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PNC Mortgage Foreclosure Process

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PNC Mortgage Foreclosure Process And Timeline.

There are a few things to know before dealing with PNC Mortgage as the foreclosure process can be very challenging for a homeowner. If you miss a payment on your mortgage then the Home Preservation Department will start the proceedings of foreclosure on your loan.

What Are The Foreclosure Timeframes?

The process of foreclosure for PNC Mortgage is different in different states and even varies for counties. In different states, there are some practices that govern the process of foreclosure and one example is the issuance of the notice when you miss a payment on your loan.

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

Usually, 30 days are given as you are issued a notice of missing payment called Notice Of Intent (NOI).

To inform the homeowner that he/she is in default of the loan and the company intents to foreclose if payment is not made. Sometimes lender accepts some payment in order to restart the timeline of foreclosure but only in some states, if this is done then this notice has to be reissued. But, eventually, a time will come and the lender will no longer accept a payment and foreclose process will start if the loan is not brought to current.

One thing that people do that works against them is that they fail to act on the NOI when they receive it. The moment that you do receive an NOI, contact us as soon as possible to start seeking a resolution to your mortgage delinquency.

The lender will always prefer to accept payment owed over foreclosing your property, we can contact their home preservation specialist on your behalf.

Some people think that the foreclosure process starts after 90 days but in some states, this process can start as early as 61 days so this is another mistake that some people make, and in some cases, you have an expired NOI within the last 18 months.

Different Types Of PNC Mortgage Foreclosures

PNC Mortgage does different types of foreclosure but the type of foreclosure they will depend wholly on the state that you are in and the county in which the property is in. PNC Mortgage does two types of foreclosures; the judicial foreclosure and the non-judicial foreclosure.

Non-Judicial Foreclosure Process

No Judicial Foreclosure process does not go through the courts. PNC Mortgage will call you if you have missed your first payment and will ask the reason for which you have missed the payment. If you miss the second-month payment then NOI(Notice of Intent) is issued. The Notice Of Default (NOD) is issued as you miss the third payment. At that time you can work either 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.

Notice of Default (NOD)

The first document that has to be filed with the county is the Notice Of Default (NOD).  The condition in which this notice can be filed is that the homeowner is 90 days behind. The NOD contains information such as the name and address of the borrower, trustee, and lender. It also may contain the address of the mortgaged property, the action that can be done in order to prevent foreclosure, a description of the defaulted amount (past due payments), 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 NTS notice is displayed outside the property to inform the public that the homeowner is in default of the loan. It is also the duty of the trustee to publish this notice in the local newspaper or any other publication. 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 are set and your house will be sold to the highest bidder

Judicial Foreclosure Process

The process goes through the courts and can be fairly lengthy and can sometimes go on for months and even for years.

A call will be received from PNC Mortgage if you miss the first payment on the loan and they will ask the reason for which you missed the payment. NOI will be issued upon missing the second payment but the collection practices will continue. You have the opportunity to bring your mortgage current within a period of 30 days.

A complaint will be filed in the court that will be prepared by an attorney hired by PNC Mortgage.

You are given a specific amount of time(20-30days) after being summoned by the court. You are given an option of either submitting an answer or not. If you do not file an answer, you will allow the lender to get a default judgment and can result in reposing your house sooner. However, if you do file an answer, 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 Lis Pendens informs the owner of the real estate property that a claim has been entered for the property 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.

In the event that 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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