You hear the term all the time. Notice of Default, (NOD). If you google the term, you get pages and pages of definitions and suggestions on what to do. But after reading all of the material, could you identify it if you saw it?
I try to explain the significance of this document and try to describe what the documents looks like to my clients, but most cannot visualize it. However, I don’t blame them, because even for me, in order for me to learn or absorb something: I need to see it, feel it or experience it before it will register in my brain. I supposed we are all the same in this regard.
Instead of always trying to describe this document, I decided I would show everyone a sample. This way, they will know when the official foreclosure process has begun and certain timelines have been established. This is when things get very serious.
As you can see from a real NOD from one of my clients (relevant information removed), the document simply identifies three things: a) how much do you owe, 2) to whom do you owe said money and 3) when the sale date (a.k.a. auction date) can take place if said money is not paid. If the default amount is not paid by the end of 90 days, then the agent of the beneficiary can file a Notice of Trustee Sale (NOT or NOTS), which will describe when and where the property will be sold.
If you see one of these documents in the mail, then it is time you seek help from someone who can stop the foreclosure process.
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