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.
Santa Ana California Notice of Default And Election to Sell Under Deed of Trust
State:
California
City:
Santa Ana
Control #:
CA-02000
Format:
Word;
Rich Text
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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
The lender sends you a copy of this notice by certified mail within 10 business days of recording it. You then have 90 days from the date that the Notice of Default is recorded to ?cure? (fix, usually by paying what is owed) the default.
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.
A Notice of Default and Election to Sell is prepared by trustee for the benefit of the: tenant.
When you receive a Notice of Default in California, the formal foreclosure process has begun. The document is official notice that you are in default on your mortgage and it will include options for getting your loan out of default.
In a nonjudicial foreclosure, you might get both a notice of default and notice of sale. Learn more about these documents. In a nonjudicial foreclosure, borrowers sometimes receive a Notice of Default and a Notice of Sale, depending on state law.
The three players involved in a deed of trust are: The ?trustor,? also known as the borrower. The ?trustee,? typically a title company with the power of sale, legal title to the real property, and the ability to hold a nonjudicial foreclosure. The ?beneficiary,? also known as the lender.
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 notice of default is a public notice that a borrower is behind on their mortgage payments. (Also known as being in default on their loan.) It's typically filed with a court and regarded as the first step in the foreclosure process.
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.
When a buyer fails to make the payments due on the loan (defaults on the loan) the lender can foreclose, which means that the lender can force a sale of the home to pay for the outstanding loan. For more information about foreclosure laws: Foreclosure Process - Civil Code section 2924.