Notice of Default FAQ
Receiving a Notice of Default from your mortgage lender or servicer can be scary to face alone. Thank goodness we're here to help.
Below is a list of frequently asked questions (FAQ) regarding notice of defaults.
The Foreclosure Attorneys at Katje Law Group have experience with all stages and aspects of the foreclosure process. Call today to speak with our knowledgeable staff and attorneys who are ready to help at any time, regardless of the stage of foreclosure in which you currently find yourself.
What is a Notice of Default?
A Notice of Default is the first step a lender takes to begin foreclosure of your home.
Why Did I Receive a Notice of Default?
A lender or loan servicer is allowed to begin foreclosure proceedings on your home if you are delinquent on your mortgage. If you've missed your payments or have stopped making payments, your lender, loan servicer or trustee may record a Notice of Default.
Is There Anything My Lender Must Do Before Recording a Notice of Default?
In California, under the Homeowner Bill of Rights (HBOR), if the property is your primary residence and is four units or less, your lender or loan servicer is required to contact you with due diligence to explore options for avoiding foreclosure at least 30 days before recording the Notice of Default.
What Does a Notice of Default Mean?
A Notice of Default is recorded to inform you, the homeowner, that the foreclosure process on your home has begun. It should outline exactly what steps you need to take to prevent foreclosure of your home.
What is NOD?
An NOD is the abbreviation for a Notice of Default.
What Happens After I Have Received a Notice of Default?
A Notice of Default gives the homeowner time to bring the mortgage payments up to date. In California, the law allows 90 days. If the loan is still in default after the 90 day period has ended, a Notice of Trustee's Sale may be recorded and your home could be sold just shortly thereafter at a public auction, as soon as 20 days.
What Should I Do If I Receive a Notice of Default?
If you have received a Notice of Default and you cannot pay all the money you owe, please call or email our office immediately. There are options available to save your home from foreclosure, and there are more options available the sooner you call. We recommend you call today and act without delay.