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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: NOD Posted by Rick Harmon on August 03, 2003 at 7:51 AM In Reply to: Re: NOD posted by Damien Melle on August 02, 2003 at 11:43 PM : : : Ward, : : : How long does the NOD last before it expires. For example if brw is on payment plan or has agrees to postponed F/C at what point would a new NOD need to be filed. : : : From my understanding, if the lender takes payments on a payment plan, should the brw default would a new NOD need to be filed? : : : Thanks : : : Damien : : -=-=-=-=-=-=- : : Damien, : : I wasn't aware that an NOD (notice of default) had a shelf life. It won't expire unless the trustee conducting the foreclosure actively rescinds it. : Ward, : Correct, I had the same thinking, unless a REC of NOD was filed, its still active. So then I guess my question is, I already know you can file a NOD after the initial grace period of default, but what happens if you are set on a payment plan? I was always under the understanding that the NOD had to be refiled if you broke the plan. The reason I think this way was, having had worked for major lended in the foreclosure dept. this was always the rule we followed, but I need to know was this company policy or law.. : Thanks : Damien Damien- I believe the issue here isn't the elimination of an existing NOD since it doesn't go away until the trustee files the NOR (Notice of Rescission). However, a new Notice of Default may be filed if the lender/trustee believes that they had an imperfect breach or claim when they started the initial foreclosure. More likely, if a borrower has been granted a forebearance plan, the NOD is retained but the trustee must republish a new NOS (Notice of Sale) if a substantial period of time has elapsed. We do this after a certain trigger-point when a bankrupt debt has breach a BK plan down the "way down the road," as a precautionary measure so that some $25/hr. BK attorney doesn't challenge our noticing methods. (By the way, I make my living from attorney referrals so I'm not lambasting them as a group!) As to what the policy that triggered your (former) employer to refile an NOD, the reason may have more to do with their understanding of their own bureaucracy and wish to minimize potential errors/missed filings by starting the process over. Once investigated, you'd be very surprised to learn why lenders do certain things. It may even be a policy leftover from a previous management regime. Either way, it's an added cost to the borrower/trustor, and ultimately you, the investor. Rick Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : : Ward, : : : : How long does the NOD last before it expires. For example if brw is on payment plan or has agrees to postponed F/C at what point would a new NOD need to be filed. : : : : From my understanding, if the lender takes payments on a payment plan, should the brw default would a new NOD need to be filed? : : : : Thanks : : : : Damien : : : -=-=-=-=-=-=- : : : Damien, : : : I wasn't aware that an NOD (notice of default) had a shelf life. It won't expire unless the trustee conducting the foreclosure actively rescinds it. : : Ward, : : Correct, I had the same thinking, unless a REC of NOD was filed, its still active. So then I guess my question is, I already know you can file a NOD after the initial grace period of default, but what happens if you are set on a payment plan? I was always under the understanding that the NOD had to be refiled if you broke the plan. The reason I think this way was, having had worked for major lended in the foreclosure dept. this was always the rule we followed, but I need to know was this company policy or law.. : : Thanks : : Damien : Damien- : I believe the issue here isn't the elimination of an existing NOD since it doesn't go away until the trustee files the NOR (Notice of Rescission). However, a new Notice of Default may be filed if the lender/trustee believes that they had an imperfect breach or claim when they started the initial foreclosure. More likely, if a borrower has been granted a forebearance plan, the NOD is retained but the trustee must republish a new NOS (Notice of Sale) if a substantial period of time has elapsed. We do this after a certain trigger-point when a bankrupt debt has breach a BK plan down the "way down the road," as a precautionary measure so that some $25/hr. BK attorney doesn't challenge our noticing methods. (By the way, I make my living from attorney referrals so I'm not lambasting them as a group!) : As to what the policy that triggered your (former) employer to refile an NOD, the reason may have more to do with their understanding of their own bureaucracy and wish to minimize potential errors/missed filings by starting the process over. Once investigated, you'd be very surprised to learn why lenders do certain things. It may even be a policy leftover from a previous management regime. : Either way, it's an added cost to the borrower/trustor, and ultimately you, the investor. : Rick Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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