Notice of default?

[325Falcon]

I am about 90 days late and I have not recieved anything with "notice fo default" written on it not have I recieved anything by certified mail.

What I have recieved is a letter from an attorney stating that this firm has be retained by BOA and are "immediately commencing a non-judicial power of sale" .

Should this be considered my "Notice of default" ? If not should of I have recieved a NOD prior to this letter?

I am in NH.

[justbroke]

The Notice of Default is very specific and contains language about curing the default within so many days... or else.

[BKDefender]

I don't know the law in New Hampshire, but in Nevada the lender has to file a Notice of Default & Election to Sell form with the Clark County Recorder's Office or it has no real effect. The letter you received looks more like a warning letter saying "We're super serious this time and have hired an attorney..."

--William

[tigergem]

What I understand is that the non judicial process is enforced in states where a deed of trust is used instead of mortgage. No court action is involved here. The lender makes use of the power of sale and files a notice of default along with the notice of the sale.

A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default.

If your deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure in the contract must be followed.

Otherwise, the non-judicial power of sale foreclosure is carried out in the following phases:

A notice of sale must be recorded in the county where the property is located and then: 1) mailed to the borrower at least twenty-five (25) days before the sale; and 2) published once a week for three (3) weeks, with the first publication appearing not less than twenty (20) days before the sale, in a newspaper of general circulation in the county where the property is located.

The notice should contain the time, date and place of sale, a description of the property and the default, as well as a "warning" to the borrower, informing him the property is going to be sold and what rights he has to stop the procedure.

The foreclosure sale must be held on the property itself, unless the power of sale clause specifies a different location.