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US Bank Home Mortgage Foreclosure Process

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US Bank Home Mortgage Foreclosure Process And Timeline.

The foreclosure process can really become a challenging process for any homeowner so there are a few things that you should know while dealing with US Bank. The whole thing 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?

From state to state and county to county Foreclosure process is different in the case of US Bank. As such there are no fixed rules, however, there are some practices that govern the process in different states. For example, if you default on your loan you will receive a warning in writing that you have defaulted on the payment of your loan.

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

After you have received Notice of Intent (NOI), you will be given a specific time which is usually of 30 days.

The company sends notice Of Intent (NOI) informing the borrower that he/she is in default of the payments. The lender accepts a payment in some states which restarts timeline and then this notice has to be reissued. But a time will come when the lender will not accept any payment and foreclose process will start if the loan is not brought to current.

People fail to act on the NOI when they receive it. 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 lenders do not want to take home away they will always prefer to accept the payment you owe them over foreclosing. In the case of US Bank, we can contact their home preservation specialist on your behalf.

Some people think that foreclosure process starts after 90 days  but in some states, this begins as early as 61 days(when your third payment comes due) 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 US Bank Bank Foreclosures

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

Non-Judicial Foreclosure Process

In Non-Judicial foreclosure process, the local county files documents. In the first month, US Bank will call you to ask for the reason as to why you were unable to make the payment. Notice of intent(NOI) will be issued to you in the second month. If you have missed the third payment you will receive the Notice of Default (NOD) from the local trustee. At that time you can work either 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)

when starting the foreclosure process notice of default is the first official document filed.  A lender can file a Notice Of Default only after 90 days of missing payment the borrower 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, 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 trustee will place a Notice in front of the house that the property will be sold in an auction to alert the public that the borrower is in default of the loan. The trustee will also place a notice in a local publication as well as by placing a notice on the property. The homeowner 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 done, a date and time are set and your house will be sold to the highest bidder

Judicial Foreclosure Process

The foreclosure done in this way can continue for months and sometimes even for years. Some basic steps that one should know in a judicial foreclosure are

After missing first payment, US Bank will call you to ask you about payment and to ask when you will send your payment. US Bank will continue with the collection but will also send you a notice of Intent(NOI). You have the opportunity to bring your mortgage current within a period of 30 days.

An attorney will prepare a complaint to be filed in the court.  Typically about 20-30 days are given to respond after the court summons you. You are given the chance of filing an answer, if you do file an answer and with the proper defense, you may be able to halt the foreclosure process. However, if you are unable to do so, then you are allowing the lender a default judgment and hence, allowing your house to be reposed possibly sooner. 

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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