Foreclosure Timelines
The first mortgage is 120 days late as of 7/1. They filed for a foreclosure sale on 6/22 but have not told me a sale date or given me any options to reinstate the loan. Isnt there a redemption period where you can pay the back amounts due to save your property? What is the time frame from the date filed to the actual sale? Isnt there supposed to be a letter or notice telling me when the sale date is? I live in Nevada
did the file a notice of default or notice of trustee sale on 6/22?
In CA there's basic 3 months after the NOD that the NTS is files.
Hmmm...not sure what California precedures have to do with Nevada since you asked about the state in which you live, but let me take a stab at it.
Quote:Isn't there a redemption period where you can pay the back amounts due to save your property?It is actually called a reinstatement period, and is good for 35 days following recording of the Notice of Default and Election to Sell.
Quote:What is the time frame from the date filed to the actual sale?Not less than three months.
Quote:Isn't there supposed to be a letter or notice telling me when the sale date is?Yes, but the trustee does not have to give that notice until after the three month waiting period. It appears that trust deeds executed after October 1, 2003 will require the trustee to give 60 day notice so this will be more and more prevalent. But no such timeframe appears to exist for TDs executed prior to that date.
I found these answers at the following website, and you would do well to learn it if you wish to understand the foreclosure process in your state: http://www.leg.state.nv.us/nrs/NRS-107.html#NRS107Sec080[ Edited by wannabe21 on Date 07/06/2004 ]
Each state has different timing in regard to reinstatements, notices, etc.
That information is listed in the state law code, usually found on your state's web site. A sympathetic ear at city hall may be able to clear it up for you also.
If you still can't find it, go to city hall and pull the Notice. Contact the beneficiary's trustee (if they are not the same company). If possible, go to their office in person.
Good luck.