NOD Question
I have a question about 'Notice of delequency' to particlarly those using REALTY TRAC. When a property shows as NOD, does this only signify that a notice has been sent to the note holder and he has been advised that they have back paymernts to make or foreclosure is iminent. Do I still have time to get to the current residents without contacting the bank. In other words can I talk to the owners about a subto at this time or does the bank already have control. Thanks!
I used to work in a foreclosure department for a major lender and the notice of default is the first notice the borrower gets. It usually gives them 30 days to cure the default before the foreclosure process is started. Usually a lender sends it out and then if it is not cured then they turn it over to an attorney. Some stateds require the notices to be recorded at the court house as the first step to foreclosure and some times the lender lets their foreclosure attorneys send them out. You still have at least 60 days to do something from the date of the nod in most states
Hello,
Bottom line? You can get the property, I believe, up to the day of the public sale, but remember, the further behind the owners are, the greater the cost to get the property out of foreclosure (the actual mortgage pmts, the late charges, the lawyer fees, filings, etc).
Thanks,
OTW :-D
Be careful with realty trac, and make sure you due your doue dilligence. I have found several instances with them where the property they said was bank owned, certainly was not. Some of their information is just not accurate. They sent me an email alert on a REO property that just had come avaliable, and it turns out my buddy had already purchased it a few months back !
Just a thought.
Sunztu18
just a note
In oregon after the nod is filed
the Owner has 6 months to sell or give up
Thanks to all who replied...was very helpful.