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Cenlar FSB Foreclosure Process

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Cenlar FSB Foreclosure Process And Timeline.

If you are a homeowner than the foreclosure process on your property can be the tricky process. There are some points to know while dealing with Cenlar. The whole thing starts as you miss the first payment on your loan. 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 foreclosure process varies state to state and even county to county. However, some rules are there to govern the foreclosure practices. 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”

After you have received a Notice of Intent (NOI) you will be given a specific period of time usually 30 days after which you become eligible for the foreclosure process.

The lender will send you a notice saying to accelerate your loan and their intent of foreclosing if you do not bring the loan to current. This is the first step of the process. In some of the states, it is necessary that this letter is reissued if the lender accepts a payment which restarts this timeline. Eventually, a time will come when they will not accept any more payments and will foreclose if you do pay the money owed.

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.

It is always preferred by the lender that you pay them the amount owed over them foreclosing. In the case of Cenlar, we can contact their home preservation specialist on your behalf.

In some states the foreclosure begins after 61 (when your third payment comes due) days not after 90 days as some people think and this is another mistake they make, And in some cases you have an expired NOI within the last 18 months.

Different Types Of Cenlar Foreclosures

Based on the state you reside in and the county that your property is located Cenlar will decide what type of foreclosure they want to do. There are two common types of foreclosures that are completed by Cenlar; the judicial foreclosure and the non-judicial foreclosure.

Non-Judicial Foreclosure Process

The process in which the documents are only filed with the local county is called Non-Judicial Foreclosure. If you have missed your first payment you will get a call from Cenlar to ask you why you have missed your payment. But after you miss your third payment then you will get a notice called Notice Of Default (NOD). 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)

The first notice to get filed during Non-Judicial Foreclosure is the Notice Of Default. According to the laws of the state of California, the NOD can only be sent once the borrower is 90 days behind on the loan (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)

To aware the public that the homeowner of the property is in default of the loan and the property will be auctioned the trustee will place a notice outside the property. In addition to displaying the notice outside the home the trustee is also required to publish a notice in the local newspaper or 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

This can be a long process and can keep going for months even years. There are some fundamental steps that you should be aware of when dealing with this process.

You will be informed and asked reason when you have missed your first payment. You will get the NOI when you have missed your second payment but Cenlar will keeps their collection practices ongoing. You have the chance to bring your mortgage current often within a period of 30 days. Thereafter the judicial process will begin on the foreclosure of your house.

Cenlar will hire an attorney who will work to prepare a complaint against you to file in the court. The complaint will be filed in the county where the house is located.

After the complaint has been filed in the court you will receive a summon. Once you have received the summon you will be given a specific period of time which is usually 30 days and being the homeowner you will be given the option to file an answer or not. If you do not file an answer this will allow the lender to get a default judgment and it may allow your property to be reposed 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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