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21st Mortgage Home Mortgage Foreclosure Process And Timeline.

For any homeowner. 21st Mortgage Foreclosure Process on your mortgage loan can be a challenging process. When it comes to 21st Home Mortgage there are some valuable points that you should know. For beginners, you should know that it all starts when you miss your first home loan payment. In the event that you do miss a mortgage payment, the home preservation department will begin taking the first steps in the process of foreclosure.

What Are The Foreclosure Timeframes?

It should be noted that the foreclosure process of 21st Mortgage differs from state to state. The process can even differ from county to county. As such, there is no fixed rule, however, there are some foreclosure practices that govern the process in most states.  For instance, you will be issued a warning that informs you of your defaulting which will be received in writing if you default on your home mortgage loan payment with 21st Mortgage.

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

Once the Notice of Intent To Foreclosure has been issued, there will be a certain time period that you will be given (usually, about 30 days after you have received the letter) and thereafter, you become eligible for the foreclosure process to start.

The first step to begin the foreclosure process is the Notice To accelerate And Foreclosure that the lender often takes by sending a warning to notify the borrower that they are in default of their loan and that if they don’t bring the account current that they will begin foreclosure. In some states, this letter has to be reissued in the case where a payment is accepted by the servicer which restarts the timeline over again before they can start with foreclosure. Eventually, the lender will no longer accept anything less than the total due forcing the homeowner into foreclosure if they don’t catch the loan up.

People usually make mistake of ignoring when they receive a Notice of Intent is that they fail to act upon it and this works against their favor. The moment that you do receive an NOI, contact us as soon as possible to start seeking a resolution to your mortgage delinquency.

It should be noted that the lenders do not want to take your home away from you but rather they prefer if you can pay what you owe them. In the case of 21st Mortgage, we can contact their home preservation specialist on your behalf.

Another mistake that most people make when it comes to the 21st Mortgage payment is that they think that the foreclosure begins after 90 days while in some states, it begins as early 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 21st Mortgage Foreclosures

Depending on the state that you are in and the county your property resides in will change the type of foreclosure 21st Mortgage will do. There are two common types of foreclosures that are completed by 21st Mortgage; the judicial foreclosure and the non-judicial foreclosure.

Non-Judicial Foreclosure Process

A non-judicial foreclosure doesn’t go through the courts. It is just a process of filing documents with the local county or city. 21st Mortgage will call you in the first month asking you why you have defaulted on your payment. When you miss your second payments, 21st Mortgage will issue you an NOI. However, if you miss your third payment,  you will receive a Notice of Default (NOD) from whomever is the locally appointed trustee. 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 is the first official document filed when starting the foreclosure process.  In the state of California, a lender can only file a Notice of Default once the borrower is 90 days behind (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)

In most states, to alert the public that the borrower is in default of the loan, a Notice of Trustee Sale in the front of the house is placed and that the house will be sold at auction. Along with placing a notice on the property, the trustee also do a publication in a local newspaper or in any public documentation that gives notice about your default. 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

In this process, the foreclosure process may last from months to years. When it comes to the judicial foreclosure, there are some basic steps that one should be aware of.

Once you miss your first 21st Mortgage payment, 21st Mortgage will tell you that you are late on your payment and ask you when you will be sending payment. Once you miss the second payment, 21st Mortgage mortgage department will continue with their collection practice but will also issue the issue you a breach of contract letter known as the Notice of Intent (NOI). You have the opportunity to bring your mortgage current within a period of 30 days. Thereafter the judicial process will begin on the foreclosure of your house.

21st Mortgage will proceed to hire an attorney who will prepare the complaint against you and file it with the local court. The complaint will be filed in the county where the house is located.

Once the complaint has been filed, you will receive a court summons. It is worth noting that once you have received the summons, you have a specified amount of time to respond (typically about 20-30 days). You have the option of either filling an answer. If you donot file, you will have allowed the lender a default judgment and hence, allowing your house to be repossessed possibly sooner. However, if you do file an answer and with the proper defense, you may be able to halt the foreclosure process.

Lis Pendens

Is a notice to anyone interested in the property that is currently pending litigation. 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 then it is recorded by the county recorder. 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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