We know that anyone in a foreclosure situation is experiencing extreme stress, financial strain, and upset. We understand that going through foreclosure can be a result of a job loss, death in the family, costly medical bills to name a few. Each of these circumstances are unique, yet they each bring uncertainty and what seems to be an uphill financial battle. Today, Trusted House Buyers, is here to help shed some light on the foreclosure process, specifically focusing on NOD (Notice of Default) vs. NTS (Notice of Trustee Sale.). We want you to feel you have all the information you need to help you through the process and to help you make informed decisions on the future of your home. We also understand that your home is most likely one of the largest assets you may have, and the thought of losing your home and its equity can be quite scary. Let’s dive in and hopefully we can provide some solutions for your unique situation.
What is an NOD?
You may be wondering what is an NOD. Well, an NOD stands for “Notice of Default.” According to Corporatefinanceinstitute.com, “A notice of default is a formal public notice that is filed with the state court and states that the borrower is in arrears. It is used when a borrower delays in making mortgage repayments, and the mortgage lender files the notice of default as the first step of a foreclosure process.” As stated, the NOD is the first order of business when going through the foreclosure process. Sometimes, the lender uses the NOD as a big warning sign to pay your mortgage. If payments are not made, then the lender will move onto the next step which isn’t pretty. California Courts Self-Help Guide states that, “You have 90 days from the date that the Notice of Default is recorded to “cure” (fix, usually by paying what is owed) the default. You can use this time to try to negotiate a loan modification or repayment plan.” If no payments are made by the homeowner, this is when the lender will begin the process to take over the property. This can mean your property can be sold at a public auction and you will sadly be saying good bye to one of your largest assets, your equity, and your credit. And simply receiving an NOD affects your credit since the information is recorded to credit bureaus.
What is an NTS?
Now that we have walked through the ins and outs of an NOD, it is now time to turn our attention over to an NTS, a Notice of Trustee Sale. Keepyourkeys.com, lays out the facts. “If the borrower does not reinstate their account, or obtain some other form of loan workout (such as a loan modification) the lender can authorize and instruct the Trustee to record the Notice of Trustee Sale (NTS). A Notice of Trustee Sale must be mailed by certified mail to the borrower, return receipt requested, 20 days before the foreclosure sale. The not contains the date, time, and place where the auction will take place. This notice has to be published in a adjudicated newspaper in the city where the property is located. The Notice of Trustee sale is posted on the property as a requirement of law. If access to the property is restricted by means of a central guard gate then the notice must be posted on the guard gate. Additionally the Notice of Trustee Sales must be posted at on public place in the city where the property is to be sold at least 20 days prior to the sale. The borrower may reinstate the loan (bring it current) up to 5 days prior to the trustee sale.” If the reason have not been able to pay your mortgage is because of financial constraints, then starting back up on payments to avoid foreclosure seems daunting, and oftentimes, unrealistic.
How Can Trusted House Buyers Help?
If the foreclosure process has you feeling more stress and frustration, we understand. At Trusted House Buyers, we have helped countless clients get out of sticky situations, like this, so they can move on with their life with cash in their pockets. We are a family run business here in San Diego with the available funds to buy your house as-is, right now to avoid foreclosure. We will assess you property and comparable properties in your area and provide you with a fair, cash offer, usually within 24 hours of meeting you and see your home. If you choose to move forward, we have the ability to close in 10 days. This means all the headaches of an NOD and NTS, the ups and downs of the foreclosure process, and the stress of not being able to make your mortgage payments will be behind you. Check out our website at www.trustedhousebuyers.com to learn more about us and how our cash buying process works. We are here to make your life easier and provide you with a quick, hassle-free experience that can quite possibly be the solution you need. Give us a call today at 619-786-0973. We look forward to hearing from you!