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PennyMac Corp Foreclosure Process

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PennyMac Foreclosure Process And Timeline.

If Foreclosure on your loan is being dealt by PennyMac then there are some things worth knowing. First, the whole process begins when you miss your first payment and The department called home preservation department will begin taking steps on foreclosure.

What Are The Foreclosure Timeframes?

It is important to know that the foreclosure practices differ from state to state and even county to county. There is no fixed rule, however, some foreclosure practices govern the process in most states.  One example is that a notice will be issued to you saying that you have missed your payment and the bank intents on foreclosing unless you bring the account to current.

Notice of Intent (NOI) To Foreclose and Accelerate “Breach Letter”

You will have 30 days after Notice Of Intent has been issued to you then you will become eligible for the foreclosure process.

With the issuance of the Notice of acceleration and foreclosure, the foreclosure process will begin and notice will state that your property will be foreclosed unless you bring your account to current. In some states the lender accepts some payment in order to restart this timeline then this notice will be reissued. But there will be a time when the lender will no longer accept anything less than the total due and force the homeowner into foreclosure if they don’t catch the loan up.

One mistake that the people usually make is that they ignore the NOI. The moment that you do receive an NOI, contact us as soon as possible to start seeking a resolution to your mortgage delinquency.

You should know that the lender prefers taking the payment you owe them. In the case of PennyMac, we can contact their home preservation specialist on your behalf.

Some people think that the foreclosure process begins after 90 days of missed payment but in some states, this process begins as soon as 61 days (when your third payment comes due) and in some cases, you have an expired NOI within the last 18 months.

Different Types Of PennyMac Foreclosures

In the case of PennyMac the type of foreclosure they do will depend the state you are in and the county of your property. There are two common types of foreclosures that are completed by PennyMac; the judicial foreclosure and the non-judicial foreclosure.

Non-Judicial Foreclosure Process

This type of foreclosure does not go through the courts. If you miss your first payment then PennyMac will call you to ask the reason and whether you can pay them. You will receive Notice of Intent (NOI) when you miss your second payment. You will receive the notice Of Default (NOD) after you have missed your third payment. At that time you can only work to clear your debt or else your loan will be accelerated. This is where we can step in and help you apply for mortgage assistance relief programs.

The non-judicial foreclosure begins when the Notice of Default is fired off by the trustee to the county recorder’s office. Once this is done, the foreclosure process is officially underway.

Notice of Default (NOD)

The Notice Of Default (NOD) is the first notice to get filed officially with the county.  A Notice Of Default (NOD) can be filed by the lender only once the borrower is 90 days behind according to laws of California (again keep in mind this is as of the date that the third payment comes due). The NOD contains information such as the name and address of the borrower, lender, and trustee. It also may contain the address of the mortgaged property, a description of the defaulted amount (past due payments), the action that can be done in order to prevent foreclosure, the date which the house can be paid for or cured by the borrower and a statement that denotes that the house will go up for sale if the default is not cured.

Notice of Trustee Sale (NTS/NOTS)

The public is alerted that the homeowner is in default and to do that trustee places a notice in front of the house stating the property will be sold in auction. There will also be a notice placed in the local newspaper by the trustee in addition to the notice. As the homeowner, you may receive a notice of sale, a notice of default that is followed by a notice of sale or even see the notice by publication.

Once that has been accomplished, then a date and time is set and your house will be sold to the highest bidder.

Judicial Foreclosure Process

This process will go through the courts and can often take months or even years to complete. When it comes to the judicial foreclosure, there are some basic steps that one should be aware of while dealing with Judicial Foreclosure Process.

When you miss the first payment you will get a call from PennyMac and they will ask the reason for which you have missed your first payment. PennyMac will continue their collection practices when you have missed your second mortgage but will also send you the NOI. Now, You have to bring your mortgage current within a period of 30 days. Thereafter the judicial process will begin on the foreclosure of your house.

A complaint against you will be prepared by an attorney hired by PennyMac to be filed in the court.

You will have a specific amount of time after you have received the summons (typically about 20-30 days). During this time as a homeowner, you have the option of either filing an answer or not. If you do not file an answer you are allowing the lender to get a default judgment and allowing them to repose your house sooner. However, if you do file an answer and with the proper defense, you may be able to halt the foreclosure process.

Lis Pendens

Lis Pendens is Latin for a suit pending. It is a written notice that is concerned with a real estate property. The court clerk files the Lis Pendens, certifies that it has been filed and is recorded by the county recorder. The Lis Pendens tells the owner of the real estate property that a claim has been entered and at the same time, the Lis Pendens informs all the buyers who are interested in the property that they are a potential claim against the property.

Power of Sale

In the lawsuit, the attorney will be asking the judge to grant a power of sale which means they can set a foreclosure sale date on your home.

If the lender won the case that was filed against you, then a date and time are set for the house to be sold to the highest bidder.

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