If you’ve gotten a foreclosure notice of default and want to know what the heck is going on, keep reading.
Basically, a foreclosure notice of default is a document that has to be filed by a lender in order to begin the process of foreclosure.
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 foreclosure notice of default must also be published in a local newspaper and physically posted on the property itself in a prominent place.
Even though 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 over the past few years – at least one bank has accidentally foreclosed on the wrong property and kicked people out of their house without any warning or due process. Sadly, it’s even happened around Dallas / Fort Worth.
Within the foreclosure process, the notice of default is a very important step that gives people that have any 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 now.
Here are a few key steps you should take:
1) Stay calm, and don’t panic.
This may sound obvious, but it’s one of the most important steps. Anyone going through the foreclosure process is not just dealing with the stress of getting ready to lose their property. Usually there are a whole list of issues going on in someone’s life. These situations don’t just appear overnight, and in the same way that they’re slow to appear, they also can take some time to solve. You’ll get through this, but it’s important along the way to take good care of yourself and your family. Panic leads to bad decisions, and bad decisions are hard to recover from. So, stay calm and know that you have options. If you’ve gotten a foreclosure note of default, this next step is paramount to everything else….
2) Educate yourself.
Learn everything you possibly can about the foreclosure process in your state so that you know what’s happening and what’s coming up next. Today with the presence of the internet, knowledge is at your fingertips like never before. And if you want to pick up the phone and call a professional for their advice, finding phone numbers is super easy as well. So, there’s really no reason not to educate yourself. The more you know about your options, the better the decisions you’ll be able to make based on your situation.
3) Gather your resources.
There’s 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. So, make sure you’re seeking credible and legitimate professionals with accurate information in your state.
4) Learn your options.
Did you know that it’s possible that we can help you avoid foreclosure? At Madison Lea Homes, we buy houses with cash. Sometimes people in a position like yours can qualify for a short sale or even a rent-back situation where you may be able to keep living in your home. Thankfully, there are many more options than you probably realized! And we haven’t listed them all here.
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 stop the foreclosure process if you take the appropriate actions and take them now.
Want to know more?