Posted on: 07th Jun, 2011 08:22 pm
I reinstated my mortgage 2 weeks after being served a "Notice of Default and Intention to Sell" in April. According to Arkansas statute 18-50-114(b), there is supposed to be a cancellation of the "Notice of Default and Intention to Sell" filed with the county recorder by the Mortgagee, beneficiary, or their successor in interest. I cannot seem to get an answer from either the Mortgage company, Trustee, or the Court Administrator as to if this will ever be filed...they say its not something they do but it will require some research.
My question is...are my chances of ever getting another mortgage in the near future the same if this cancellation notice gets filed or not? Do mortgage lenders add any positive weight in their consideration for loan approval if there is a cancellation notice filed? I need to know how bad I need to push for this, or is it moot? Does the cancellation notice really annul the NOD as if it never existed?
My question is...are my chances of ever getting another mortgage in the near future the same if this cancellation notice gets filed or not? Do mortgage lenders add any positive weight in their consideration for loan approval if there is a cancellation notice filed? I need to know how bad I need to push for this, or is it moot? Does the cancellation notice really annul the NOD as if it never existed?
Welcome Zack,
If you have a written document stating that you have reinstated your mortgage, then you won't face any problems in getting another mortgage in near future. You should even have a word with a local attorney and check out if the reinstatement of the loan have to be recorded at the county recorder's office.
If you have a written document stating that you have reinstated your mortgage, then you won't face any problems in getting another mortgage in near future. You should even have a word with a local attorney and check out if the reinstatement of the loan have to be recorded at the county recorder's office.
The problem is going to be the notice of default that was already filed. When a lender pulls a title search on your property, they will know that you had a notice of default. Plus your credit report will show the late payments on the mortgage. You would have to wait for all the late payments to be at least 12 mos in the past.
Zack, for the most part, a notice of default is a letter sent to you advising you of the lender's declaration that you're in default and that they'll take legal means to protect their interest.
I don't believe that anything is filed in the land records, nor anywhere else. It's a formality, in a sense, and a preliminary step to what might eventually end up as a foreclosure.
If that's truly the case, then the notice itself wouldn't be an issue with other creditors, inasmuch as they'd never know that it was sent. Your credit history, of course, is out there for any creditor to look at, and that would naturally reflect whatever delinquencies you may have had. That, of course, would affect your future opportunities to borrow.
If you have a real estate attorney to call on, you can ask the question about the Notice - as to whether or not it's filed in land records. My opinion is that it is not filed.
I don't believe that anything is filed in the land records, nor anywhere else. It's a formality, in a sense, and a preliminary step to what might eventually end up as a foreclosure.
If that's truly the case, then the notice itself wouldn't be an issue with other creditors, inasmuch as they'd never know that it was sent. Your credit history, of course, is out there for any creditor to look at, and that would naturally reflect whatever delinquencies you may have had. That, of course, would affect your future opportunities to borrow.
If you have a real estate attorney to call on, you can ask the question about the Notice - as to whether or not it's filed in land records. My opinion is that it is not filed.
