NOTICE OF RESCISSION | a written document that cancels or annuls the effect of a notice of default when a default has been cured (reinstated). This document does not require the acknowledgment of a notary public, but must be recorded with the county recorder in the county in which the property is located.
NOTICE OF DEFAULT | a written document that gives constructive notice of a trustor’s failure to perform his obligation under a deed of trust. This document does not require the acknowledgment of a notary public and must be recorded.
Q. How does a foreclosure affect my credit? – Ans. Well, it is serious. The lenders I have spoken with tell me it will be about a 400 pt hit on you credit score. Really foreclosure is the last resort. There are a number of things that can possibly be done before you get to that point.
NOTE | a written document, (promise to pay), that sets forth the amount of the obligation and the terms of repayment.
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NONMILITARY AFFIDAVITS | a sworn statement, in writing from the beneficiary or his agent which declares that the property owner is not entitled to any rights under the Soldier’s and Sailors Civil Relief Act of 1940.
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Q. Can I still live there after the Sherrif sells my house? – Ans. Yes, until the redemption period is up you can live in it. But if you move out, the lender may be able to accelerate the foreclosure period and take the property back quicker because the property was
MODIFICATION AGREEMENT | a written document, signed by the beneficiary and the borrower that alters the terms of either the note of deed of trust.
What is strict foreclosure? – Not a common procedure, a strict foreclosure does not require a sale. Once the proceeding has begun, the borrower has only a certain amount of time to pay what is owed. After this time, the title reverts to the lender. Strict foreclosure has been seen in many Oregon and California cases, usually taking place regarding land contracts.