Have you gotten a foreclosure notice of default and want to know what in the world is going on? Then read on.
In a nutshell, a foreclosure notice of default is a document that needs to be filed by a lender to start the process of foreclosure on your property.
A foreclosure notice of default must be delivered to all persons who have an interest in the property. For example, all other loans, any lenders, or contractors that are owed money for completed work at a property will need to receive a copy.
A foreclosure notice of default is also required to be published in a newspaper and should also be physically posted in a prominent place on the property itself so that it is easily seen.
While this can be extremely embarrassing to an individual going through foreclosure, the posting provides really important protection for consumers.
Previous to a US law which required a notice of default, people were occasionally foreclosed on without any warning.
Believe it or not, it has actually happened in the past few years and at least one bank has mistakenly foreclosed on the incorrect property and vacated individuals from their house without due process or proper warning. It’s even happened around Wichita.
A notice of default is an extremely important step included within the foreclosure process that empowers people with stake or interest in the property to speak up and claim their legal rights – before it’s too late and the foreclosure is carried out.
In the event you’ve received a notice of default yourself, don’t wait. Time is pressing, and immediate action is required.
Start with a few key steps:
1) Stay calm, do not panic.
This step is probably the most important, and easily overlooked. Someone in foreclosure will be dealing with a lot of stress that includes more than just the loss of property. The situations that lead to foreclosure usually do not happen overnight, and they take a while to work through the solution. You’ll be able to get through it by incorporating positive coping techniques and making time to care for yourself and the needs of your family. Panic can lead to poor choices, so remain calm and take time to think about your decisions.
2) Educate yourself.
Make time to learn everything you can about the foreclosure process in your state and give yourself a better idea about what’s happening and what steps are coming next.
3) Gather any resources.
There are many non-profit and government resources available for you out there. Make sure you have in depth legal and tax advice throughout the process. This is not the time to try and do it all yourself. The situation is very intricate with lots of rules and regulations.
4) Know your options.
We are available to help you avoid foreclosure. We purchase houses with cash. We are equipped to help you with short sales and possibly even rent-back situations so you could potentially be able to remain living in your home. There are a great deal more options than you may think at this time.
5) Communication.
Did you know banks involved don’t want your property? They prefer money, and what you communicate with the bank will matter a lot. You may be able to slow or even stop the foreclosure process if you take the appropriate action to address your foreclosure.
Would you be interested in knowing more?