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OMNI Loan
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Default and Foreclosure Process
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General Outline
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(Without detail and the type info in notices, etc.)
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Lender sends a letter to the Borrower demanding payment
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30 days later the Lender can file a Notice of Default
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Borrower has 90 days to "cure" or find a resolution
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If no cure, the Lender gives a Notice of Sale
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21 Days after Notice of Sale, the property can be sold.
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aLender may be the only buyer
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b
Higher bids may be made and original Lender may accept one.
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c
All cash generated in the sale goes to the original Lender.
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After Sale, 3 Days for Tenants to move out
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If tenants do not move out, eviction process begins.
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