Technical Question Re Request For Notice Of Default
When you file a request for notice of default, who is it that is responsible for notifying you. Do you end up paying someone for doing this? What recourse do you have if they don't?
Thanks in advance.
Are you trying to find out who has received a notice of default???
All I have to do here is go down to the court house on Monday and look at all the new civil cases filed during the last week. Foreclosures are marked FC, and usually filed at the same time the notice of default is sent. I know every state/county is different, but isn't it public information everywhere?
You're ? doesn't make sense ? I think what your trying to get across is " How do you get the Notice of Default list " . The way to obtain a N.O.D list is visit you're local Title Company .Since its your first time , you may have to hand over a fee .
This varies state to state.
In WA we have a statute requiring the Trustee to send notice to any person paying a small fee and recording a formal Request for Notice with the recorder.
The CCC's (CA Civil Code) may have similar statute, which you can quickly determine by talking to your local recorder.
CCC's have very short "laundry list" of legally recordable docs, and the recorder's office will know about this situation and what they have, if anything, that would give you a right to copy of the notice, should one ever be filed..
John - thanks much - sounds 100% right.
I was just looking at a note on one of my properties (CA) and it appears that the note holder has responsibility for notification if the note is in default unless there is law that supercedes.
7. Giving of Notices
"Unless applicable law requires a different method, any notice that must be given to me under this Note will be given by delivering it or by mailing it by first class mail to me at the Property Address above or at a different address if I give the Note Holder a notice of my different address."
This particular note is published by VMP MORTGAGE FORMS
My recollection is that the trustee on the deed of trust actually does the notification. I am assuming that you are holding a junior note and a senior note is in default so this would be the trustee on the senior deed of trust and that you have recorded a Request for Notice of Default.
I would imagine that recourse would depend on damage to you caused by failure to notify. If the senior is held by an institutional lender and the associated trustee is a major title company, you won't have to look far to see who you would go after.
Let us know more.
Regards,
Ed
If you dear Sir are the Beneficiary of the Note and Deed of Trust. You go to the office of the named Trustee. You then inform him of the default and he then arranges to record a Notice Of Default and serves the Trustor and opens a title order and notifies everybody on the title who is entitled to receive notice of this dastardly event.
A period of 90 days passes. He then Records a Notice of Trustees Sale and posts such notice on the property. He also once again notifies everybody who has requested notice or who appears on the title policy.
In 21 days He then at the appointed time and place does appear and calls the sale. While there he qualifies persons present to bid on this happy occasion and starts the sale. "On behalf of you the friendly Beneficiary he bids the amount owed plus costs and any advances. If there are no overbids you, lucky devil get the property. If there are bids an auctions occurs and the winner owns the property. The Trustee then returns to his office, adds everything up and draws a Trustee's Deed to the person who will now be in title. This is recorded. You get a bill unless there was an overage bid. You all go home and the deed is done.
Of course there are other things going on like constructive notice, designated newspapers etc. etc. But that is the rough and skinny of it. Its an interesting business you meet a lot of very charming deadbeats who have great stories and you meet investors. Two different divergent personalities. But such is the world.
Does this make sense to you. Remember now this is only in California.
Reflective Lucius Trustee
Lufos gives an excellant over-view of the entire foreclosure process from start to finish.
A couple of points may be in order. Immediately prior to the filing of the notice of default there is generally a substitution of trustee (goes from the lender's trustee to the servicing company's trustee). This is because the foreclosure process is technical and must meticulously follow the state's statute to be valid. The last thing a lender wants is to start the entire process again!
A trustee's guarantee title policy has been prepared. All interested parties will be notified. A tiltle company's Senior V.P. once told me that the "request for notification" is therefore redundant. because everyone indicated on the title policy must be notified. .In my state, all interested parties, other than the defaultee (5days), have to be notified within 30 days.
However, those who file a request must be notified within 10 days. So, there's a little bit of an advanced warning by www.filing.the request. In the grand scheme of things, it may not be worth much since most breaches are cured one way or another. Also, junior lienholder generaly don't act during the early stages of the process.
Lucius and Sammy - I suspect there is a lot of experience behing those comments - they answered almost everything I can imagine.
They trigger 2 new questions and I'll put them up as a separate post.
Again
Thanks