okay i have a question what is a notice of default on a foreclosed home and what does it mean by the loan balance is ???? is that the total price you are paying or is it in addition too???
2006-12-01 15:05:05 · 6 answers · asked by amberreyes1979 2 in Business & Finance ➔ Renting & Real Estate
A notice of default is issued by a lender after a sufficient number of payments have gone past due that the lender can no longer tolerate the delinquency. It is sent to the borrower, and recorded in the public records. Recordation starts a clock running. During part of the period following, the borrower can reinstate by paying all the missed payments, plus late charges and other fees. After this period, the loan can not be reinstated, and the borrower must pay the entire loan balance due, plus all related charges, to avoid foreclosure. If such payment is not made, the property is sold at public auction to the highest bidder, who will usually be the lender. Should the property be sold to anyone other than the lender, the excess over the lender's claim goes to the (former) owner.
2006-12-01 15:23:55 · answer #1 · answered by Anonymous · 0⤊ 1⤋
A Notice of Default is simply a warning sent to the homeowner stating that if he or she does not make the payments, the property will be put up for auction. A Notice of Default also includes a list of missed payments and the total amount that is owed to stop foreclosure.
2006-12-01 23:15:45 · answer #2 · answered by rfdsp2003 1 · 0⤊ 1⤋
It means you defaulted the contract. It is too late to pay your bill. The loan company will decide to put the house back on the market or auction it off.
2006-12-01 23:13:30 · answer #3 · answered by Mariposa 7 · 0⤊ 0⤋
That's just telling you that you did not pay your note(failure to pay-you defaulted on the note)and the balance owed is only the note balance not the attorneys fee'ss or court cost-that will be a seperate bill.Good luck!!!
2006-12-01 23:15:12 · answer #4 · answered by dodlydink 4 · 0⤊ 0⤋
LOAN BALANCE IS THE AMOUNT OF MONEY YOU NEEDED TO PAY TO YOUR MORTGAGE BEFORE YOU STOPPED PAYMENTS.
THE TOTAL PRICE YOU ARE PAYING IS THE LOAN BALANCE PLUS ANY LATE FEES ,LAWYER FEES ETC. THE TOTAL PRICE IS THE AMOUNT THAT YOU NEED TO PAY OFF.
IF YOU RECEIVED A NOTICE OF DEFAULT THAT MEANS THE MORTGAGE COMPANY (OR BANK ) THAT YOU ARE DEALING WITH FILED PAPERWORK IN THE COURT TO TAKE AWAY YOUR HOUSE. YOU NEED TO SEE A LAWYER ABOUT GOING CHIP13 OR DO A FORECLOSURE BAIL-OUT
I DO FORECLOSURES BAIL OUT
IF YOU HAVE ANY QUESTIONS PLEASE EMAIL ME AT JOHNG@OLDMERHANTS.COM
2006-12-02 13:31:00 · answer #5 · answered by jon g 3 · 0⤊ 0⤋
A notice of default means "It's Too Late" to pay your debts and the lender is moving to repossess. You don't get back the money you already paid, either.
2006-12-01 23:08:40 · answer #6 · answered by Anonymous · 0⤊ 1⤋