If you’ve gotten a foreclosure notice of default and want to know what it means, please keep reading.
Basically, 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. For example, 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 posted in a prominent and conspicuous place on the property itself.
Although this can be really embarrassing to the person who is going through foreclosure, it’s actually a very important protection for consumers.
Back before US law required a notice of default, people were occasionally 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 properties and forced families out of their house without due process or warning. It’s even happened around Portland.
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.
If you’ve received a notice of default, don’t disregard or ignore it. Time is of the essence, and you should start taking some action.
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 will be dealing with a lot of stress beyond just the property. Things won’t happen overnight; they may take a while to solve and you have to be patient with the process. All you can do is do your job and do it well. You can also get through it by practicing good coping techniques and taking good care of yourself and your family. Panic usually leads to bad decisions, so keep level-headed.
2) Educate yourself.
Our best defense in preventing major disasters is to be well informed and prepared. Learn everything you can about the foreclosure process in your state so that you know precisely what is happening now and what is coming up next.
3) Gather your resources.
There are a plethora of non-profit and government resources available out there. You should consider getting good legal and tax advice along the way. Do not attempt to manage it all yourself. Foreclosure is a very complicated process with numerous rules and regulations.
4) Review your options.
We are here to help you avoid foreclosure. We buy houses with cash and in as-is condition. We can help you with short sales. We may even offer rent-back situations so you may potentially be able to keep living in your home. There are many more options out there than you think.
5) Communicate.
Remember that the banks involved do not want your property. What they want is money, and what you say matters a lot. You have the ability to slow down or stop the foreclosure process altogether if you take the appropriate and timely action.
Want to learn more?