I think that Dorene explained the NOD process the best. There are loan programs available for people with less-than stellar credit. I do work with a direct Lender in Torrance and will be more than happy to discuss your options with you any time you'd like. Feel free to contact me any time. My contact information is listed below:
Direct: (310) 694-3544
I wish you well on your search and have a pleasant day.
You are better off, looking at property that is already bank owned (REO) or in a bank approved short-sale.
Shawn, why not interview and hire a buyer agent to help you? As far as your financial situation, if you have a good relationship with your bank, they can assist you in the fastest way to improve your credit.
1. When a home is listed NOD, it means that the owner is delinquent on their loan, but still has the opportunity to work it out with the bank (up until 5 days before the Trustee Sale). The NOD and default amount you are seeing relate only to the single loan that is in default. There could be multiple loans against the property and other liens as well, such as tax liens, mechanics liens, judgment liens, etc.
It is important you know what you are getting yourself into when you work with people who are in pre-foreclosure (NOD status). I have specialized in this field since early 2004 and might be able to help you navigate the pitfalls.
2. A quit claim deed does not transfer the title on property to a new owner. I cannot give you legal advice since I am not an attorney, however I do know that all a quit claim does is release any claims an individual has on a property, it does not grant you title to the property. For that you need a grant deed. Beware of people who tell you they will give you a quit claim deed if you cure their default. You are giving away your hard earned dollars for pretty much nothing.
3. I specialize in helping 1st Time Homebuyers and work with some wonderful lenders and other professionals who might be able to help you into your new home.
If you like you can give me a call or e-mail me and we can see if we can come up with some answers and opportunities for you to fulfill your dream of home ownership. Dare to Dream.
RE/MAX Palos Verdes Realty