If you’ve received a foreclosure notice of default and want to know how to handle it, 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. 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 place on the property itself. Although this can be really embarrassing to someone going through foreclosure, it’s actually a very important protection for consumers.
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. It’s even happened around Phoenix. The notice of default is a very important step within the foreclosure process that gives people with an interest in the property a chance 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.
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 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’s happening and what’s coming up next.
3) Gather your resources.
There are many non-profit and government resources available. You’ll want good legal and tax advice along the way. Definitely don’t try to do it all yourself.
4) Learn what your options are.
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 more options than you might first see.
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.
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