Caliber Home Foreclosure Process

Caliber Home Mortgage Foreclosure Process And Timeline.

The foreclosure process can be a really challenging process for any homeowner so there are some points you should be aware of about dealing with Caliber. First, the whole thing starts when you miss a payment on your loan an in that case the department called Home Preservation Department will start the proceedings on the process.

What Are The Foreclosure Timeframes?

In case of Caliber Home, Foreclosure process differs from state to stat and even county to county. However, some similar practices govern the process in different states, For instant, If you have defaulted your loan you will receive a warning that you have defaulted on the payment of your loan.

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

Before the process of foreclosure starts you will receive a notice called Notice of Intent (NOI) and you will be given a specific time which is usually of 30 days.

The process of foreclosure starts after the company has sent notice to the borrower called Notice Of Intent (NOI) stating that you are in default of the payments and the company intents to foreclose. In some states, In some states, servicer accepts a payment that restarts this timeline in this case notice has to be reissued. But, eventually, a time will come when the lender will no longer accept a payment and they will foreclose if the loan is not brought to current.

People usually make mistake of ignoring 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.

Different Types Of Caliber Home Foreclosures

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

Non-Judicial Foreclosure Process

A non-judicial foreclosure is just a process of filing documents with the local county or state. Caliber Home will ask you why you have defaulted on your payment in the first month during Non-Judicial Foreclosure. If you miss your second payment NOI will be issued by your Lender. However, you will receive the Notice Of Default (NOD) when you have missed your third payment. Now, 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.

Notice of Default (NOD)

When starting the foreclosure process NOD(notice of default) is the first official document filed. 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 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 order to aware the public in most states 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 are set and your house will be sold to the highest bidder.

Judicial Foreclosure Process

Judicial foreclosure can continue even for years. There are some basic steps that one should be aware of.

When you have missed your first payment Caliber will demand the answer about missing your payment and to ask you when you will send your payment. Caliber will continue with the collection but will also send you a notice of breach of contract also called NOI. You have the opportunity to bring your mortgage current within a period of 30 days.

Caliber will hire an attorney to prepare a complaint to be filed in the court. The complaint will be filed in the county where the house is located.

You will receive a summon from the court after the complaint has been filed. One thing worth noting is that once you have received the summon, you have 20-30 days to respond. You are allowing the lender a default judgment if you do not file an answer and hence, allowing your house to be repossessed possibly sooner. However, you may be able to halt the foreclosure process, if you do file an answer and with the proper defense.

Lis Pendens

It 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.