If you have received a "Notice of Default" from your lender, you have a limited amount of time in which to resolve the issue before you lose your home. Do not wait until it's too late.
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ABOUT OUR FIRM

Notice-of-Default.com is a division Powerhouse Associates, Inc. Our firm provides numerous real estate and financial services which include helping homeowners find solutions for themselves and their families in lieu of losing their homes to foreclosure. Our staff is dedicated to helping families keep their homes.

Our motto, "Saving familes is our business!", is taken to heart by all our staff. We work with the homeowner and the lender to help find a solution.

We are not investors motivated to leverage homeowners out of their homes and valuable equity. There are many services stating that they will "help" a homeowner to save them from foreclosure. We strongly urge all homeowners that are curently in Notice of Default or pending Notice of Trustee Sale, from agreeing to make any agreement to give up their home or equity without first seeking compitent legal consultation before entering into any such agreements.

Our firm's website is dedicated to outline alternatives for homeowners in distress. We welcome you to fill out our contact form, call our toll-free number or click on the live support link to speak with one of our staff to discuss your alternatives.

Notice of Default

Foreclosure proceedings are initiated with a Notice of Default (N.O.D.). The Notice of Default is recorded at the request of the lender by the trustee which, in effect, gives notice to the public that the loan is in default. The actual recording of the notice takes place at the County Recorder's Office in the county in which the property is located. It denotes essential data pertaining to the trust deed, the amount in arrears, address of the property, and the date of recording.

There are several parties entitled to receive a copy of the Notice of Default. The Trustee will mail a copy of the notice within ten days after recording to the record owners and all persons who have recorded a "Request for Notice". Further, the trustee will send notice to other parties having an interest in the property within thirty days as required by law.

Notice of Sale

When the delinquency is not cured within three months from the recording of a Notice of Default and, after receiving authorization from the lender, the trustee will prepare the Notice of Trustee's Sale. This notice includes, among other information, a description of the property, an estimate of the amounts owed to the lender ( the "opening bid") and the time, date and place of the sale of the property. The Notice of Sale is then sent to a legal newspaper to publish the notice once each week for three consecutive weeks, the first publication to occur at least 20 days before the conduct of the sale. The Notice of Sale is recorded, posted on the property and in at least one public place where the sale is to take place. The parties who were mailed a copy of the Notice of Default will now additionally be sent a copy of the Notice of Sale. Any taxing agencies entitled to receive notice will also be provided with the same.

Trustee's Sale

The date of the Trustee's Sale was decided upon at the time the Notice of Trustee's Sale was prepared. It usually falls within 21-25 days after the end of the Pre-Publication Period, depending upon whether or not there are federal tax lien notification requirements. The exact date is also influenced by the location of the Trustee's Sale and by the frequency of publication of the newspaper which the trustee is required to use.

The sale is a public auction sale and is open to all bidders. Bids are made orally and each person wishing to bid must first show the auctioneer the amount and form of money which he/she intends to use in the event that he/she is the successful bidder. Only cash equivalents, such as cash, cashier's checks, etc. are permitted. Personal checks are not acceptable. The total amount must be paid by the highest bidder prior to the acceptance of the final bid. The lender who is foreclosing doesn't need any money unless it wishes to bid more than the total debt, including trustee fees and costs. If the lender wishes to bid more, it must also have enough money to pay the difference between the amount of its debt and the final bid. The sale is completed when the highest bid has been received and the auctioneer accepts that bid.

Trustee's Deed Upon Sale

A Trustee's Deed Upon Sale will be prepared after the sale has been completed. The Deed is executed by trustee and sent to the recorder's office. After recording, it is forwarded to the purchaser at the Trustee's Sale.

Unlike other types of foreclosure sales, there is no right of redemption after a Trustee's Sale and the purchaser is entitled to immediate possession. The one exception is the right of the federal government to redeem within 120 days if a federal tax lien affects the property.

No policy of title insurance is given to the party who becomes the owner at the Trustee's Sale. Normally, title insurance becomes involved when the property is subsequently sold or refinanced.

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DISCLAIMER: Notice-of-Default.com and Powerhouse Associates, Inc. do not give legal advise. Please consult an attorney for any and all inquiries as to what your rights are in the event you are in a foreclosure process.