Received a foreclosure notice of default? Wondering what the heck is this all about?
Well, in simple terms a foreclosure notice of default is nothing else but a document that has to be filed by a lender in order to start the process of foreclosure.
It must be sent to anyone who has an interest in the property. Also, lenders, or even contractors who are owed money for work done to a property will get a copy of the same as well. At the same time, you must also get foreclosure notice of default published in a newspaper and physically posted in a prominent place on the property itself.
It can be really embarrassing to someone going through foreclosure, but don’t forget that it’s actually a very important protection for consumers.
Prior to the rise of this notice of default for foreclosure by government, people were sometimes foreclosed without any prior warning. You won’t need to go too back in the history to see examples of such incidences. In fact, facts show that 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 Miramar Beach.
This is the reason why the notice of default is a very important step within the foreclosure process. It gives people with an interest in the property to step forward and claim their rights – before it’s too late.
Time is definitely of the essence, if you’ve received a notice of default. So, don’t wait and take action.
What can you do? Well, here are some tips –
1. Don’t panic
This is probably the most important part. You are already dealing with a lot of stress beyond just the property; therefore remember that such situations take a while to solve. Panic leads to bad decisions, so stay cool. Practice good coping techniques and taking good care of yourself and your family.
2. Learn as much as you can
In order know what’s happening and what’s coming up next, try to learn everything you can about the foreclosure process in your state.
3. Club your resources.
You can find many non-profit and government resources available out there. However, you’ll want good legal and tax advice along the way. Therefore, don’t try to do it all yourself; as this stuff is super complicated with lots of rules.
4. Get to know the best options
And, if you are looking for the best help to avoid foreclosure, we are always here. We buy houses with cash, and can help you with short sales and even rent-back situations. So, potentially you may be able to keep living in your home.
Remember, the banks involved don’t want your property; they want money, and what you say matters a lot. Therefore, you can slow down or stop the foreclosure process if you take the appropriate action.