The notice of default (NOD) is the first legal action in the foreclosure action in California. The next step is advertising in the paper and then the sale is scheduled the time from nod to sale is typically 90 – 120 days if there are no delays in the process. Notice of Default is mailed to the owner. It is an official notice that is recorded in the county recorder’s office. This notice is advising the owner that they are in default of the agreement and if the loan is not brought current within 90 days the bank has the right to foreclose which in California usually occurs on the court house steps through an auction process. Just because the bank has the right they do not always exercise it immediately.
If the bank has an offer during the NOD period they very often but not guaranteed will not exercise their right to foreclose. Even if they have an auction date (trustee sale) you could get it postponed. An owner or selling agent cannot contact the asset manager. I say cannot because they will not have the contact person or number. Asset managers are only involved when the home is foreclosed on and becomes bank owned (REO). At that time they deal only with the listing agent. If you would like more information please do not hesitate to contact me.
If the bank has an offer during the NOD period they very often but not guaranteed will not exercise their right to foreclose. Even if they have an auction date (trustee sale) you could get it postponed. An owner or selling agent cannot contact the asset manager. I say cannot because they will not have the contact person or number. Asset managers are only involved when the home is foreclosed on and becomes bank owned (REO). At that time they deal only with the listing agent. If you would like more information please do not hesitate to contact me.
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