Tracy Ruccia of Equity Title was back with us for a couple segments on June 15th and brought along with her, Jon Morgan, who also works at Equity Title as their Vice President, Chief Title Officer. In their first segment they talked about the foreclosure process and gave an overview of the timeline and order of events for the foreclosure to be completed which is a minimum of 4 months from the first missed payment. The exact timeline is determined by how quickly the lender holding the mortgage pursues each step within the process as there are certain minimum time periods the lender must allow. The basic steps as explained by Jon are as follows:
1. Notice of Default can be filed as soon as first payment is missed
2. Ninety day waiting period after the Notice of Default has been filed allowing homeowner to bring account current
3. Notice of Trustee Sale can be filed at the end of the redemption period
4. Three week waiting period after Notice of Trustee Sale has been filed for the Foreclosure Sale to be executed and property to be taken back by the lender.
Jon also touched briefly on the Deed in Lieu of Foreclosure option where the homeowner signs a direct deed and gives the property back to the lender which then bypasses the non-judicial foreclosure process. Harvey and Jon further discussed that Deed in Lieu’s are rare and that in their experience most lender’s would prefer the homeowner to pursue a short sale as their course of action to cure the default.
In their second segment, Jon and Tracy talked about the various guides that Equity Title has for their customers such as Buyer’s Guides, Seller’s Guides, Short Sale Guides and Relocation Guides. Each one has a wealth of information with tips and tricks tailored to the type of transaction you are pursuing including ideas to help sell your home in the Seller’s Guide or outlining the process and steps in the Buyer’s Guide so they know what happens next. The Short Sale Guide includes sample hardship letters and includes a list of items needed for the bank to accept an application for short sale consideration while the Relocation Guide provides community information and resources for those moving from out of state so they can become familiar with the area.
What great information for our listeners from Tracy Ruccia and Jon Morgan from Equity Title. It was a pleasure to have them join us for another great show!
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