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Questions about Notice of Default

Notice of Default is a notification sent to a vendee stating non-payment of the debt within the deadline. A Notice of Default letter may also result under circumstances when the borrower fails to pay the mortgage before a predetermined timeline, mentioning the lender might seize the home. People affected by foreclosure may also in some cases, receive a copy of the notification.

Below are some of the top questions answered by Experts on Notice of Default.

What is a 'Cancel Notice Default' on foreclosure property?

Cancel Notice Default, is basically a notice that an active default is no longer active. Notice of Default is cancelled by the Cancel Notice Default, which means that the loan is no longer in default and is reinstated.

Is it a proper procedure if an institution filed a notice of default with the county recorder with an invalid promissory note and without record of assignment deed of trust with the county?

Under the law of California, foreclosure action can be initiated by beneficiaries without proving their ownership or assignee of the promissory note. In due course if the borrower believes that the beneficiary is the “holder” of the promissory note, he/she can enjoin the sale in borrower’s favor.

My office condo has received a Notice of Default and the foreclosure date is end of the month. I received a letter from Legally Yours, LLC telling that my rate can be lowered by suing the lender. They are asking for $3500 upfront fee and $750 monthly thereafter until the case is settled. How do I know if this is legitimate?

It is likely that the firm Legally Yours, LLC located at 21308 Pathfinder Rod, Ste. 219 Diamond Bar, CA 91765 is a legitimate law firm. The retainer fee asked by the company is quite reasonable.

I have prepared and filed the Notice of Default and Notice for Opportunity to Cure as well as the Notice of Substitute Trustee Sale at the courthouse. Is it possible that my daughter act on my behalf or does it have to be an attorney?

It is highly unlikely that your children can act on your behalf; it has to be either you or an attorney in Court. Any person not holding bar license cannot act unless your children hold adult guardianship over you. Many times in situations where lawyers are not present to act on the behalf of the plaintiff, the outcome is not always the same as when a lawyer is present.

According to Illinois law, how many days does a homeowner have, to satisfy the default when a Notice of Default is received?

Filing of Notice of Default with the court in the state of Illinois happens when the homeowner is no less than two months behind. After which the homeowner holds the right for relieving the default before ninety days.

The procedure for foreclosure in Illinois is of two types: Consent Foreclosure and Judicial Foreclosure. Both are used for specific purposes.

Many times when a person receives a notice of default, or when someone wants to file a notice of default to collect on a debt owed, there may be legal questions that need to be answered. The answers often need to come from someone that is experienced in the subject at hand. Legal Experts can help answer questions pertaining to notice of default.
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