If you have gotten a foreclosure notice or notice of default and want to know what the heck is going on, keep reading.
Basically, a foreclosure notice or notice of default is a document that has to be filed by a lender to start the process of foreclosure. This is the document that starts the foreclosure process. It is the starting line for any foreclosure.
The foreclosure notice 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). Basically it is putting the world on notice that they are beginning the foreclosure process.
The foreclosure notice of default must also be published in a newspaper and physically posted in a prominent place on the property itself.
Although this can be really embarrassing and stressful to someone going through foreclosure, it is actually a very important protection for consumers. This is very important part of the process.
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 Houston.
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. Done wait till it is to late to act. This is a time to be pro active about your situation. Communication is paramount!!!
Here are a few very 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 and collected.
2) Educate yourself.
Learn everything you can about the foreclosure process in your state so that you know what’s happening and what’s coming up next. Knowledge is key. When you know what is going on and what to expect. No one can take advantage of you or 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. You wouldn’t defend your self in court. So why would you take on a bank with no help?
4) Learn your options.
We’re here to help you avoid foreclosure. We buy houses with cash. We can help you with short sales and even rent-back situations so you (potentially) may be able to keep living in your home. There are many more options than you think. Especially if you are under water.
5) Communicate.
The second most important thing! 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. Remember they want to help.
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