Replies to This Discussion

Permalink Reply by Janie Booth on July 15, 2010 at 8:37am

This is a good question because I have one B of A client that is severly late and another that is just a few months late. Anybody know the answer to this?

Permalink Reply by Kent Dills on July 15, 2010 at 8:38am

Jennifer, I'm not an attorney, but this process is the standard process in Texas. First the lender's issue their intent to accelerate letter, then the following month usually comes the NOD/Notice of Trustee Sale!

Permalink Reply by Jennifer Klein on July 15, 2010 at 8:44am

Thank you! I wonder if it's because the loan is serviced in Texas and they are confused? The property is in CA. I just need to know if we can expect an NOD with the traditional proceedings, so I know a time frame for my clients.

Kent Dills said:

Jennifer, I'm not an attorney, but this process is the standard process in Texas. First the lender's issue their intent to accelerate letter, then the following month usually comes the NOD/Notice of Trustee Sale!

Permalink Reply by Kyle Souza on July 15, 2010 at 8:53am

NOD is required by CA law. The "intent to accelerate" is the formal process that the bank goes through. The NOD is probably coming shortly.

Permalink Reply by Wendy Smith on July 15, 2010 at 9:46am

The notice to accelerate aka notice of intent to foreclose does not replace any legal steps or notices. It is sort of like the last warning letting the borrower know that the bank intends to commence whatever legal recourse is available to them.

Permalink Reply by Pat Whitestone on July 15, 2010 at 10:19am

For what it is worth...
Shortly after my clients recieved a "notice to accelerate", I called the bank after getting an offer. They told me that the foreclosure proceedings have not begun yet.... . There was a date in the notice, that had already passed, even before the offer. Still working on the offer so I don't know what will happen yet.

Permalink Reply by Oma S Hoffman on July 16, 2010 at 5:44am

I find the discussion very interesting this morning, however, it's more of a criticism of our clients. Please keep in mind not all short sale clients own multiple homes or own 'HIGH DOLLAR" homes. In my market the majority of my clients don't have a choice. They are victims of predatory lending, and builders working with agents who sold homes for the bonuses and not the 'clients first.' Today we are involved in a panel discussion, how about yesterday, did we educate our buyer? Other's were forced to borrow against the equity on their homes to pay their bills. I whole heartedly agree with the person who mentioned Freddie and Fannie.