If you’ve received a foreclosure notice of default and need to know what the heck is happening, keep reading.
In simple terms, a foreclosure notice of default is a document that needs to be filed by a lender to set in motion the process of foreclosure.
The foreclosure notice of default must be submitted to anyone who has an interest in the property (any other loans, lenders, or maybe contractors who are owed payment for work done to a property will get a copy).
The foreclosure notice of default must also be presented in a newspaper and physically posted in a prominent position on the property itself.
Whilst this might be really stressful to someone experiencing foreclosure, it’s actually a critical protection for homeowners.
Back before US law required a notice of default, some individuals were sometimes foreclosed on with no hint.
As a matter of fact, it’s turned up even in the past few years– at least one bank has mistakenly foreclosed on the wrong building and kicked people out of their residence without due process or warning. It’s even happened around Chicago.
The notice of default is an essential step within the foreclosure process that gives people with an interest in the property to step forward and claim their rights– before it’s over.
If you’ve received a notice of default, don’t sit tight. Time is definitely of the essence, and you should respond.
Here are a few key steps you should take:
1) Stay relaxed and don’t get fearful.
This may sound apparent, but it’s probably the absolute most important. Anyone in foreclosure is working with a lot of stress beyond just the property. These situations don’t happen overnight, and they take a while to solve. You’ll survive it by practicing good coping capabilities and taking good care of yourself and your family. Fear brings about bad choices, so stay cool.
2) Find out more for yourself.
Study everything you can about the foreclosure process in your state to ensure that you know what’s developing and what’s coming up next.
3) Collect your resources.
There’s also many non-profit and government resources available on the internet. You’ll want good legal and tax advice in the process. Most certainly don’t attempt to do this all yourself. This information is super complicated with huge amounts of rules.
4) Figure out your possibilities.
We’re here to help you avoid foreclosure. We buy buildings with cash. We can help you with short sales and even rent-back situations so you (potentially) may be able to keep occupying your home. There are many more options than you think.
5) Communicate.
The banks involved don’t want your property. They want money, and what you say matters a lot. You can slow down or even stop the foreclosure process if you take the needed steps.
Want to know more?
