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.
Orange California Notice of Default And Election to Sell Under Deed of Trust
State:
California
County:
Orange
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 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.
When a deed of trust is foreclosed by court sale, the action: Would allow the trustor a redemption period; A trustee has legally begun the process to sell property secured by a trust deed.
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.
A trustee sale is the sale of real estate property through a public auction. In most cases, trustee sales are only possible because homeowners are in some financial crisis, such as a homeowner defaulting on their mortgage payments and the property going into foreclosure.
You can stop the foreclosure process any time by bringing your payments current all the way up until 5 days before the sale. After that, it's up to the lender to decide if they want to accept payment or continue with foreclosure. You can however, payoff the entire amount all the way up until the point of the sale.
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.
If the owner in default does not pay off the default within a certain time frame, the trustee can schedule a public sale of the property. Foreclosures in California are primarily administered out of court, although court foreclosures are allowed. Out-of-court foreclosures take about four months.
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.
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.