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.
Corona California Notice of Default And Election to Sell Under Deed of Trust
State:
California
City:
Corona
Control #:
CA-02000
Format:
Word;
Rich Text
Instant download
Description
Free preview
How to fill out California Notice Of Default And Election To Sell Under Deed Of Trust?
If you have previously utilized our service, Log In to your account and store the Corona California Notice of Default And Election to Sell Under Deed of Trust on your device by clicking the Download button. Ensure your subscription is active. If it is not, renew it according to your payment plan.
If this is your initial experience with our service, follow these straightforward steps to acquire your document.
You have continuous access to every document you have purchased: you can find it in your profile within the My documents section whenever you need to use it again. Utilize the US Legal Forms service to quickly find and save any template for your personal or professional purposes!
- Confirm you’ve found the correct document. Review the description and use the Preview option, if accessible, to verify if it fulfills your needs. If it does not meet your expectations, use the Search tab above to find the suitable one.
- Buy the template. Click the Buy Now button and select a monthly or yearly subscription plan.
- Create an account and process a payment. Use your credit card information or the PayPal option to finalize the transaction.
- Obtain your Corona California Notice of Default And Election to Sell Under Deed of Trust. Choose the file format for your document and save it to your device.
- Complete your document. Print it out or utilize professional online editors to fill it out and sign it electronically.
Form popularity
FAQ
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.
In CA a Notice of Default does not expire. The Notice of Default would be active until a Notice of Rescission or a Reconveyance is recorded on the loan in question.
1) A D.O.T. is much easier to foreclose upon then a mortgage because the process to foreclose on a D.O.T. bypasses the judicial process. Assuming the Trustee gives the right notices (Notice of Default and Notice of Sale) the process will go to sale without court involvement at all.
Once a lender files the notice of default, the next step is to hold a hearing to activate the lien recorded with the mortgage. The hearing allows the borrower to negotiate with the lender by suggesting a settlement plan for the defaulted payments and legal fees.
In states that allow the use of a deed of trust as opposed to a mortgage agreement, most homes are foreclosed through a process called non-judicial foreclosure. Non-judicial foreclosure, as the name implies, occurs outside of the court system, and is usually much faster and cheaper than judicial foreclosure.
judicial foreclosure usually takes a minimum of 121 days in California (in the actual foreclosure process), or less than 4 months from start to finish, but the formal foreclosure process will not begin until you are in default for at least 3 months.
The Notice of Sale states that the trustee will sell your home at auction in 21 days. The Notice of Sale must: Be sent to you by certified mail. Be published weekly in a newspaper of general circulation in the county where your home is located for 3 consecutive weeks before the sale date.
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.
How to Foreclose on a Deed of Trust Step 1 ? Notice of Default. Record a Notice of Default with the county recorder.Step 2 ? Notice of Sale.Step 3 ? Auction.Step 4 ? Obtain Possession of Property.