A Notice of Sale combined with Motion to Sell Free and Clear is a legal document used to transfer property from one owner to another. It is commonly used in foreclosure proceedings, when a lender seeks to sell a property to recover their loan amount. The document serves as notice to the public of the upcoming sale, and also requests that the court grant the lender the authority to sell the property free and clear of any liens or claims. There are two main types of Notice of Sale combined with Motion to Sell Free and Clear: judicial sale and non-judicial sale. Judicial sale occurs when the court oversees the sale of the property and issues the order to sell free and clear. Non-judicial sale is when the lender can sell the property without court oversight, and is only allowed in states that allow such sales.
Notice of sale combined with motion to sell free and clear
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FAQ
In the context of mortgage foreclosure, a notice of default is a formal notice that a lender filed with courts to notify the borrower who has failed to make payments that the lender intends to conduct a sale foreclosure.
A deed in lieu of foreclosure ? also called a ?mortgage release? ? allows you to avoid the foreclosure process by releasing you from your mortgage payment obligation.
When you get a notice of default on your California house. It means that your lender is making their intention to foreclose and the auction off of your house official. This legal document is filed in the county recorder's office. And specifies that you are the borrower and details the property that you mortgaged.
Notice of Default ? Foreclosure starts when your lender records a Notice of Default against your property with the Registrar Recorder's office. The Notice of Default tells you the total amount you owe including missed payments and foreclosure fees.
Technically speaking, a notice of default is not a foreclosure. Instead, it serves as notice that you are behind in your payments and that your property may be sold as a result of foreclosure if you don't act soon.
Once a lender flags a borrower for missing their loan payments, they send a Notice of Default (NOD). A NOD is a court-filed public notice that declares the borrower has defaulted on their loan.
Many Virginia deeds of trust have a provision that requires the lender to send a notice, commonly called a "breach letter," informing you that the loan is in default before the lender can accelerate the loan. The breach letter gives you a chance to cure the default and avoid foreclosure.
In a Nutshell If you've received a notice of sale, your lender plans to sell the property that secures your loan.