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Chase Home Mortgage Foreclosure Process

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Chase Home Mortgage Foreclosure Process And Timeline.

Chase Mortgage Foreclosure Process on your loan can be a challenging process. Regards to Chase Mortgage there are some important points that you should know. You should know that it all starts when you miss your first home loan payment and 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 foreclosure process of  Chase Mortgage differs from state to state. 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 stating that you are in default of loan which will be received in writing if you default on your home mortgage loan payment with Chase 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 and thereafter, you become eligible for the foreclosure process to start.

The foreclosure process begins with Notice To accelerate And Foreclosure that the lender often takes by sending a warning to the borrower that they are in default of their loan and that if they don’t bring the account current, foreclosure will begin. In some states, this letter has to be reissued if payment is accepted by the lender which restarts the timeline. 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 the mistake of ignoring when they receive a Notice of Intent 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 known that lenders do not want to take your home away from you but they prefer to receive payment you owe them. In the case of Chase Mortgage, we can contact their home preservation specialist on your behalf.

Another misunderstanding 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 Chase Mortgage Foreclosures

Chase Mortgage foreclosure changes from state to state and county to county. There are two common types of foreclosures that are completed by Chase Mortgage; the judicial foreclosure and the non-judicial foreclosure.

Non-Judicial Foreclosure Process

A non-judicial foreclosure doesn’t go through the courts. In the first month, Chase Mortgage will call you asking you why you have defaulted on your payment. When you miss your second payments, Chase 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.

If you miss first payment, your lender will call you that you are late on your payment and ask you about the payment schedule. After you miss the second payment, Chase Mortgage mortgage department will continue with their collection practice but will also issue you Notice of Intent (NOI). Now, You have to bring your mortgage current within a period of 30 days. Thereafter the judicial process will begin on the foreclosure of your house.

Chase Mortgage will proceed to hire an attorney who will prepare the complaint against you and file it with the local court.

The court will summon after the complaint has been filed. It is worth noting that once you have received the summons, you have time to respond (typically about 20-30 days). You have the option of either filling an answer or not. If you don’t file, the lender will do 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 is recorded by the county recorder. The Lis Pendens tells the owner of the real estate property that a claim has been entered 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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