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Default Plus specializes in non-judicial foreclosure services in California for private lenders. Foreclosure law in California is unique thus it requires a skillful team to handle them. California foreclosures involve important differences than other states which keeps us to stay on top of current laws for efficient and accurate processing.
SERVICES
Request For
Notice
A recorded Request for Notice of Default (NOD) containing the current address of the property
in question and assures a carryback from the seller where the seller will be sent a notice of commencement of a trustee’s foreclosure sale within 10 days after the NOD is recorded.
Assignment Preparations
Bankruptcy Processing
Bankruptcy is a legal proceeding that is initiated when a borrower is unable to repay outstanding
debts or obligations. The bankruptcy process begins with a petition filed by the debtor, which is most common, or on behalf of creditors, which is less common. All of the debtor’s assets are measured and evaluated, and the assets may be used to repay a portion of the outstanding debt.
Deed of Reconveyance Preparation
A deed of reconveyance refers to a document
that transfers the title of a property to the trustor from the trustee once a mortgage is paid off. The trustor is the borrower of debt for the purchase of the property. The trustee may be a bank or mortgage holder. It is used to clear the deed of trust from the title to the property. The deed of reconveyance is completed and signed by the trustee, whose signature must be notarized. With no record of a deed of reconveyance in the record’s office, the homeowner may come across difficulties and complications when trying to sell the home.
Forbearance Agreements
Mortgage forbearance is an agreement arranged between the borrower and the lender to
suspend payment for the mortgage for a specified amount of time, either by lowering or pausing the payments. Borrowers typically request forbearance from their mortgage lender or servicer because of some financial changes that have taken place that prevent them from making loan payments.
Typically, the mortgage payments will be lowered or suspended for the agreed-upon time frame, however the loan will still accrue interest, but you’ll be relieved from the possibility of foreclosure.
Reo Processing
The term real estate owned (REO) refers to a lender-owned property that is not sold at a
foreclosure auction. Properties become REO when owners default and the bank repossesses them and tries to sell them. The lender, which is often a bank, takes ownership of a foreclosed property when it fails to sell at the amount sought to cover the loan. These properties generally come at a steep discount but may require extensive repairs.
Surplus Funds Processing
Surplus funds, also referred to as overage or excess funds, are the funds remaining after a
mortgage is paid through the final judgment of a foreclosure auction. The trustee appointed in the foreclosure auction is responsible for disbursing the funds without charging additional fees.
Substitution of Trustee Preparation
WHAT IS INVOLVED IN A NON-JUDICIAL FORECLOSURE?
When a lender uses the non-judicial foreclosure process against a borrower who fails to pay on a deed of trust for his or her primary residence, the non-owner occupies 1–4-unit dwelling, commercial or vacant land.
The non-judicial foreclosure can be completed in approximately 120 days (4 months)
Publication of Notice of saleProcess re-instatements
Process payoffs
Process forbearances’
Trustee Sale postponements