Did you contact a title officer or your real estate agent yet? If not, you should ,it will not cost you much. We are all ready to help, there are too many people suffering from the real estate mess.
There could be many reasons why you did not get the notice. It could be that the notice got sent to the owner, which is what it should be. The NOD tells the owner that he is missing payment and the lender wants its money. So the lender will starts the foreclosure procedure which has 3 steps
NOD- Notice Of Default is recorded, that is the beginning, it proves that the borrower has stopped paying his mortgage.
NOT-Notice Of Trustee's sale 3 months later. The trustee , who is a 3rd party, schedules a date for selling the property at a court auction. The trustee sends a notice to the borrower of the loan=owner
REO- the lender buys the property back at the trustee sale, no sooner than 21 calendar days after the 3 months have passed. Since the loan is secured by a note on the property, the bank who gave the loan wants its money back and if it can't get it from the owner, it will take back the property. that's the whole idea of a mortgage. At this point the property belongs to the bank= Real Estate Owned by the bank.
The bank=the lender does not have to tell you anything , it is trying to "talk" to the owner so that he goes back to making his payments. And another thing you should know is that the sale can be postponed many times in order to give more time to reinstate the loan or to sell the property as a short payoff. If your landlord is dealing with all this himself, he knows what is going on, ask him. If he has a 3rd party helping him , ask them.
A short pay could take a long time, the only thing short about it is the amount of money the lender get. When and if it gets and offer accepted, it could also fall out of escrow. It will take another round yet to start the selling process.
If they don't sell it as a short sale, it will get sold later as REO=foreclosed for good. Now it takes a long time between the time the bank sorts out their file and the time it is put on the market as a REO.. They have to do paperwork and they are sometimes submerged. The bank will then hire a agent to list the property. Then again it takes time until it sells. Then maybe the bank will have to evict the tenants, that takes more time.
Do you see why the bank is loosing money if you go by the old adage that "time is money"?
Maybe you want to buy that property. Make an offer!
Did you get that notice on the door yet?
Muriel Levin, Realtor, Certified REO specialist
Agent Immobilier a Los Angeles, Californie. Specialiste de Reprises de Banque.
Go to: http://www.slideshare.net/jricco/preforeclosureforeclosure-p
Jennifer Ricco CDPE, PSC, e-PRO, WCR, Retired LAPD
Keller Williams VIP Properties
25124 Springfield Court
Valencia, Ca 91355
'Quality Consulting Through Continuous Improvement'
The argumments one needs to succeed in these endeavors means you must have ample knonwledge of the lender recovery rules, regs and guidelines...otherwise. You have NO shot!
I am sorry to hear about your situation and would like to offer my assistance. If you can send me the address of the property I would be happy to look it up and find out if the NOD (Notice Of Default) has been issued yet. If the NOD time period has already elapsed I can also find out when the Trustee's Sale is slated to take place.
You are correct that there is at minimum a 90 period from the time the NOD is issued before the property is scheduled for Trustee's Sale. Once that occurs, unless it is postponed by the lender or the seller, the sale will occur no less than 21 days after that.
So, what that means to you is that best case scenario, you have a minimum of 111 days to make other living arrangements. Please contact me and I will find out what your actual time frames are.
By the way, the previous agent did an excellent job explaining the difference between Foreclosure and Pre-Foreclosure, however if you have any additional questions or need more clarification or information do not hesitate to call or shoot me an email via Trulia or my website.
Take care, good luck and have a wonderful day!
Tisza Major-Posner, Realtor, IVPG (909) 837-8922 or (213) 392-4084