How do I find out if there is a power of sale clause in my note or DOT? Under what paragraph would it be typically found, or what might some typical language be? Thanks.
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No one knows this? Is it unique to each state? -
I don't have my loan documents handy to review what they say, but mine is a power of sale clause mortgage. If you just skim the document, you'll find where they say what their recourse if if you default on the payments.
A “power of sale” clause in a deed of trust or mortgage, pre-authorizes the sale of property to pay off the balance on a loan in the event of the borrower's default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative.
So you're looking for a clause that gives that ability to the lender.
If it's not there, your mortgage requires the judicial process to foreclose. Apparently you have both types in your state.Figured out we were in trouble: (Wait, we're in trouble?
) Stopped paying creditors: Aug 2010 Filed Chap 7: Apr 29, 2011 341: Jun 1, 2011 Report of no distribution: Jun 1, 2011 Discharged Aug 2, 2011 
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