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I just finished looking through my paperwork that I received from Bank Of America. I am not sure if a Notice Of Default is always identified in big bold letters as such, however what I received from B of A in August 2010 is called a “NOTICE OF INTENT TO ACCELERATE”. It also states in this legal size document:
“If the default is not cured on or before October 16, 2010, the mortgage payments will be accelerated with the full amount remaining accelerated and become due and payable in full, and foreclosure proceedings will be initiated at that time. As such, the failure to cure the default may result in the foreclosure and sale of your property. If your property is foreclosed upon, the Noteholder may pursue a deficiency judgment against you to collect the balance of your loan, if permitted by law.”
However upon looking at the document, it does not list who the Noteholder is. B of A seems to just be the servicer of my loan and they do not make claim to be the Noteholder. After October 16th, they sent me a letter in regards to the fees they may charge on loans that are in default. Yet in the letter they list 10 companies that they use for default related services, yet they said they use other companies for this service as well.
I did look at both the Recon Trust or Northwest Trustee Services websites, and thank goodness I did not see my house listed (in either the sold and upcoming sales category). However on the Recon Trust site, they have 10,302 homes in Los Angeles county , that are all scheduled to go up for sale between April and December this year.
B of A uses a lot of variations of LandSafe Services (sometimes broken down by states), but they do not have any type of foreclosure listings on there sites that I could find. However they do use Recon Trust. By chance, do you think there may be a “few” or a “ton” more companies out there that do these auctions for my county? I almost fell over, when I saw that Recon Trust already has 10,302 house/property auctions already lined up for this year thus far.
There are many companies up and down the west coast that handle the trustee sales. Sometimes it is the office of an attorney.
If you look at the documents you signed at closing you should see the note assignment on those documents. Mostly likely MERS. It is also listed on the NOD that gets filed with the county clerk's office.
As it turns out, MERS is not a legal transfer of the note - go figure... If you have documentation specifying MERS then you could likely have a limbo note that was not transferred properly. You should contact an attorney and/or show for any court dates you've been notified of demanding to get a copy of the current note (showing transfers as the law requires).
A loan servicer does not have the legal right to foreclose on a property. BUT - that doesn't mean they won't. Tread carefully.
I still have to go find my original loan paperwork to try to locate the noteholder. Yet I did try to do a Google search under MERS, but I was unable to find anything in regards to them having a foreclosure list and auctions.
In my case, when I got my loan, it was done by a very popular local loan company here (in the Los Angeles area) called “Green Light Financial Services” . . . they have TV and radio commercials GALORE here. Once they funded the loan, they let me know upfront that about 90+% of the time, they sell there loans to another company within 12 months. Sure enough, about 2 months later, they had sold my loan to Countrywide. Then several months later, Bank Of America took over the loan when they acquired Countrywide.
I will see what is on my loan paperwork and then act accordingly. Thus far, I still can’t find that I actually got a NOD, as the “NOTICE OF INTENT TO ACCELERATE” letter was the only certified letter I received from B of A.
Thanks so much for providing some good feedback and suggestions, I appreciate it.
Oh dear, please don't address things directly to me. Just because I answered one of your questions doesn't mean I'm the only one who can answer your other questions. I'm not even a professional in the field, just an office girl with a lot of experience.
As Silverfall said, there are many many companies that handle foreclosures. The two I named are the biggest players in my area, but even so, they only handle the majority, not all. Many have title companies or attorneys named as trustee. You would be unlikely to find them all by just guessing. You need the name of the trustee from a notice of default.
I agree that after the additional information you provided, it does not sound like you have been served with a foreclosure notice. Only a warning that foreclosure is coming. So I refer back to my original advice in the other thread (please don't start multiple threads on the same topic...I just noticed you have at least 4! different threads going on this subject, which gets very confusing, and people who would like to respond and help you don't have all the information because it is in another thread)
Anyway, sounds to me like they have NOT yet started the clock ticking, so at this point, you can either get caught up, or not, but you've got some time still. As I said, you can check with either a title company or the recorder's office to see if anything has been done since October.
Finally, I would agree with those who, in another of your threads, recommended that you consult an attorney.
Thank you Lacerta. I am sorry about that. Thank you once again for providing good and detailed information. Thank you so very, very much, I greatly appreciate it . . . as you seem to provide such good and comforting information.
Look for an acceleration clause -"...A condition in a loan contract or mortgage note that allows the lender to demand immediate repayment of the entire balance if the contract is breached or other conditions for repayment occur, e.g., sale or demolition of the property."
You may have agreed to an acceleration of payment upon any breach.
The mortgage notes in my state can be found in the court house. There are conveyance books and mortgage note books.
A good Lawyer should be around as well, once something fishy is found.
Additional: Bank of America and Landsafe do not have good reputations.
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, that are all scheduled to go up for sale between April and December this year. 
