If you’ve gotten a foreclosure notice of default and want to know why, just keep reading.
A foreclosure notice of default is basically a document that a lender needs to file to start the foreclosure process.
The foreclosure notice of default has to be sent to anyone who has an interest in the property (any other loans, lenders, or even contractors who are owed money for work done to a property will get a copy).
The foreclosure notice of default must also be published in a newspaper and be physically posted in a prominent place on the property itself.
Although this can pose as an embarrassment to someone going through 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, it’s happened recently 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.
The notice of default is a very important step within the foreclosure process that gives people, who have an interest in the property, a means to claim their rights before it’s too late.
If you’ve received a notice of default, please don’t wait. Time is definitely of the essence, and you should take action.
Here are a few key steps you should take:
1) No reason to panic. Just stay calm.
This may sound obvious, but it’s probably the most important step to consider. Anyone going through a foreclosure is dealing with a lot of stress beyond just circumstances of the property itself. These situations just don’t happen overnight, and they will take a while to resolve. You’ll get through it by practicing good coping techniques and taking good care of yourself and your family. Panicing leads to bad decisions, so stay cool.
2) Educate yourself.
Learn everything you can about the foreclosure process in your state so that you know what’s happening and are not surprised.
3) Gather your resources.
There’s also many non-profit and government resources available out there. You’ll also want to seek good legal and tax advice along the way. You definitely don’t want to handle it all by yourself. This stuff is super complicated and filled with lots of rules.
4) Know what your options are.
We’re here to help you avoid foreclosure. We buy houses for cash. We can even help you with short sales. There are so many more options than you think.
The banks involved don’t want your property. They want money and what you say matters a lot. You can slow down or stop the foreclosure process if you take the appropriate actions.
Want to know more?