If you’ve gotten a foreclosure notice of default and want to know what the heck 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).
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.
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 .
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.
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 good care of yourself and your family. Panic leads to bad decisions, so stay cool.
You should not act hastily and take your time so that you don’t end up rushing into a decision that you may regret later down the line. You don’t want to end up wasting away the equity that you and your family have built up over the years, so it’s critical to protect and educate yourself.
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. You don’t want to wait until the sherrif is knocking on your door with the police to take your home because you failed to act.
The number one problem that we see in foreclosure situations is that the seller will remain living inside of the home in complete denial that they are actually going to lose it at some point in the near future, so they end up not doing anything. This is the absolute worst decision that you can possibly make because it will lead to the loss of your home without you being able to recoup any of the equity that you have worked so hard to build up.
3) Gather your resources.
There are 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.
We can help you learn about pre-foreclosure and foreclosure in Philadelphia because our company has worked with hundreds of local sellers who have faced this problem before you, so we are experienced enough to be able to solve your problem without having to rely on traditional, orthodox methods that other investment companies employ in their businesses.
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. There are always alternative options rather than simply standing by and waiting for the bank to come and take your home away.
You can file for chapter 7 or chapter 13 bankruptcy to clear all of your debts away and then attempt to work things out with your lender. You can also have us contact the bank and attempt to negotiate a short sale by us purchasing the home for fast cash to pay off your loan in its entirety.
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. We are able to get third-party authorization through your banking institution and then negotiate a short sale with the bank so that you can completely avoid foreclosure altogether.
If you have been struggling and asking around and coming up empty then please reach out to us and give us a text or call directly at (719) 286-0053.
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