What is a notice of default really mean ?
Rob, Notice of Default is mailed to the owner. It is an official notice that is recorded in the county recorders office. This notice is advising the owner that they are in default of the agreement and if the loan is not brought current within 90 days the bank has the right to foreclose which in California usually occurs on the court house steps through an auction process. Just because the bank has the right they do not always exercise it immediately. I am assuming you are considering purchasing a home that has a NOD filed. If that is the case it is also called a short sale. Yuk!!! Could take 3-6 to 9 months. If the bank has an offer during the NOD period they very often but not guaranteed will not exercise their right to foreclose. Even if they have an auction date (trustee sale) you could get it postponed. An owner or sellign agent cannot contact the asset manager. I say cannot because they will not have the contact person or number. Asset managers are only involved when the home is f
