If you’ve gotten a foreclosure notice of default and want to know what the heck is going on, keep reading.
Foreclosure notice of default is the first step that a lender needs to do to start the foreclosure process.
The foreclosure notice of default must 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 notice of default legally needs to be posted in the newspaper, and placed on a prominent place on the property as well.
Although this can be really embarrassing to someone going through foreclosure, it’s actually 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 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 .
The notice of default is a very important step within the foreclosure process that 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. Time is definitely of the essence, and you should take action.
Here are a few key steps you should take:
1) Stay calm and don’t panic.
This may be obvious, but the first thing to keep in mind is to keep calm and try to move forward decisively and rationally. A foreclosure doesn’t just happen out of the blue usually, meaning that you are likely dealing with a lot more stress than just the loan on the property. Make sure to take care of your family though and keep your head about you. There is likely still time to remedy this situation.
2) Educate yourself.
Next, we recommend that you spend some time on google learning everything that you can about the foreclosure process in your state.
3) Gather your resources.
There are also many non-profit and government resources available out there. You’ll want good legal and tax advice along the way. Definitely don’t try to do it all yourself. This stuff is super complicated with lots of rules.
4) Learn your options.
We absolutely want to help you take care of your property and avoid foreclosure. We can do this by purchasing the house quickly in cash. You may even be able to stay in the home. You have more options than you think and we are truly here to serve you. Give us a call today to see how we can help!
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 action.
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