Received "Notice of Intent to Accelerate"

[lithi78]

Hello all,

I received a "Notice of Intent to Accelerate" that came to me as registered mail today that states the following;



"If the default is not cured on or before December 21st 2008, the mortgage payments will be accelerated with the full amount remaining accelerated and becoming due and payable in full, and foreclosure proceedings will be initiated at that time. As such, the failure to cure the default may result in the foreclosure and sale of you property"


Question;

Based off other peoples experience with Countrywide and thier foreclosure proceedings, how long is the foreclosure proceedings? Ive heard that its 90 days from the December 21st date and others have informed me that it could be as soon as 30 days from that date.

The other question is that does Countrywide then send out another letter indicating when the foreclosure sale takes place to give you a heads up.

My property is located in Northern California (Santa Rosa)

Any suggestions would be greatly appreciated.

Thank you

[The Professor]

Don't be concerned about the "Notice of Intent to Accelerate." While it is true that just about every California promissory note secured by a deed of trust contains this provision, there is sufficient case law that concludes that this provision is not enforceable because it would violate the provisions of California Civil Code Section 2924b, that sets out the timetable for the completion of a non-judicial foreclosure and provides a "reinstatement period that concludes five (5) business days before the date of the foreclosure sale.

During this reinstatement period, the loan can be brought current by paying all arrearages, advances, and foreclosure costs allowable under the Civil Code. Since this right of curing the default exists, the acceleration for non-payment provisions have been viewed as violating public policy insofar as they attempt to restrict the statutory reinstatement period.

You can look to the same Civil Code Section to define the timeline for foreclosure which runs from the date of recordation of the Notice of Default. From that date a three month period runs first. After that period the foreclosure trustee can record/publish/post/and mail the Notice of Sale. The sale date must be a minimum of 21 days from the recordation of the Notice of Sale. That is a tight schedule given what must be done, so the rule of thumb is about 30 days is the minimum.

What this means is that the foreclosure period is usually viewed as being four (4) months in typical duration from the recordation of the Notice of Default. A recently enacted California Law relating to owner occupied residential property, where the lender must make some attempt at a workout and as part of this must indicate the fact of doing so in conjunction with the filing of the Notice of Default. This is generally viewed as a 30-day delay.

Take care,

Daniel

[lithi78]

Daniel,

Thank you very much for this information.. So, from the information you have provided us we still need to receive the "notice of default letter" correct??

Thank you very much,

John

[The Professor]

You are correct. You can actually determine if a notice of default has been recording by checking with your County Recorder (Sonoma in your case). Most county recorders here in California provide online access to their 'grantor-grantee' records. A link for your recorder's site is:
Search Our Records - Clerk-Recorder-Assessor - County of Sonoma

Take care and enjoy the holiday.

Daniel

[lithi78]

Daniel,

You have been most helpfull and its nice to know there are still good people out there like yourself... Have a great day and happy holidays!!


Again, I thank you,

John

[dshelman]

I also got that same exact letter, and was about to post when this one showed up - YAY!

We received no first class letter indicating they recognized we were behind, offering contacts.

The phone calls were to my work voice-mail by a computer while I was out of town seeking a transfer. "Call countrywide and have your account number ready" was all the messages said.

I recieved the notice of intent to accelerate via registered letter, return receipt, etc. Date on this one was 12/20.

Checked Grantor / Grantee Search - Index Page: and there's no indication of a fileing of any kind yet. (That's the link to Orange County, CA recorders guarantor/guarantee filings).

[cdmosaic]

Thought I'd chime in that I also got this notice today from Countrywide. The woman at the post office said she had seen many of them today. Guess Countrywide is doing a mass mailing. They have doen nothing to attempt to help us avoid foreclosure. Told me there were no options available. How do we make use of the new civil code?

[deb64]

I received a similar letter, via regular first class mail. Lender is Wells Fargo. I've missed the Oct 1 and Nov 1 payment. The letter said the account needed to be cured by Dec 16 or the loan would be accelerated. I just put it in the drawer with all the other Wells Fargo letters we receive each week - all telling us we need to contact Wells. We intend to walk away and we're not interested in curing, negotiating, modifying, etc. We bought for $1.22, owe $945, the house is worth $780 at best, and as we all know the market is continuing to drop. We don't stand a prayer of finding a buyer at this point. The local market is flooded with nicer and newer homes than ours, all asking less than we owe - and NONE are selling. As far as we're concerned there is nothing to discuss.

BTW: no phone calls from the lender, so far.

[Marlene]

I have received a Notice of Intent to Accelerate as well. Default needs to be cured by 12/17/08 and I am in Florida. Lender Countrywide. Tried doing a loan mod and was declined 11/25/08. How much time do I have to send in additional information to see if a loan mod can be done before my house is foreclosed on. I have 3 kids and one on the way in two weeks and need to know if I should be looking for another place to stay and how soon. Please advise.

[The Professor]

This seems to be a "pre-foreclosure" standard letter, given the fact that they are using it in a number of states. In terms of the foreclosure time table, look at the posting in the foreclosure laws forum for Florida. It provides general information that will answer your question.

Daniel

[925girl]

Seems like the banks are in a real hurry to start foreclosures even though the chatter is that Obama will get something going for Main Street. Why now when "maybe" help will come to get homeowners in affordable mortgages? What can they gain by enforcing foreclosure's before 1/21/09?

[lithi78]

UPDATE TO MY ORIGINAL STORY.....

I checked online at the county recorders office and a Notice of Default was recorded today however I did not receive any certified letter from Countrywide. Is it not standard procedure or law for lenders to issue certified letters to homeowners regarding the status of their mortgage? What is the typical time frame for the foreclosure process on investment properties? Ive heard that the general rule of thumb is 90 days from the date that the notice of default has been recorded.

Any help would be greatly appreciated....

[brown1978]

When was the last payment you made? I received the same letter about 1 month so I am just seeing my time table.

[lithi78]

The last time I made a pyment was July of 08

[ClueLess]

Originally Posted by lithi78

UPDATE TO MY ORIGINAL STORY.....

I checked online at the county recorders office and a Notice of Default was recorded today however I did not receive any certified letter from Countrywide.

Any help would be greatly appreciated....

the lender has about 10 days from recordation to mail it to you. i found out on-line about our NOD, then about a week later received it in the mail. there's also a certified version waiting to be p/u at the post office.