Midland Mortgage Foreclosure Process

Midland Mortgage Foreclosure Process And Timeline.

There are a few things that you should know while dealing with Midland Mortgage as the foreclosure process on the property can become a really tricky process for any homeowner. You should know the whole process starts when you miss a payment on your loan and then Home Preservation Department will start the proceedings on the process.

What Are The Foreclosure Timeframes?

Foreclosure process is different for different states and for even different counties. However there are some practices of foreclosures that govern the process in different states, For example, if you default on your loan you will receive a warning that you have defaulted on the payment of your loan.

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

A notice called Notice of Intent (NOI) will be sent before the process is initiated and after you have received a notice you will be given a specific time which is usually of 30 days.

The company sends notice Of Intent (NOI) to the borrower stating that the borrower is in default of the payments. In some states, servicer accepts a payment to restart timeline then this notice has to be reissued. But, eventually, the lender will no longer accept a payment and they will foreclose if the loan is not brought to current.

One thing that people do that works against them is that they fail to act on 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 Midland Mortgage Foreclosures

The type of foreclosure that Midland Mortgage will perform depends on which state you are in and the county that your property is located in. Midland Mortgage does two types of foreclosures; the judicial foreclosure and the non-judicial foreclosure.

Non-Judicial Foreclosure Process

In the first month, Midland Mortgage will make a call you and ask the reason as to why you were unable to make the payment. An NOI will be issued to you in the second month. You will receive the Notice of Default (NOD) from the local trustee when you have missed the third payment. At that time you can work either to clear your debt or else your loan will be accelerated. This is where we can help you apply for mortgage assistance relief programs.

Notice of Default (NOD)

when starting the foreclosure process notice of default(NOD) is the first official document filed.  A lender can file a Notice Of Default only after the borrower is 90 days behind in the state 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)

Trustee  places a notice in front of the house that the property will be sold in an auction to inform the public that the borrower is in default of the loan. To give the notice of your default the trustee will also place a notice in a local publication as well as placing a notice on the property. 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

When it comes to the judicial foreclosure, there are some basic steps that one should know.

After missing first payment, Midland Mortgage will inform you about payment and ask when you will send your payment. Midland Mortgage will continue with the collection but will also send you a notice of breach of contract also called NOI. You have the opportunity to bring your mortgage current within a period of 30 days.

An attorney will be hired to prepare a complaint. 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 and after that, you will have a specific time to respond(typically about 20-30 days). You are given the chance of filing an answer, if you do not file, you are allowing the lender a default judgment and hence, allowing your house to be reposed possibly sooner. However, if you do file an answer and with the proper defense, you may be able to halt the foreclosure process.

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, certifies that it has been filed 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, the attorney will request 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.