This is a question we hear all the time, and one that comes with a very important answer. This also a good follow up from our last post about about what to do what to when you are Defaulting on Your Mortgage. Did miss a few mortgage payments and then neglect, or just forget to respond to respond to the Notice of Default? Well here’s what happens next.
After not responding to the Notice of Default, if you have not yet been referred to mediation within 30 days from receiving the Notice of Default, the trustee may issue the Notice of Trustee Sale (NOTS). When a homeowner receives a NOTS, he/she has only 20 days from when the NOTS was recorded to be referred to mediation. This is the last notification you will receive before the “Trustee Sale” of the property. This means your home will be sold at a “Trustee Sale” on a certain date. The sale date of the home must be at least 120 days from when the NOTS was recorded. If the bank completes the foreclosure process, you have the right to stay in your property for up to 20 days after the Trustee Sale.
Are you afraid this might happen to you, or are you ALREADY in the middle of this process? If so, be sure to give your local foreclosure mediation specialists a call.