The Foreclosure file is set up immediately upon receipt of the Foreclosure order.
The file is reviewed upon receipt to make sure that all pertinent documentation is
in order.
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The documents needed in Virginia to complete the foreclosure process are:
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Executed Substitution of Trustee (to expedite the process if possible)
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Original Note
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Copy of Deed of Trust
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Loan Information
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Copy of all Assignments (if applicable)
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Copy of Loan Policy
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Copy of any default notice(s) sent to the borrower
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One of the difficulties that our customers experience is not having the correct
assignment(s) for the chain of title. Nectar Projects Inc. will not delay the
foreclosure under these circumstances. We will start processing your foreclosure
immediately showing the correct investor and will then prepare and/or record the
necessary assignments to complete the chain of title. If you have supplied us with
the original note and the endorsements are correct and in order, we will not need to
record the assignment(s) in Virginia.
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Before Nectar Projects Inc. can take any action, we must make sure the correct
trustee is of record. The trustee should be Nectar Projects, Inc. Usually this is not
the case therefore; a Substitution of Trustee must be executed and recorded prior
to the scheduling of the foreclosure sale. Generally our procedure is to have the
Client pre-sign the Substitution of Trustee and send it with the initial referral. This
way we can record the Substitution of Trustee and get the procedure underway
more expeditiously. If this is not possible, Nectar will immediately prepare a
Substitution of Trustee document and forward it for signature. Upon its return,
Nectar will have it properly recorded.
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When the file is VA insured we will:
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Obtain the appraisers name
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Prepare and send the VA liquidation appraisal form 26- 1805 and forward it to
the VA appraiser.
For FHA insured loans we will mail the required HUD Occupancy letters.
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Nectar checks for active bankruptcy proceedings at several points throughout the
process. Filings are checked at the initialization of the process, again prior to
publication of the foreclosure notice, and again immediately prior to the auction.
Clients are immediately made aware of any bankruptcy petitions that impact their
foreclosure. In the case of chapter 7 filings, Nectar notifications to the borrower
are adapted in accordance with the law.
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Nectar is fully prepared to assist in seeking relief for our clients when bankruptcy
petitions have been filed.
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1. Our Mission
