NOD--2nd time around??

[Lainy09]

In CA, NOD filed 11/08, moved out. In 5/09 NOD cancelled. Called lender to find out why-told some legal items hadn't been done. Also advised qual for MHA so moved back into home. Today advised by lender don't qualify after all, claim not enough income, although nothing changed in 2 mos, what a mess. Does lender have to re-file NEW NOD and does 90 day clock begin again, or can they go straight to Notice of Sale?

[Irish Gal]

Hey Lainy,

So sorry this is happening to you. If you want to save this home, I think you're gonna need to get real aggressive with these turkeys. Media exposure might help. Of course, it all depends on how much you want to save this home. But, I think they need to get a strong message that they can't get away w/ this stuff. File a complaint against them anywhere you can. Have you tried NACA? They are aggressive advocates for distressed homeowners and it's free. Of course, a great atty would help, but most distressed homeowners don't have the $$$$$. Good luck. Keep us posted!

[Lainy09]

Hi Irish Gal,

Thanks for your reply. Really wish I had the time to attend law school, haha. Still trying to figure out if the cancellation of the NOD (which I found out by visiting the county recorder's site) is a legal thing, or just a "paperwork" thing...in other words, legally, must the lender officially re-file the NOD to get things going again, which starts the 90-day clock again, OR, can they just go straight to the Notice of Trustee Sale step this time......Anyone know this?

[Nathan Fransen Esq.]

Lainy09,
Here's some general info (in otherwords you should still get your own attorney to give you specific advice.)

In order to record a Trustee Sale the lender must have allow 90 days to elapse from the recording of a Notice of Default. (CCC Sect. 2924(a)(2)).

If a lender rescinds a Notice of Default, then it is as if it was never recorded, and thus they would have to re-record an NOD and wait 90 days in order to properly Notice a Sale.

Good luck.

[Lainy09]

THANK YOU THANK YOU THANK YOU for finding that info for me and posting it. I am in the process of playing the wait and see game with the whole mod process, and just trying very hard to have an idea of how long I could potentially have if they continue to be so dang difficult. It would be in our best interests (and the lender's) if we could build up some type of $$ cushion before attempting to jump thru the hoops of a down payment and trial payments. I really want to succeed, and not set us up for failure. Thanks again!