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**We are not affiliated with any mortgage servicer, the investor/beneficiary of your mortgage note, the mortgage insurer (if applicable) or any government agency. We are a homeowner advocacy group with more than a decade of helping homeowners and professionals with mortgage assistance negotiations. The information found on this page is for educational and convenience purposes only. The information found on this page should be considered as opinion and not fact based on our experience with lenders over 10+ years. Consult your mortgage servicer directly or a professional before using any of the information found on this site. If you are seeking an intermediary to assist you in getting help with your mortgage you may contact us at 888-934-3444 or via email at [email protected] for further review for a no fee, no obligation, consultation. If required you may be referred to a local professional or legal counsel for additional assistance with your mortgage. Please read through our Disclaimer page for additional details. We do not represent in any way any financial institution named on this page. If you feel that any of this information has become outdated or is incorrect please contact us immediately.**

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360 Mortgage Foreclosure Process And Timeline.

For any homeowner, the foreclosure process on your property can be a challenging process. There are some valuable advises you should know for 360 Mortgage. First thing you should know is that the whole thing begins when you miss your first loan payment. The home preservation department will begin the process of foreclosure in the event that you miss your first loan payment.

What Are The Foreclosure Timeframes?

The procedures of foreclosure for 360 Mortgage are different for state to state. They can be different for even county to county. There are some rules that govern the foreclosing practices but there is no steadfast rule.  For example, you will receive a notice which will be in writing once you default on your loan payment.

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

You will become eligible for the foreclosure once the notice of intent have been issued and you will be given a certain period of time usually about 30 days.

The forst step for the foreclosure is the lender will send a notice calledThe Notice To Accelerate And Foreclosure which will state that you have defaulted on your loan and the intent on foreclosing if you do not bring the account to current. This letter has to be reissued in some of the states in which a certain payment is accepted by the lender which restarts this timeline. The lender will eventually accept nothing else than the amount due and if you fail to pay they will foreclose.

One of the mistakes that people make that works against them is that they fail to act when they receive the notice of intent. 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 remember that the lender prefers that you pay them the loan amount that is due and they do not have to take your home. In the case of 360 Mortgage, we can contact their home preservation specialist on your behalf.

Another mistake that most people make when it comes to the 360 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 360 Mortgage Foreclosures

The type of foreclosure that 360 Mortgage will do depends on the state that you reside in and the county in which the property is located. There are two common types of foreclosures that are completed by 360 Mortgage; the judicial foreclosure and the non-judicial foreclosure.

Non-Judicial Foreclosure Process

A non-judicial foreclosure is just a procedure of filing documents with the local county or state and does not go through courts. 360 Mortgage will call you to ask why you have defaulted in your payment in the first month during Non-Judicial Foreclosure. Your lender (360 Mortgage) will issue you a NOI if you miss your second payment. However, you will receive the Notice Of Default (NOD) when 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 is the first official document filed when starting the foreclosure process.  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) in the state of California. The NOD contains information such as the name and address of the borrower, lender and trustee. It also may contain the address of the mortgage 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, In order to aware the public that the homeowner is in default of the loan and the house will be sold in auction Notice of Trustee Sale is placed in front of the house. The trustee will also have to place a notice in the local newspaper or publication in addition to displaying it in front of the home. 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 process of foreclosure can often keep going for month to years. There are some basic steps that you should keep in mind when dealing with this process.

360 Mortgage will inform you that you have missed your first payment and will ask you the reason that why you have missed it. 360 Mortgage will continue with the collection practices but will also send you a notice about the breach of contract called as Notice Of Intent (NOI). You have the opportunity to bring your mortgage current often within a period of 30 days. Thereafter the judicial process will begin on the foreclosure of your house.

An attorney hired by 360 Mortgage will prepare a complaint against you to start the foreclosure proceedings against you. The complaint will be filed in the county where the house is located.

You will receive a summon from court once the complaint has been filed. An important thing to note is that you will have a specific period of time(usually 30 days) once you have received the summon. You will have an option to file an answer or not being the homeowner. By not filling, you will have allowed the lender a default judgement and hence, allowing your house to be reposed 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 is a potential claim against the property.

Power of Sale

In the lawsuit, the attorney will be asking the judge to grant a the 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 is set for the house to be sold to the highest bidder.

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**We are not affiliated with any mortgage servicer, the investor/beneficiary of your mortgage note, the mortgage insurer (if applicable) or any government agency. The information found on this page is for educational and convenience purposes only. The information...