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.
Costa Mesa California Notice of Default And Election to Sell Under Deed of Trust
State:
California
City:
Costa Mesa
Control #:
CA-02000
Format:
Word;
Rich Text
Instant download
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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
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 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.
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.
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.
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.
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.
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 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.
NOTICE OF DEFAULT/SALE If the borrower defaults, the lender can foreclose (force a sale) of the property to get paid. The lender's first step towards a foreclosure is to record and mail the borrower by certified mail a Notice of Default, sometimes titled Notice of Default and Election to Sell.