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SunTrust Mortgage Home Mortgage Foreclosure Process And Timeline.
SunTrust Mortgage Foreclosure Process on your loan can be a challenging process. There are some valuable points that you should know. The first thing, you should know that it all starts when you miss your first home loan payment and then the home preservation department will begin taking the first steps in the process of foreclosure.
What Are The Foreclosure Timeframes?
It should be noted that foreclosure process of SunTrust Mortgage differs from state to state. The process can even differ from county to county. As such, there is no fixed rule, however, there are some foreclosure practices that govern the process in most states. For instance, you will be given a warning that informs you of your defaulting which will be received in writing if you default on your home mortgage loan payment with SunTrust Mortgage.
Notice of Intent (NOI) To Foreclose and Accelerate “Breach Letter”
Once the Notice of Intent To Foreclosure has been issued, there will be about 30 days after you have received the letter and thereafter, you become eligible for the foreclosure process to start.
The lender informs the borrower that they are in default of their loan and that if they don’t bring the account current that they will begin foreclosure. In the case where a payment is accepted by the servicer in some states, this letter has to be reissued which restarts the timeline over again. Eventually, there will be a time when the lender will not accept anything less than the total due and force the homeowner into foreclosure if they don’t catch the loan up.
People should not ignore Notice of Intent otherwise this may work against their favor. 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 noted that the lenders prefer if you can pay what you owe them. In the case of SunTrust Mortgage, we can contact their home preservation specialist on your behalf.
Another mistake that most people make they think that the foreclosure begins after 90 days while in some states, it 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 SunTrust Mortgage Foreclosures
Depending on the state that you are in and the county your property resides in will change the type of foreclosure SunTrust Mortgage will do. There are two common types of foreclosures that are completed by SunTrust Mortgage; the judicial foreclosure and the non-judicial foreclosure.
Non-Judicial Foreclosure Process
A non-judicial foreclosure doesn’t involve the courts. It is just a process of filing documents with the local county. SunTrust Mortgage will call you after one month asking you why you have defaulted on your payment. When you miss second payments, the lender will issue an NOI. However, if you miss your third payment, you will receive a Notice of Default (NOD). At that time 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.
The non-judicial foreclosure begins when the Notice of Default is fired off by the trustee to the county recorder’s office. Once this is done, the foreclosure process is officially underway.
Notice of Default (NOD)
The notice of default is the first official document filed when starting the foreclosure process. In the state of California, a lender can only file a Notice of Default once the borrower is 90 days behind (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)
In most states, a Notice of Trustee Sale in the front of the house is placed that the house will be sold at auction to inform the public that the borrower is in default of the loan. Along with placing a notice on the property, the trustee also does a publication in a local newspaper or in any public documentation that gives notice about your default. Homeowner may receive a notice of sale, a notice of default(NOD) 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.
Different Types Of SunTrust Mortgage Foreclosures
Depending on the state that you are in and the county your property resides in will change the type of foreclosure SunTrust Mortgage will do. There are two common types of foreclosures that are completed by SunTrust Mortgage; the judicial foreclosure and the non-judicial foreclosure.
Non-Judicial Foreclosure Process
A non-judicial foreclosure doesn’t involve the courts. It is just a process of filing documents with the local county. SunTrust Mortgage will call you after one month asking you why you have defaulted on your payment. When you miss second payments, the lender will issue an NOI. However, if you miss your third payment, you will receive a Notice of Default (NOD). At that time 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.
The non-judicial foreclosure begins when the Notice of Default is fired off by the trustee to the county recorder’s office. Once this is done, the foreclosure process is officially underway.
Notice of Default (NOD)
The notice of default is the first official document filed when starting the foreclosure process. In the state of California, a lender can only file a Notice of Default once the borrower is 90 days behind (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)
In most states, a Notice of Trustee Sale in the front of the house is placed that the house will be sold at auction to inform the public that the borrower is in default of the loan. Along with placing a notice on the property, the trustee also do a publication in a local newspaper or in any public documentation that gives notice about your default. Homeowner may receive a notice of sale, a notice of default(NOD) 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
In this process, the foreclosure process may take months or even years. When it comes to the judicial foreclosure, there are some basic steps that one should be aware of.
When you miss your first SunTrust Mortgage payment, SunTrust Mortgage will inform you that you are late on your payment. If you miss the second payment, SunTrust Mortgage will issue you a breach of contract letter known as the Notice of Intent (NOI) but will continue with their collection practice. You have the opportunity to bring your mortgage current within a period of 30 days. Thereafter the judicial process will begin on the foreclosure of your house.
SunTrust Mortgage will hire an attorney who will prepare the complaint against you and file it with the local court. The complaint will be filed in the county where the house is located.
Once the complaint has been filed, you will receive a court summons and you will have specified amount of time to respond (typically about 20-30 days). You have the option of either filling an answer. If you don’t file, you will have allowed 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 be asking 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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**We are not affiliated with any mortgage servicer, the investor/beneficiary of your mortgage note, the mortgage insurer (if applicable) or any government agency. We are a homeowner advocacy group with more than a decade of helping homeowners and professionals with...
