Help! I got a notice of default and want to know what’s going to happen.
Lenders have to file a foreclosure notice of default (NOD) to start the foreclosure process.
Anyone with an interest in the property gets a copy of the foreclosure notice of default (other loans, lenders, and even contractors who are owed money from the property owner).
Foreclosure notices must also be published in a newspaper and posted on the property.
For someone going through foreclosure, this can be really embarrassing, but it’s actually a great protection.
There was a time when people were foreclosed on without a notice.
Even in the past few years, at least one bank has accidentally foreclosed on the wrong property and kicked people out without due process. Even the local governments have gotten in trouble for foreclosing without proper notice.
People with an interest in the property can take action before it’s too late by filing a notice of default in the foreclosure process.
When you get a default notice, don’t wait. Time is of the essence, so don’t wait.
A few key steps to probably take next:
1) Don’t panic, stay calm.
People in foreclosure have to deal with a lot more than just the property, so this may sound obvious, but it’s probably the most important. These things don’t happen overnight, and they take a while to get through. Stay calm and practice good coping techniques. Panic leads to bad decisions, so stay calm.
2) Get educated.
Get to know your state’s foreclosure process so you know what’s happening.
3) Collect your resources.
Also, there are a lot of non-profit and government resources out there. You’ll want good legal and tax advice. This stuff is super complicated.
4) Take a look at all your options.
With our help, you can avoid foreclosure. We buy houses with cash. We can help you with short sales and even rent-back situations, so you can (potentially) keep your home.
5) Communicate.
You can slow down or stop the foreclosure process if you take the appropriate actions. Banks don’t want your property. They want money.
Would you like to learn more?