Do you have a foreclosure notice of default and want to know what to do? This blog is for you.
Foreclosure notice of default is a piece of paper that has to be filed by a lender to start the process of foreclosure.
This has to be sent to anyone who has an interest in the property. Any other loans, lenders, or contractors who are owed money for work done to a property will also get a copy. This should also be published in a newspaper and it should be physically posted in a prominent place on the property itself.
This can be really embarrassing to a person going through foreclosure, however, it’s actually very important protection for consumers.
Before US law required a notice of default, people were sometimes foreclosed on without a warning at all.
This has happened in the past years – one bank accidentally foreclosed property and kicked out the wrong people in the wrong house. This was done without due process or warning.
Giving notice of default is a very crucial step within the foreclosure process. It gives people, with an interest in the property, to step forward and claim their rights – before it’s too late.
If you’ve received a notice of default, don’t wait. You should take action immediately because time is of the essence.
Here are a few key steps you should take:
1) Stay calm and don’t panic.
It may sound too obvious, but it’s the most important key. People who are dealing with this kind of situation are in a lot of stress. These problems don’t happen overnight and they definitely take a while to solve. One might get through it by practicing good coping techniques such as: taking good care of yourself and your family, too. Panic often results in bad decisions and judgment. So stay calm.
2) Educate yourself.
Do your due diligence. Make some research. You have to make sure that you are well equipped by learning everything about foreclosure. This is so you know what’s happening and what’s coming up next.
3) Gather your resources.
There are many government and non-profit resources available. You will need good legal and tax advice in the long run. Do not try to do it yourself. These topics are extremely complicated and it has a lot of rules.
4) Learn your options.
The best option you can find would be asking for our help. We buy houses in cash. We can help you with short sales and even rent-back situations! You may be able to keep living in your home. You might think you’re fighting a losing battle but you’re wrong! You have many options than you think.
5) Communicate.
The lenders (banks) don’t want your property. They want money! What you have to say matters a lot. You can even slow down or stop the foreclosure process if you act fast and if you take the right action.
If you want to know more?