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Mr. Cooper (NationStar) Mortgage Foreclosure Process

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Mr. Cooper Mortgage Foreclosure Process And Timeline.

It is really difficult dealing with Mr. Cooper Mortgage for the foreclosure process but there are a few pointers worth knowing. A department known as the Home Preservation Department will start the proceedings with the foreclosure process when you miss your first payment on the mortgage.

What Are The Foreclosure Timeframes?

There are some practices that govern the practices of foreclosure but still, the foreclosure processes are different for different states and even for different counties, One example is the notice that you will receive when you miss your payment.

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

You are sent a notice saying that the company intents to accelerate your loan and eventually foreclose if you do not bring the account to current called as the Notice Of Intent (NOI).

A notice saying that the homeowner is in default of the loan called Notice Of Intent (NOI) is sent. In some states, if the lender agrees on accepting a payment in order to restart this timeline then this notice will have to be reissued. In the end, a time will come when the lender will not agree on accepting any more payment and they will foreclose if you do not bring your account 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.

It will be always preferred by the lender if they get the amount owed over foreclosing your property. In the case of Mr. Cooper Mortgage, we can contact their home preservation specialist on your behalf.

The foreclosure process can sometimes begin as early as 61 days(when your third payment comes due) as opposed to as some people think it starts after 90 days so this is another mistake that some people make, and in some cases, you have an expired NOI within the last 18 months.

Different Types Of Mr. Cooper (Nationstar) Mortgage Foreclosures

The state in which you are and the county in which your property is located will effect which type of foreclosure will be done by Mr. Cooper. Mr. Cooper Mortgage does two types of foreclosures; the judicial foreclosure and the non-judicial foreclosure.

Non-Judicial Foreclosure Process

If you miss your first payment you will be called by Mr. Cooper for the reason you have missed the payment. NOI will be issued upon missing second payment. The trustee that is apoointed locally will send you the Notice Of Default if you miss 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)

The first document that is officially filed with the community is the Notice Of Default. According to the rules of State of California this notice can only be filed in the case when the homeowner gets 90 days behind in payment (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)

The public is informed that the homeowner is in default of the loan and the property will be sold in auction by placing a notice outside the property. In addition to doing this the trustee will also have to get the notice published in the local newspaper or publication. 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

This process can become fairly lengthy and can keep going for months even years. When first payment is missed a call is received to ask the reason for missing. Then missing in second payment will result in NOI to be issued. You have the opportunity to bring your mortgage current within a period of 30 days.

To file a complaint in the court within the county that your property is located in an attorney will be hired by Mr. Cooper to prepare the complaint.

A summon will be sent by the court to you and you will be given a certain time to respond(typically about 20-30 days). You will have the option to answer or not but if you do not submit an answer you will allow the lender to get a default judgement and may allow your property to get reposed 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.

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