What does that mean when it says something like that? That the property is notice of default? How much would you pay for the property if it says $3125? Is that all you pay for that property or what?
2006-10-09 14:49:59 · 4 answers · asked by B. P. 1 in Business & Finance ➔ Renting & Real Estate
default,somebody didn't pay and the loan was in default.
2006-10-09 15:03:40 · answer #1 · answered by dhwtaz 2 · 0⤊ 0⤋
A notice of default is a public notice given by the lender to the general public (and the owners and other persons who have an interest in the property) stating that the borrowers have defaulted on the loan and the bank/lender is starting foreclosure proceedings. In California, the NOD is filed after 3 months of non-payment. The $3125 is how much it will cost to bring the loan current. The owner (in California) still owns the property until the auction (trustee's sale), so you can only buy it from the owner until the sale.
Regards
2006-10-10 03:28:26 · answer #2 · answered by Anonymous · 0⤊ 0⤋
A notice of default, also called NOD, is given by the lender to the borrowers. It is also reported to the credit bureaus and will almost certainly prevent the borrowers from obtaining another real estate loan. The amount in default is the same as the amount past due. The next step for the lender will be to foreclose on the property. If it goes that far, the borrowers are well on their way to losing the property. If you know these people, tell them to talk to the lender before it's too late and make payment arrangements. Most lenders will work with the borrowers rather than foreclose on the property, but there isn't much time once the NOD is filed.
2006-10-09 22:43:54 · answer #3 · answered by Debbie P 2 · 0⤊ 0⤋
Not quite, the ammount is probably the default and not the value. Notice of default just means a payment or payments have not been made and the contract is in default, or in other words due and payable.
2006-10-09 21:56:44 · answer #4 · answered by ? 3 · 0⤊ 0⤋