     JLY | Sunday, February 20, 2000 - 09:34 am 
Notice of Default. My mortgage company filed a Notice of Default on Feb 17 of this year. I filed Chapter 7 two years ago. My attorney informed me that if I ever became incapable of maintaining the mortgage payments subsequent to the bankruptcy, I could let the house go via default and the bankruptcy would absorb the debt. My questions are now that a N.O.D. has been filed, how long before I am required to vacate the home, what other procedures will follow, and will I be notified of any of these prodcedures by the mortgage company or the county recorder's office? By the way, I only learned of the filing of the default via a letter I received from an attorney soliciting his services for chapter 13.
TYVM
JLY |
| Christine Baker (Admin) | Sunday, February 20, 2000 - 11:12 am
I looks like you are subject to the 3 months period between the filing of the NOD and the actual sale, often it takes even longer.
Nobody can evict you until the property is SOLD. THEN eviction process starts whenever the new owner initiates it.
I'm not an expert on foreclosures and eviction, but if you post your county/state someone else might have more info and details, housing laws vary greatly by location!
I recently got contacted by someone who was foreclosed on and he found out about the sale when the new owner called to set up an appointment to inspect the property.
You may be contacted by prospective purchasers. If your loan amount is higher than the value of the property, the bank will probably get to own it as nobody will bid. |
| JLY | Sunday, February 20, 2000 - 11:30 am
Thanks Christine. One more question. Since I filed bankruptcy and included the home in questions, how will the NOD and/or foreclosure be reported to the 3 bureaus and for how long? By the way, I'm in the state of California. |
