What Is a Notice of Default?

What Is a Notice of Default?
Hi this is David Anderson on behalf of Expert Village talking about the foreclosure process. In particular, number fourteen "The right of redemption and acceleration". Now this is meant for discussion and not for legal advice. Please consult a attorney for legal advise. Most of all references are being made about a trusty foreclosure. I wanted to mention the truth of right of redemption and acceleration in some states for mortgages are still in use they are different rules in covering them. There is a right of redemption that allows the home owner to have time even after the foreclosure auction sometimes up to a year to come up with the money. So a investor who purchases a home has to wait until the right of redemption period has expired before moving ahead. In the trusty for foreclosure process the redemption time starts at hundred and fifteen days after the recording and notice of the default and last only five days. The property would be sold on the hundred and twentieth day after recording of the notice of default. After the hundred and fifteen days which the owner can restate his loan, the lender is giving the ability to accelerated the loan. This means the lender can call for the entire amount of the loan due. The only payment acceptable at this time is clearable default is the for the whole loan to be paid of plus any dues. This is the same five days as the right of redemption time or between a hundred and fifteen day and the hundred and twentieth day when the property would be sold at a public auction. This has been David Anderson on behalf of Expert Village talking about the foreclosure process. In particular, the terms of right of redemption and acceleration.