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Gateway Mortgage Foreclosure Process

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Gateway Mortgage Foreclosure Process And Timeline.

There are some points you should know, as a homeowner, about foreclosure process as it can get challenging to deal with. First thing, it all starts when you miss your first loan payment and 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 differs from the state to state and even county to county. There some rules to govern the foreclosing 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”

you will be given a certain time period usually about 30 days after you will become eligible for the foreclosure which starts once the notice of intent has been issued.

In the first step, Notice To Accelerate stating that you have defaulted on your loan will be sent by lender and intent on foreclosing if you do not bring the account to current. in some of the states, the lender will receive certain payment, which restarts this timeline. But in reality at the end, The lender will accept nothing else than the amount due and if you fail to pay they will foreclose.

Some people show ignorance towards Notice of Intent 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.

It should be known that the lender does not have to take your home but prefers that you pay them the loan amount that is due. In the case of Gateway Mortgage, we can contact their home preservation specialist on your behalf.

Some people think Foreclosure starts after 90 days. But in some states, foreclosure 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 Gateway Mortgage Foreclosures

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

Non-Judicial Foreclosure Process

In a non-judicial foreclosure, documents are filed with the local county instead of court. You will be asked the reason why you have defaulted on your payment if you miss first payment. NOI will be issued by your Lender if you miss a second payment. However, NOD(Notice of default) will be issued if you failed to pay 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)

At first, during foreclosure process NOD(notice of default) is filed. 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 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 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 also have to place a notice in the local newspaper or publication. 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 is a long Process and can take many years sometimes. There are some basic steps that you should be aware of when dealing with this process.

As you miss first payment Gateway Mortgage will inform you about that and will ask you the reason that why you have missed it. It will continue collection practices 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 Gateway 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, foreclosure process may be halted.

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 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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