
0 votes Thank Flag Link Thu Apr 1, 2010
The dotice of default (NOD) is the first legal action for foreclosure in california. After the nod is there is about 120 days to foreclosure sale. Please see attached article found on the internet for you.…

The property is not the asset manager's property to sell until the foreclosure sale has happened and confirmed. If you want to buy the property it needs to be done with the current owner or the mortgagor in default.

Keith Manson
First Weber Group
Certified Distressed Property Expert
0 votes Thank Flag Link Sat Oct 3, 2009
Notice of Default is mailed to the owner. It is an official notice that is recorded in the county recorders office. This notice is advising the owner that they are in default of the agreement and if the loan is not brought current within 90 days the bank has the right to foreclose which in California usually occurs on the court house steps through an auction process. Just because the bank has the right they do not always exercise it immediately. I am assuming you are considering purchasing a home that has a NOD filed. If that is the case it is also called a short sale. Yuk!!! Could take 3-6 to 9 months. If the bank has an offer during the NOD period they very often but not guaranteed will not exercise their right to foreclose. Even if they have an auction date (trustee sale) you could get it postponed. An owner or sellign agent cannot contact the asset manager. I say cannot because they will not have the contact person or number. Asset managers are only involved when the home is foreclosed on and becomes bank owned (REO). At that time they deal only with the listing agent. If you would like more information please do not hesitate to contact me, Lee Ginsburg at 877-Lee-Sells 9650-358-3959)
Web Reference:
0 votes Thank Flag Link Thu May 28, 2009

Below agents gave good answers! After NOD, you have 3 months to go to the foreclosure. You can either contact the lender for loan modifcation, if you qualify or you have to do short sale to avoid foreclosure. For short sale, contact only experienced short sale agent, who know how to properly work on selling your house, all agents are not same. Where's your property located at? If it's in Pleasanton, then I can help you to you sell your house. I have experience in selling short sale and negotiated with several lenders. Let me know if I can help you with anything further.

As Diane said, you have to take action quickly on what to do so that you can try to avoid foreclosure.

Blaison Samuel
Certified Short Sale Specialist
0 votes Thank Flag Link Fri Mar 20, 2009
It depends upon the lender in many cases. However, once you have received your notice of default you have 3 months from the date the notice was recorded to reinstate the loan or make it whole. If you cannot perform to the terms outlined in your notice of default by the end of the timeframe outlined then a notice of trustee sale is posted and recorded providing you with constructive notice that your auction date is set for no sooner than 20 days from the recordation date. You are still able to negotiate or reinstate your mortgage up until 5 days prior to the scheduled sale date.

Please contact your lender immediately to discuss various options if you intend on keeping your home or need additional time. Loan modifications are available to qualified homeowners and the lenders MUST contact you to discuss your options. If they do not then they are in violation of RESPA guidelines. You can contest your lack of due process by submitting a letter to your lender requesting a Qualified Written Request under RESPA section 6(e) requiring the lender to provide you with a written response acknowledging receipt of your request within 20 days of receipt and a written resolution to your complaint or reasons for the status of the items you requested clarification on.

Please see my earlier Blog that provides you with a sample form letter to fill out and mail registered receipt requested.

But time is ticking and you must get on this quickly! Good luck.

Diane Wheatley, Broker
0 votes Thank Flag Link Fri Mar 20, 2009
The notice of default (NOD) is the first legal action in the foreclosure action in california. The next step is advertising in the paper and then the sale is scheduled the time from nod to sale is typically 90 - 120 days if there are no delays in the process. The owner of the property is the owner and all offers need to go through the owner until ownership transfers through the foreclosure sale. After the foreclosue sale your agent most likely will have to work with the agent that the bank uses in that market. After the bank accepts your offer the close of escrow should be like a normal transaction unless the offer is complex.
0 votes Thank Flag Link Fri Mar 20, 2009
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