Does NOD == Non-Judicial FC ?

[Sparkss]

In Cali.

From what I have been reading I interpret it as if we receive an NOD then that indicates that our lendor is pursuing a non-judicial foreclosure and if we get served a court summons for a complaint filed by the lendor then they are pursuing a judicial foreclosure.

To the experts : Would these be accurate statements ?

TIA !!!

[Evan Bedard]

Hi sparkks welcome and thank you for joining.

From what I have been reading I interpret it as if we receive an NOD then that indicates that our lendor is pursuing a non-judicial foreclosure and if we get served a court summons for a complaint filed by the lendor then they are pursuing a judicial foreclosure.

To the experts : Would these be accurate statements ?

That is correct is you have been sent an NOD your are going through the non-judicial foreclosure process. But after you have been served an NOD you still have time to try and find a solution. Have you already begun the process?

[Sparkss]

we have not gotten an NOD yet, but I expect one in the next month or so (or should I say hope for one versus the alternative on a court complaint). We had tried to work out something with our lendor but with my wife out of work and my hours drastically cut we have a 1.5k deficit each month (if we had kept paying our mortgage). I had been worried about states taxes on a foreclusure until AB 1580 passed late last week. We have a single loan, but a refi, where we took no money out, so as long as they go the non-j route we should be able to survive this w/o having to file for BK.

Thanks for your response. I had looked around and couldn't find it clearly spelled out like that as to what would indicate that a non-j fc was being pursued (vs. a judicial one).