This form serves as a notice of default to the mortgagor for payments that are past due. The default notice states that while the property is in foreclosure, the mortgagor is still responsible for paying other obligations required by the note and the deed of trust. If the mortgagor fails to make future payments on the loan or other financial obligations, the beneficiary or the mortgagee may insist that he/she do so in order to reinstate the account into good standing. The form also emphasizes that the mortgagor could lose his/her rights in the property if prompt action is not taken.
California Notice of Default And Election to Sell Under Deed of Trust
State:
California
Control #:
CA-02000
Format:
Word;
Rich Text
Instant download
Description
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How to fill out California Notice Of Default And Election To Sell Under Deed Of Trust?
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FAQ
After the lender files the Notice of Default, you get 90 days to bring your past-due bill current. After the 90 days pass, the lender files a Notice of Sale with the clerk. The Notice of Sale displays the location, date and time of the sale. It lists the trustee's name and contact information.
You can stop the foreclosure process by informing your lender that you will pay off the default amount and extra fees. Your lender would prefer to have the money much more than they would have your home, so unless there are extenuating circumstances, this should work.
In CA a Notice of Default does not expire.
A notice of default is the first step to a bank or mortgage lender's foreclosure process.If the mortgage is not paid up to date, the lender will seize the home. A notice of default is also known as a reinstatement period, notice of public auction, or notice of foreclosure.
It takes several months for a lender to foreclose on a California property. If everything goes according to schedule, the process typically takes approximately 120 days about four months but the process can take as long as 200 or more days to conclude.
If a borrower falls behind on his mortgage payments, the mortgage lender might file a notice of default, which is an official public notice that the borrower is in arrears. It is one of the initial steps in the foreclosure process.
The term notice of default refers to a public notice filed with a court that states that the borrower of a mortgage is in default on a loan. The lender may file a notice of default when a mortgagor falls behind on their mortgage payments.
After you've received a Notice of Default, you have 3 months in which to attempt to get your loan current. As mentioned above, that means paying all back payments, interest, fees, property taxes, and insurance. After 3 months, the bank can officially set a date for the auction of your home.