If you’ve gotten a foreclosure notice of default and want to know what the heck is going on, keep reading.
A foreclosure notice of default is a document that has to be filed by a lender to start the process of foreclosure.
The foreclosure notice of default must be sent to anyone who has an interest in the property. This will mean that any other loans, lenders, or even contractors who are owed money for work done to a property will get a copy.
The foreclosure notice of default must also be published in a newspaper and physically hanged in a prominent place, on the actual property itself.
Although this can be really embarrassing to someone going through foreclosure, it’s actually a 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. This is regrettable but 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 in and around Burnsville.
The notice of default is a very important step within the foreclosure process that allows 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! There are still steps you can take to help you step out of the foreclosure process. Time is definitely of the essence, and you should take action as soon as possible.
Here are a few key steps you should take:
1) Stay calm and don’t panic.
This may sound obvious, but it’s probably the most important. Anyone in foreclosure is dealing with a lot of stress beyond just the property. These situations don’t happen overnight, and they take a while to solve. You’ll get through it by practicing good coping techniques and taking good care of yourself and your family. Panic leads to bad decisions, so stay cool.
2) Educate yourself.
Learn everything you can about the foreclosure process in your state so that you know what to expect, remain aware of what’s happening and understand what will coming next.
3) Gather your resources.
There’s also many non-profit and government resources available out there. This can help supply you with good legal and tax advice, that you will need along the way. Don’t try to do it all yourself. Foreclosure can get super complicated with lots of rules so, where you can, ask for help.
4) Learn your options.
FastPath Home Buyers is here to help you avoid foreclosure. Here at FastPath, we buy houses with cash. We can help you with short sales. We could even help with rent-back situations so you can (potentially) continue living in your home. There are many more options that we can provide you with. Contact Us Today!
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. Open a line of communication between yourself and your bank. This might allow you to be able to set up alternative arrangements to pay back your dept, before foreclosure comes knocking down your door.
Want to know more?