If you’ve received a foreclosure notice of default and don’t know what the heck it is, read this.
In essence, a foreclosure notice of default is something which is required to be filed by a bank or lender in order to start the foreclosure process.
This foreclosure notice of default has to be sent out to any individual or company that has an interest in the house or property (other banks, lenders, or even unpaid contractors will receive a copy of the notice.)
This foreclosure notice of default must be printed in a newspaper and also posted in an obvious place on the home being put into foreclosure.
Yes, this can be embarrassing to have your neighbors and the public see this, but’s an important protection for consumers at large.
Prior to U.S. law requiring a notice of default, individuals and families were occasionally foreclosed on without advanced warning.
It’s happened recently even – there’s been at least one lender who foreclosed on the wrong property by mistake and kicked those people out of their home without any warning. This has even occurred around Centerville.
This notice of default plays an important part in foreclosures, giving those who have an interest in a home or property the ability to stand up and make a claim to their legal rights – before the foreclosure occurs.
If you have been given this notice of default, do not delay. It’s important to take action now.
Here are some important steps to take:
1) Stay calm and clear-headed.
This seems obvious, but it’s crucial to dealing with this situation wisely. Any person going through a foreclosure is most likely dealing with other stressors besides just the property. This set of circumstances didn’t show up overnight, and it will take some time to resolve. You can get through it, though, if you stay calm, clear-headed, and take proper care of you and your family. If you panic, it will cause you to make poor decisions, so stay calm.
2) Educate yourself about the process.
Get all the correct information you need to know about foreclosures in your state. This way you’ll know what’s going on and what to expect next.
3) Find available resources.
There are many government and non-profit resources that exist to help. You’ll also want to seek proper legal and tax help at some point. Definitely avoid attempting this process on your own, as this will be a very challenging time and you should take all the assistance you can get.
4) Find out your options.
Luckily, we are here to assist you in avoiding foreclosure. We buy houses and pay in cash. We can assist in setting up a short sale or even a rent-back agreement so you may (possibly) be able to stay in your property. Many options are possible.
5) Be sure to communicate.
The lenders don’t want your home. They just want the money, and depending on what you say it could make a difference. A foreclosure can be slowed down or stopped if you take the right steps.
Want to learn more?