How and when will I be notified about a Notice of Trustee Sale?

[ftm2hannah]

Hello everyone,

I am so glad I found this site after weeks of searching.

I live in CA. Long story short, we got our Notice of Default on 6/30/09. We have Chase. I am anticipating a Notice of Trustee sale but have not gotten anything via the post office or process server. Does it normally happen exactly 90 days after the NOD?

Also, since I'm a newbie, is there a dictionary of all of the acronyms on this site?

Thanks so much for your help!

[Moe Bedard]

Hello and welcome to LoanSafe! We're glad to have another great member among us.

We do not have an dictionary for these acronyms but that is a very good idea that I'll work on

You should get one at the 90 day mark but this is all up to Chase and from our experience, that can take a lot of time. So, with that said, there is no for sure date and it is all a gamble. I have seen homeowners stay a year plus after they get the Notice of Trustee sale and FYI the acronym for that is "NTS"

If you try and work something out with Chase, this will show them an effort is being made and will delay the sale even further.

[ftm2hannah]

Thanks for the response.

I just got a "Substitution Trustee" sent certified mail. It has a trustee sale number but I haven't been able to find out anything in terms of a date. I'm assuming I will be getting a NTS, right?

I appreciate your help.

[Moe Bedard]

No problem.

Oops, I must be tired and I sincerely apologize. What I meant is the Notice of Default or NOD is when some homeowners still stay for a year plus before they get the NTS mentioned above.

Check this out:Foreclosure process can be lengthy affair for homeowners | lansingstatejournal.com | Lansing State Journal

or

Delayed Foreclosures Stalk Market - WSJ.com

California law is below, but a lender can do whatever they please as far as time frame. Just as longs as they do not foreclose before the time prescribed by California law.

California Foreclosure Laws

California Foreclosure is Non-Judicial.

California Foreclosure Timeline

Day 1-Day 90	Day 91-Day 110	Day 111 or more
Redemption Period	Publication Period	Trustee's Sale
Lasts 90 days from the recordation of the Notice of Default	Lasts 20 days from the end of Redemption	Held 21 days after first publication

Redemption Period

Once the Notice of Default records the foreclosure time frame begins. California foreclosure law states that within 10 business days a copy of the recorded Notice of Default is sent by certified and regular mail to the borrowers at all addresses provided and any recorded special requests. Within 30 days a copy of the Notice of Default is sent by certified and regular mail to new owners and all junior lien holders to the Deed of Trust being foreclosed. A Trustee's Sale Guarantee Report is ordered from the title company providing all title information. The foreclosure remains dormant for the next 60 days unless the borrower makes contact to cure.
Publication Period

California foreclosure law states that the publication period begins once the redemption period has expired. A Notice of Trustee's Sale is prepared and published in an adjudicated paper of general circulation in the city in which the property is located. The Notice of Trustee's Sale is published one time per week for three weeks. The actual Sale is established by adding at least 20 days to the date that the Notice of Trustee's Sale was first published in the newspaper. The Notice of Trustee's Sale is posted on the property and in a public place. At least 14 days period to Sale date the Notice of Trustee's Sale must be recorded in the county in which the property is located.
Trustee's Sale

California foreclosure law states that on the day that was established for sale of the property, and only after all publication period requirements have been met, the property is sold to the highest bidder for cash for the full amount of the debt plus foreclosure fee and expenses. If no one bids at the Trustee's Sale, the property automatically reverts back to the beneficiary for the debt. A Trustee's Deed Upon Sale is recorded in the county in which the property is located transferring title to the foreclosing beneficiary allowing the marketing of the property to recover their debt.

[heidi79]

I have no clue how to start a new post. Anyway, maybe someone has the answer to this. I recieved foreclosure papers recently in North Carolina, I'd like to answer the papers in time, do I have to get a lawyer to answer them for me?

Can I somehow answer these myself the right way? If not does someone know of a lawyer that can answer these for me in NC?

[cleach]

Heidi, you do NOT have to have an attorney answer them for you. You can do it your self. Contact the superior court or magistrate court (wherever it was filed) and they will tell you EXACTLY how to answer it.

I don't know how long your time period is, but I would contact the court today to make sure you have time. Your time period should also be listed in the paperwork. For us, in GA it was 30 days.

Good luck!

[heidi79]

Thanks for the useful info, will do.

[ftm2hannah]

I got the NOT posted on the door yesterday. They gave me a whole 17 days notice. In CA I'm supposed to get 21 days. People are driving by the house like crazy and I feel like vulture meat.

[taz007]

OMG!! I am in the exact same boat! The dates are just about the same and I have Chase as my servicer. I bought more time by filing Ch. 7 BK and filed an answer to their motion to lift the stay. This move bought me an extra 60 days.

Did you try to do a loan modification? My attempt at modification was denied last week. I have until Nov. 19 to come up with about $9000 and I owe about $23,000 to get current. So, after the 19th I have to come up with the additional $14000 and, according to your time line, I have about 21 days. Uggh.

My BK attorney suggested that I file a Chapter 13 BK after November 19. I have 10 days after the my BK discharge (+/- Nov. 23rd) to file Ch. 13.

What I intend to do is attend a NACA seminar (not the workshop!) in the next week and hash out a loan modification. My friend got her loan modified in 1 day! Do you think that this is an option for you?

[darlyj]

Originally Posted by ftm2hannah

I got the NOT posted on the door yesterday. They gave me a whole 17 days notice. In CA I'm supposed to get 21 days. People are driving by the house like crazy and I feel like vulture meat.

I'd plant a big sign on the front lawn that says something like "Yes, I'm still here....cash for keys, anyone?"

[darlyj]

Or if you really want to get personal: "May you never know the feeling of watching others attempt to capitalize on YOUR broken dreams."

[ftm2hannah]

Do you live in CA?

We are planning on filing Chapter 7 (in the process of the paperwork). Did you get an atty? How did you answer their motion?

I just found out about NACA but it was all filled when I looked at the dates nearest me.

Originally Posted by taz007

OMG!! I am in the exact same boat! The dates are just about the same and I have Chase as my servicer. I bought more time by filing Ch. 7 BK and filed an answer to their motion to lift the stay. This move bought me an extra 60 days.

Did you try to do a loan modification? My attempt at modification was denied last week. I have until Nov. 19 to come up with about $9000 and I owe about $23,000 to get current. So, after the 19th I have to come up with the additional $14000 and, according to your time line, I have about 21 days. Uggh.

My BK attorney suggested that I file a Chapter 13 BK after November 19. I have 10 days after the my BK discharge (+/- Nov. 23rd) to file Ch. 13.

What I intend to do is attend a NACA seminar (not the workshop!) in the next week and hash out a loan modification. My friend got her loan modified in 1 day! Do you think that this is an option for you?

[darkdays]

Originally Posted by heidi79

I have no clue how to start a new post. Anyway, maybe someone has the answer to this. I recieved foreclosure papers recently in North Carolina, I'd like to answer the papers in time, do I have to get a lawyer to answer them for me?

Can I somehow answer these myself the right way? If not does someone know of a lawyer that can answer these for me in NC?

Heidi,
Did you receive foreclosure papers BEFORE or AFTER October 1. I suspect before because attorneys were scrambling to beat the new NC law. Call the courthouse and speak with the court clerk for special proceedings. If the papers were filed after October 1 your path is easy. The court clerk will ask the lender to prove what efforts they have made to modify your loan. GET YOUR NOTES READY! If the foreclosure was filed before October 1, you may still be able to get the clerk to follow the new guidelines and require the lender to prove what attempts they have made to modify and work things out with you. The court clerk has the power to grant up to 60 days for you and your lender to work it out. If the clerk rules against you, you can appeal it to the superior court judge within 10 days of the denial. Then you have to wait for superior court to be in session again to get your day in court. Who is your lender?

[darkdays]

Heidi,
I forgot to mention that the good news about this new law is your lender isn't appearing in court but rather their attorney and their attorney is not as willing to lie as quickly and easily as your lender. No sense if them getting disbarred for some client who is only paying them $350 for the foreclosure. See my point?

[robijamie]

ftmhannah,

If you are planning on filing CH 7 Bankruptcy, why not plan it BEFORE they take back your house? The bankruptcy would force the Automatic Stay which prevents the lender from collecting on the debt or completing the foreclosure. From there, you could get your ducks in a row and try for a loan mod, or just ride it out staying rent free while your bankruptcy proceeds. It will buy you some time. Something to think about for sure.

[taz007]

Originally Posted by ftm2hannah

Do you live in CA?

We are planning on filing Chapter 7 (in the process of the paperwork). Did you get an atty? How did you answer their motion?

I just found out about NACA but it was all filled when I looked at the dates nearest me.

Yes, I live in CA. I did get an attorney to file Chapter 7 on September 22nd. The motion to lift the stay was filed shortly thereafter by Chase. The motion date was October 15th. My answer to the motion was that I was accepted in to HAMP and their guidelines state that foreclosure can not proceed while in a modification. Well, Chase took care of that by denying my modification on October 14th (the day before the motion). Somehow, my attorney got Chase to agree to allow the stay to "stay" if I pay 3 months of back payments (what I owed AFTER I filed BK). My attorney charged me an additional $500 to file an answer.

Now all of the NACA workshops in my area are booked until January as well (you must live in my area!) You do NOT want to attend a workshop as time is of the essence for us. You want to go to a seminar. The next one (and I will be there!) is in Tuscon, AZ. I will be driving there and I plan to spend the night in a line.

[ftm2hannah]

Originally Posted by robijamie

ftmhannah,

If you are planning on filing CH 7 Bankruptcy, why not plan it BEFORE they take back your house? The bankruptcy would force the Automatic Stay which prevents the lender from collecting on the debt or completing the foreclosure. From there, you could get your ducks in a row and try for a loan mod, or just ride it out staying rent free while your bankruptcy proceeds. It will buy you some time. Something to think about for sure.

Yes, our plan is to file before the auction. We just got an atty and are filling out our paperwork. Hopefully Chase won't try to lift the stay as quick as others here...