timeline includes late period?

[october99]

I'm wondering if the foreclosure timeline includes the months you are late compounding toward foreclosure? So say the lender doesn't start foreclosure until we are 90 days late. Is that 90 days part of the 150 day process period?

We are trying to decide if we need to keep paying for a couple more months. Sept is the first month unpaid (so far). The earliest I'm going to file is Nov, but may wait until January if DH remains unemployed. We think we'll be ready to move by March.

Will the filing right in the middle of the default/foreclosure process delay things?

[ccsjoe]

In a normal market, an NOD (Notice of Default) is recorded at the 90-day late mark. The overall 150 day period includes the 90 days that generated the pre-foreclosure action (NOD). In the market previously known as normal, that is. Nowadays, it is not a stretch for people to not pay for over 9 months prior to even getting an NOD...and live in the house for over a year or two without paying and without foreclosure. Unfortunately, with the redifinition of normal, all timelines went out the window in general. If you want to be safe, then yes, assume they operate as it used to be and 150 is total timeline from first day of default.

[october99]

What is the NOD? Is this some official document or just the regular letter saying that I am late and owe them $XXXX to catch up? I received this type of letter today after Sept and now Oct have gone unpaid. I'm wondering if this is a NOD (it uses the d word) or if the NOD is something more official?

[ccsjoe]

NOD is a Notice of Default and is an instrument that gets recorded with your deed. So, your county clerk's office would be able to verify if one was filed. If it was, you are supposed to receive a certified copy in the mail and/or posted on property, depending on your state law.

[october99]

Thank you.