Foreclosures on the Rise
The number of notices of default (“NOD”) filings rose by 33% in the month of August. In California, NODs are the beginning stages of the foreclosure Process. Once a NOD is filed the lender has to wait 90 days until it can file a notice of trustee sale (“NOT”). Once a NOT is filed the sale date can take place no sooner that 21 days from the date of filing of the NOT. It is important to note that while a NOD filing is very serious, there may still be time to resolve the housing issue through a loan modification, short sale, reinstating the loan by bringing the loan current or a deed in lieu of foreclosure.