Guild Mortgage Foreclosure Process

Guild Mortgage Foreclosure Process And Timeline.

Although the Foreclosure process on a Guild Mortgage can become really challenging but there are a few things worth knowing. Most important thing to know to know is the whole process starts as you miss your first payment on the loan.

What Are The Foreclosure Timeframes?

The procedure of foreclosure is different for different states and even counties. There are some rules which govern the foreclosure practices in most states. For example, a notice will be sent to you that they intent to foreclose if you do not bring the account to current.

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

A time of usually 30 days is provided to you after you have been issued the Notice Of Intent (NOI).

A notice will be sent to you stating that you are in default of the loan and their intent to accelerate your loan and to foreclose if you do not bring your account to current. In the case that the lender accepts some kind of payment to restart this timeline then according to the rules of some states this notice will have to be reissued. After some time a time will come when any payment will not be accepted by the lender and you will have to bring your account to current or else your property will be foreclosed.

A common mistake made by some people is that they fail to act when they receive the NOI. The moment that you do receive an NOI, contact us as soon as possible to start seeking a resolution to your mortgage delinquency.

Different Types Of Guild Mortgage Foreclosures

There are different types of foreclosure and the type of foreclosure which Guild mortgage will do depends on the state you are in and the county of your property. There are two common types of foreclosures that are completed by Guil mortgage; the judicial foreclosure and the non-judicial foreclosure.

Non-Judicial Foreclosure Process

The documents are filed within the community in this process and do not go through the courts. If you have missed your first payment then you will receive a call from Guild Mortgage asking if you can pay it and why you have missed it. Upon missing the second payment NOI is issued. Notice of Default (NOD) is issued upon 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)

Notice Of Default will be the first document that will be filed with the county. When the homeowner is 90 days behind in the payment only then the NOD can be issued (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, the action that can be done in order to prevent foreclosure, a description of the defaulted amount (past due payments), 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 locally appointed trustee will place a notice saying that the property will be sold in auction because the homeowner is in default of the loan. The trustee will also publish the 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 all the process has been completed, then a date and time are set and your house will be sold to the highest bidder.

Judicial Foreclosure Process

There are some crucial things to know about this process as this process can go for months and sometimes for years.

You get a call after missing the first payment and NOI is issued after having been missed the second payment. The collections will be kept ongoing but after you have missed the third payment foreclosure will be started.

An attorney hired by the lender will prepare a complaint against you to be filed in the court.

You will be summoned to the court after the application has been filed. If you choose not to answer within the time given then you will allow the lender to repose your house sooner by getting a default judgment. However, you may be able to halt the foreclosure process, if you do file an answer and with the proper defense.

Lis Pendens

Lis Pendens is Latin for a suit pending. Lis Pendens 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. It 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, the attorney will seek the power of sale from the judge to be granted 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.