If you’ve received a foreclosure notice of default/ keep reading to find out how to proceed
To put it simply, a foreclosure notice of default is a document that is filed by a lender to start the foreclosure process.
The notice of default must be sent to anyone that has an interest in the property like any other lenders or even contractors who are owed money for work they have done to a property.
The notice of default must also be published in a newspaper and physically posted in a prominent place on the property itself.
Although this can be a very embarrassing experience for someone going through a foreclosure, it’s actually a very important protection for consumers.
Back before US law required a notice of default, people were sometimes foreclosed on without any warning.
In fact, no-notice foreclosures have happened even in the past few years. At least one bank has accidentally foreclosed on the wrong property and kicked people out of their house without due process or warning. It’s even happened around FUQUAY VARINA.
The notice of default is a very important step within the foreclosure process because it gives people, with an interest in the property, a path forward to claiming their rights before it is too late.
If you’ve received a notice of default, don’t wait. Time is definitely of the essence, and you should take action.
Here are a few key steps you should take:
1) Stay calm and do not panic.
This may sound a bit obvious, but it’s probably the most important step. Anyone going through a foreclosure is dealing with a lot of stress beyond just the property itself. These situations just don’t happen overnight, and its a long process to get resolved. You’ll get through it by practicing good coping techniques and taking good care of yourself and your family. Panicking, on the other hand, leads to bad decision making, so just remember to stay cool.
2) Educate yourself.
Try to learn everything you can about the foreclosure process in your state so that there are no surprises along the way. You will want to stay on top of knowing what is going on and what is coming up next.
3) Gather your resources.
There’s also many non-profit and government resources available out there. You’ll want to get good legal and tax advice along the way. You definitely don’t try to do it all yourself. The foreclosure process is extremely complicated packed with a lot of rules.
4) Learn your options.
We’re here to help you avoid foreclosure. We can also help you with short sales and even rent-back situations. This means you (potentially) may be able to keep living in your home. There are many more options than you think.
Remember, the banks involved with the foreclosure don’t want your property. They want the money, and what you say matters tremendously. You can slow down or stop the foreclosure process if you take the appropriate action.
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