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Ditech Financials Foreclosure Process

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Ditech Financial Foreclosure Process And Timeline.

Dealing with Ditech for the foreclosure process on your loan can be really challenging. There are some things worth knowing to deal with Ditech. The department called home preservation department will begin taking steps on foreclosure when you miss your first payment on the loan.

What Are The Foreclosure Timeframes?

It is important to know that the rules and the foreclosure practices depend from state to state and even county to county. As such, there is no fixed rule, however, there are some foreclosure practices that govern the process in most states.  One example is that a notice will be issued to you saying that you have missed your payment and the bank intents on foreclosing unless you bring the account to current.

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

Once the Notice Of Intent has been issued to you then you will be given a specific period of time usually 30 days after which you will become eligible for the foreclosure process.

With the issuance of the Notice of acceleration and foreclosure the foreclosure process will begin and notice will state that your property will be foreclosed unless you bring your account to current. If the lender accepts some payment in order to restart this timeline then this notice will have to be reissued in some states. 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.

One mistake that the people usually make is that they ignore the NOI when they receive it and this works against them. 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 know that the lender prefers taking the payment you owe them over taking your home. In the case of Ditech Financial, we can contact their home preservation specialist on your behalf.

Some people think that the foreclosure process begins after 90 days of missed payment but in some states this process begins as soon 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 Ditech Financials Foreclosures

In the case of Ditech Financials the type of foreclosure they do will depend the state you are in and the county of your property. There are two common types of foreclosures that are completed by Ditech Financial; the judicial foreclosure and the non-judicial foreclosure.

Non-Judicial Foreclosure Process

This type of foreclosure does not go through the courts. If you miss your first payment then Ditech will call you to ask the reason and whether you can pay them. You will receive Notice of Intent (NOI) when you miss your second payment. 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 first notice to get filed officially with the county is the Notice Of Default (NOD).  A Notice Of Default (NOD) can be filed by the lender only once the borrower is 90 days behind according to laws of California (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)

The public is alerted that the homeowner is in default and the property will be sold in auction by placing a notice in front of the house. There will also be a notice placed in the local newspaper by the trustee in addition to the notice. 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

This process will go through the courts and can often take months or even years to complete. When it comes to the judicial foreclosure, there are some basic steps that one should be aware of.

You will get a call from Ditech and they will ask the reason for which you have missed your first payment. Ditech Mortgage will continue their collection practices when you have missed your second mortgage but will also send you the 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.

A complaint against you will be prepared by an attorney hired by Ditech Mortgage to be filed in the court.

After the complaint has been filed in the court you will be summoned by the court. You will have a specific amount of time to respond after you have received the summons (typically about 20-30 days). You have the option of either filling an answer or not. During this time as a homeowner, you have the option of filing an answer or not however if you do not file an answer you will have allowed the lender to get a default judgment and have maybe allowed them to repose your house 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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