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Foreclosure Fifth Procedure
Upon completion of the prior 3 events, landlord or rental property owner’s lender or its servicing agent can direct the trustee to prepare a NOS (including scheduling a foreclosure sale). The trustee will record the NOS, post their home with a copy of the NOS, and publish the NOS inan authorized newspaper of general circulation in the jurisdiction where the foreclosure sale is to occur. The NOS will be published multiple times leading up to the date of the scheduled foreclosure sale or the date of the postponed sale of their home.
It is possible the NOD was recorded against the landlord or rental property owner’s home prior to the effective date of the California law establishing the requirement to delay the recording of the NOD until 30 days after contact is made with them or after satisfying due diligence requirements to make contact with them(demonstrate a good faith effort). In such an event, a statement in the form of a declaration must be included with the NOS that contact with them occurred to explore alternatives or options to avoid foreclosure prior to recording the NOS.
These required contacts or good faith efforts to make contact put many homeowners in direct communication with their lender or its servicing agent early in or during the foreclosure procedure. Time and energy that was once wasted tracking down the landlords and property owner’s lender or its servicing agent (or the appropriate member of their staffs) can now be invested in negotiating monthly mortgage loan payments that they can afford and that are acceptable to their lender (modifying or restructuring their mortgage loan). Landlords and Rental Property owners should continue to negotiate with their mortgage lender or its servicing agent up until the scheduled date of the foreclosure sale or the date of the postponed sale. They should not prematurely move out of their home, particularly when they are continuing to negotiate with their lender or its servicing agent.
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. Landlords and Rental Property Owners Guide to Fifth Procedure in Foreclosure is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
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