Home Loans and Support

Received "Notice of Intent to Accelerate"

Discussion in 'Deed in Lieu of Foreclosure - Do You Need Help to ' started by lithi78, Nov 26, 2008.

  1. lithi78

    lithi78 LoanSafe Member

    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"


    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
  2. ProfessorShays

    ProfessorShays LoanSafe Member

    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,

  3. lithi78

    lithi78 LoanSafe Member


    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,

  4. ProfessorShays

    ProfessorShays LoanSafe Member

    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.

  5. lithi78

    lithi78 LoanSafe Member


    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,

  6. dshelman

    dshelman LoanSafe Member

    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).
  7. cdmosaic

    cdmosaic LoanSafe Member

    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?
  8. deb64

    deb64 LoanSafe Member

    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.
  9. Marlene

    Marlene LoanSafe Member

    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.
  10. ProfessorShays

    ProfessorShays LoanSafe Member

    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.

  11. 925girl

    925girl LoanSafe Member

    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?
  12. lithi78

    lithi78 LoanSafe Member

    Now Received Notice of Default


    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....
  13. brown1978

    brown1978 LoanSafe Member

    When was the last payment you made? I received the same letter about 1 month so I am just seeing my time table.
  14. lithi78

    lithi78 LoanSafe Member

    The last time I made a pyment was July of 08
  15. ClueLess

    ClueLess LoanSafe Member

    Re: Now Received Notice of Default

    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.
  16. mikedonovan85

    mikedonovan85 LoanSafe Member

    wells just sent me a letter to accelerate. I am in CALIFORNIA and 2 payments behind. I am very scared and freaked out. I have a family of 4 and friends and school to think about.

    I think the letter is a 'intent to accelerate' and says by Feb 14, it must be paid up fully. I started a loan mod final review after 3 trials on Jan 8, belive its with a negotiator.
    I believe the letter says that after 14 they MAY foreclose at any time.

    QUESTIONS TO ALL OF YOU in particular for Santa Clara CALIFORNIA based deed.

    1. does wells after the Feb 14, 30 days later send a NOD ? or will they keep sending these letters.

    2. if they send a NOD, I want to know if its possible to correct the payment imbalance or do they just go to foreclosure and not accept payments. Is that Legal ? Does a NOD allow you to correct the outstanding payments and Fees ?

    3. Who knows the CA timeline is it for wells:

    1. notice of acceleration, another notice, another notice
    2. NOD sent via certificied and recorded at the county office
    3. Sale date doc sent, after how long.

    can things be corrected at step 2, 3 or can some investors/servicors just steal you house in some legal way ?

    really scary stuff.
  17. WannaGo

    WannaGo LoanSafe Member

    It sounds scary - but take a really deep breath.
    Wells Timeline - have you scanned this thread?

    If You have not done so already - see if the Loan Mod forum has others who are dealing with WF & might have escalation Contacts & Tel numbers
    Loan Modification

    Santa Clara Recorder's Website - search & keep up with any activity
    http://www.sccvote.org/portal/site/rec/agencychp?path=/v7/County Clerk-Recorder (DEP)/Records Search

    Good News - the only folks more screwed up than banks = US Gov't -

    Hang In There - It's CA - no one is going to come sweeping in & take your home tomorrow
  18. mikedonovan85

    mikedonovan85 LoanSafe Member

  19. chcktychna

    chcktychna LoanSafe Member

    Well, what I don't understand is... why would even get that if you are in the process of a modification? I'm thinking they're just backlogged and this might be another case of one department not knowing what another department is doing. You need to contact your person who is working with you on the Mod and tell them you received that notice. And yes, you should spend some time and post on the Loan Mod Threads.
  20. WannaGo

    WannaGo LoanSafe Member

    OK, seriously - You have a couple of things (MOD/Trial/Negotiator + Acceleration Notice) going on which is not unusual because Banks do not have the ability to coordinate anything.
    It sounds like You want to stay in the house long term - if that is the case then:
    If I were You, I would concentrate 99% of my energy getting to the bottom of the Loan MOD process. Let Negotiator know about the Notice to Accelerate & see if they can stop/suspend that 2/15 amount due.
    I would really dig into the Loan Mod section on Loan Safe (link above in prior comment) to see if You can find someone who has had success with WF.
    $5100 is a real big number, so before You let that go make sure things are going in your favor & once again, You want to stay in the house.
    The Notice of Acceleration & other letters are designed to get homeowners to voluntarily send in $$$ by threatening them.
    But Look way up at the 2nd posting in this thread by Prof Shays - regarding timeline.
    Good Luck - know it's not easy but You are in the right place to get support & help

    P.S. Just found this WF section on Loan Safe that You probably should also visit, read past threads & Post your situation

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