Posted on: 08th Jun, 2009 09:17 am
At the end of a forbearance period, does the foreclosure timeframe start over if payments are not made?
I live in California, and received a Notice of Default (NOD) dated April 18, 2009, allowing 90 days before a Sale Date would be set. Shortly after getting the NOD, my lender offered a Forbearance Agreement until September.
My question is at the end of September, if payments are not made, will my lender have to send me a new NOD with an additional 90 days before Sale Date is set? Or can they sell the property immediately?
Thanks.
I live in California, and received a Notice of Default (NOD) dated April 18, 2009, allowing 90 days before a Sale Date would be set. Shortly after getting the NOD, my lender offered a Forbearance Agreement until September.
My question is at the end of September, if payments are not made, will my lender have to send me a new NOD with an additional 90 days before Sale Date is set? Or can they sell the property immediately?
Thanks.
Hi acasas,
If do not make any payments, the lender can start foreclosure procedure any time after the forbearance period is over. They will not have to send you another notice of default with an additional time of 90 days. They have already served you a NOD and given you enough time to get current on your loan. They can foreclose on your property any time once the forbearance period is gone.
Thanks,
Jerry
If do not make any payments, the lender can start foreclosure procedure any time after the forbearance period is over. They will not have to send you another notice of default with an additional time of 90 days. They have already served you a NOD and given you enough time to get current on your loan. They can foreclose on your property any time once the forbearance period is gone.
Thanks,
Jerry
acasas,
Welcoem to the forum.
In this market situation normally it is takign soem where from 6 - 9 months to forclose on the property. Due the volume.
Good luck and feel free to ask
Realgeni
-Good credit is easy to achieve, as long as you use it responsibly.
Welcoem to the forum.
In this market situation normally it is takign soem where from 6 - 9 months to forclose on the property. Due the volume.
Good luck and feel free to ask
Realgeni
-Good credit is easy to achieve, as long as you use it responsibly.