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Selene Finance Foreclosure Process

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Selene Foreclosure Process And Timeline.

The foreclosure process on your loan can be a challenging process so there are some things to know while dealing with Selene. The whole procedure will start when you miss the first payment and Home Preservation Department will start the proceedings on the foreclosure process.

What Are The Foreclosure Timeframes?

The procedure of foreclosure is different for different states and even counties. There are some rules which govern the foreclosure practices in most states. For example, a notice will be sent to you stating that they intent to foreclose if you do not bring the account to current.

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

After receiving the Notice Of Intent (NOI). Usually, a certain period of time which is usually of 30 days is provided to you.

You will be sent a notice stating the if you do not bring your account to current as the first step of the process foreclosure will start. According to laws of some states, the lender accepts some payment and this letter will have to be reissued if which restarts this timeline. But at last, a time will come when no any payments will be accepted forcing the homeowner into foreclosure if they don’t catch the loan up.

Some people fail to act when they receive the NOI this is a mistake a lot of people make and this works against them. 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 prefers if you pay the amount that you owe over foreclosing your property. We can contact Selene home preservation specialist on your behalf.

 Some people think foreclosure process starts after 90 days which in some states, can begin as early as 61 days And in some cases, you have an expired NOI within the last 18 months.

Different Types Of Beneficial Bank Foreclosures

There are two common types of foreclosure which Selene will do depending on the state you are in and the county of your property. These are; the judicial foreclosure and the non-judicial foreclosure.

Non-Judicial Foreclosure Process

This process does not involve courts and the documents are filed within the county. When you miss your first payment Selene Finance will place a call to you and ask the reason for missing payment and if you can make the payment. Notice Of Intent(NOI) will be issued when you miss your second payment. A notice called Notice of Default will be issued once you have missed the third payment. You can only work to clear your debt now 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)

This is the first notice to get filed with the county during this process. For the state of California this notice can only get filed in the case the homeowners are 90 days behind on the payment (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, trustee, and lender. 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)

A notice(NOTS) will be placed by local trustee outside the property that this property will be sold in an auction to inform the public that the homeowner is in default of the loan. A notice will also be published in a local newspaper or publication is also required by the trustee. You may receive a notice of default that is followed by a notice of sale or even see the notice by publication.

Once the process has been completed, then a date and time are set and your house will be sold to the highest bidder.

Judicial Foreclosure Process

Judicial Foreclosure can go on for months and even for years. Some of the steps that you should be aware of when dealing with this process.

A call will be received from Selene Finance Upon missing the first payment asking the reason. When you miss the second payment you will receive NOI. Selene will keep the collection practices ongoing and thereafter the judicial process will begin on the foreclosure of your house.

The attorney will be hired by the lender that will prepare a complaint against you to be filed in court.

After filing a complaint, you will be summoned by the court and a time of 30 days will be given to answer. You will allow the lender to get a default judgment if you fail to answer and your property may be reposed sooner. However, you may be able to halt the foreclosure process, if you do file an answer and with the proper defense.

Lis Pendens

Lis Pendens is Latin for a suit pending. Lis Pendens 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 then it is recorded by the county recorder. It 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, attorney will seek the power of sale from the judge in other words 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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