Notices of Default

Looks like the expected acceleration of NOD (notices of default) postings has begun. Last week there were 110 NOD's filed in Kern County. Two years ago we were lucky to see 10 a month.


Times have changed, the FB's and the speculators are no longer able to ring the register and place their home on the market with a 20 year old real estate mogul and walk off with a lifetime of earnings.


Here is a website site with a great primer on the NOD process.



Looking through today's newspaper we find an example of the end of the NOD process - the dreaded Trustee Sale:

OSTAC NOTICE OF TRUSTEE'S SALE T.S. No: B339375 CA Unit Code: B Loan No: 20655074/ORTEGA AP #1: 143-302-04-00-5 T.D. SERVICE COMPANY, as duly appointed Trustee under the following described Deed of Trust WILL SELL AT PUBLIC AUCTION TO THE HIGHEST BIDDER FOR CASH (in the forms which are lawful tender in the United States) and/or the cashier's, certified or other checks specified in Civil Code Section 2924h (payable in full at the time of sale to T.D. Service Company) all right, title and interest conveyed to and now held by it under said Deed of Trust in the property hereinafter described: Trustor: MARIBEL ORTEGA Recorded April 28, 2006 as Instr. No. 0206104764 in Book --- Page --- of Official Records in the office of the Recorder of KERN County; CALIFORNIA , pursuant to the Notice of Default and Election to Sell thereunder recorded October 13, 2006 as Instr. No. 0206254393 in Book --- Page --- of Official Records in the office of the Recorder of KERN County CALIFORNIA. Said Deed of Trust describes the following property: YOU ARE IN DEFAULT UNDER A DEED OF TRUST DATED APRIL 24, 2006. UNLESS YOU TAKE ACTION TO PROTECT YOUR PROPERTY, IT MAY BE SOLD AT A PUBLIC SALE. IF YOU NEED AN EXPLANATION OF THE NATURE OF THE PROCEEDING AGAINST YOU, YOU SHOULD CONTACT A LAWYER. 121 OLD DROVERS LANE, BAKERSFIELD, CA 93307 (If a street address or common designation of property is shown above, no warranty is given as to its completeness or correctness). Said Sale of property will be made in as is condition without covenant or warranty, express or implied, regarding title possession, or encumbrances, to pay the remaining principal sum of the note(s) secured by said Deed of Trust, with interest as in said note provided, advances, if any, under the terms of said Deed of Trust, fees, charges and expenses of the Trustee and of the trusts created by said Deed of Trust. Said sale will be held on: FEBRUARY 13, 2007, AT 10:00 A.M. *AT THE FRONT ENTRANCE TO CITY HALL 1501 TRUXTUN AVENUE, BAKERSFIELD, CALIFORNIA At the time of the initial publication of this notice, the total amount of the unpaid balance of the obligation secured by the above described Deed of Trust and estimated costs, expenses, and advances is $146,733.80. It is possible that at the time of sale the opening bid may be less than the total indebtedness due. Date: January 16, 2007 T.D. SERVICE COMPANY as said Trustee, FRANCES DEPALMA, ASSISTANT SECRETARY T.D. SERVICE COMPANY 1820 E. FIRST ST., SUITE 210, P.O. BOX 11988 SANTA ANA, CA 92711-1988 We are assisting the Beneficiary to collect a debt and any information we obtain will be used for that purpose whether received orally or in writing. If the Trustee is unable to convey title for any reason, the successful bidder's sole and exclusive remedy shall be the return of monies paid to the Trustee, and the successful bidder shall have no further recourse. If available, the expected opening bid and/or postponement information may be obtained by calling the following telephone number(s) on the day before the sale: (714) 480-5690 or you may access sales information at www.ascentex.com/websales. TAC# 746814C PUB: 01/22/07, 01/29/07, 02/05/07 (10171744)

What happpend here? This home was purchased on 12-31-01 for $69,000. Someone was obviously using their home as an ATM as they now owe $146k.