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Home Point Financial Foreclosure Process

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Home Point Financial Foreclosure Process And Timeline.

The Foreclosure process on a Home Point Financial can become tricky process but there are 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?

From state to state and even county to county the procedure of foreclosure varies. 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).

You will be informed 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 according to the rules of some states, this notice will have to be reissued. After some time the lender will not accept any payment 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.

The lender always prefers the amount owed over foreclosing your property. We can contact Home Point Financial home preservation specialist on your behalf.

Most people think that the foreclosure process will start after 90 days. But in some states, this process starts after 61 days, And in some cases, you have an expired NOI within the last 18 months.

Different Types Of Home Point Financial Foreclosures

There are different types of foreclosure and the type of foreclosure which Home point 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 Home Point Financial; the judicial foreclosure and the non-judicial foreclosure.

Non-Judicial Foreclosure Process

The documents are filed in this process and the process does not go through the courts. You will receive a call from Home Point Financial after you have missed your first payment. You will be asked 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. You can only work to clear your debt or else your loan will be accelerated.  Here we can step in and help you apply for mortgage assistance relief programs.

Notice of Default (NOD)

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 local trustee will place a notice saying that the property will be sold in the 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 will be notified if the first payment is missing 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.

The 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.

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