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Freedom Mortgage Foreclosure Process

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Freedom Mortgage Foreclosure Process And Timeline.

You should know some of the things about foreclosure process as it can get challenging to deal with. 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?

From the state to state and even county to county process of foreclosure is different. There are some rules that govern the foreclosing practices. For instance, you will be sent a notice which stating you are on default of 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 has been issued and you will be given a certain period of time usually about 30 days.

In the first step of the foreclosure, the lender will send a notice called Notice To Accelerate stating that you have defaulted on your loan and intent on foreclosing if you do not bring the account to current. After accepting certain payment by the lender, the letter can be reissued which restart this timeline. Eventually, The lender will accept nothing else than the amount due and if you fail to pay they will foreclose.

When people receive the notice of intent, they make the mistake of failing to act that 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.

The lender will prefer you pay them the loan amount that is due. They do not have to take your home. In the case of Freedom Mortgage, we can contact their home preservation specialist on your behalf.

Most people think that the foreclosure starts 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 Freedom Mortgage Foreclosures

The state that you reside in and the county in which the property is located decides the type of foreclosure that Freedom Mortgage will do. Commonly there are two types of foreclosures that are completed by Freedom Mortgage; the judicial foreclosure and the non-judicial foreclosure.

Non-Judicial Foreclosure Process

Documents are filed with the local county in a non-judicial foreclosure. If the first payment is missing, Freedom Mortgage will tell you that you have defaulted on your loan during. NOI will be issued by your Lender if second payment is missing. However, NOD(Notice of default) will be issued if you are missing the 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)

During foreclosure process NOD(notice of default) is filed first. In the state of California, a lender can only file a Notice of Default once the borrower is 90 days behind. The NOD contains information such as the name and address of the lender, borrower, and trustee. It also contains 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 create awareness in public about the homeowner that he is in default on the loan, the house will be sold in auction Notice of Trustee Sale is placed in front of the house. The Trustee will place the notice in local newspaper and display in front of the house. 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 Process can keep on going for even more than a year. Some basic steps that you should be aware of when dealing with this process.

Freedom Mortgage will inform you about first missing payment and will ask you the reason that why you have missed it. Collection practices will continue but will also send you a notice called a Notice Of Intent (NOI). After NOI you are given the opportunity to bring your mortgage current within 30 days. Thereafter the judicial process will begin on the foreclosure of your house.

An attorney hired by Freedom 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.

After the complaint has been filed you will receive a summon from the court. 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. By not filling, you will be giving chance to the lender to proceed a default judgment and hence, allowing your house to be reposed sooner. However, if you are able to file a satisfactory answer, the foreclosure process may be halted.

Lis Pendens

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, 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, Attorney will be demanding to grant the power of sale. It will allow him to 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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