If you’ve gotten a foreclosure notice of default and want to know what is going on, 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).
Although going through a foreclosure can be really embarrassing, it’s actually a very important protection for consumers. The notice of default gives people with an interest in the property notice to take action 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. 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’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.
4) Learn your options.
We are here to help you avoid foreclosure. There are many more options than you think.
5) Communicate.
The banks involved don’t want your property. They want money. You can slow down or stop the foreclosure process if you take the appropriate action.
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