What is a notice of default (NOD)?
A notice of default is a legal notification sent by a lender to a borrower informing them that the foreclosure process has begun. It usually happens when three or more payments are missed but can occur sooner.
What does it mean when your account is in default?
Once the Notice of Default (NOD) is recorded with the county, the clock begins ticking. After 3 months, the lender can record a Notice of Trustee’s sale which sets the actual date of the foreclosure auction. This is a minimum of 21 days after the Notice for Trustee’s Sale is recorded with the county.
Plata Realty Group, Inc. has helped many individuals and families under these circumstances. If you or someone you know finds themselves in this situation, call us immediately before it’s too late. We will be happy to assist you.
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