If you’ve gotten a foreclosure notice of default and want to know what the heck is going on, keep reading.
Essentially, a foreclosure notice of default (NOD) is a document that needs to be filed by a lender to begin the process of foreclosure.
The foreclosure notice of default has to be sent to anybody who has an interest in the property (any additional loans, lenders, or even contractors that are owed money for work done to the property will get a copy).
The foreclosure notice of default must also be published in a newspaper and posted physically in a prominent place on the house itself.
Although this can be quite embarrassing to somebody going through foreclosure, it is really an important protection for consumers.
Back before United States law required a notice of default, sometimes people were foreclosed on without warning.
In fact, it’s even occurred in the last few years — at least one lender has accidentally foreclosed on the wrong property and kicked people out of their home without due process or any warning. It’s even occurred around Schertz.
The notice of default is a very important step of the foreclosure process which gives individuals with an interest in the house to step forward and claim their rights — before it is too late.
If you have received a notice of default, do not wait. Time is definitely of the essence, and you should take action immediately.
Here are a few key steps you need to take:
1) Stay calm and don’t panic.
This might seem obvious, but it is probably the most important. Anyone in foreclosure is coping with a great deal of stress beyond only the property. These situations don’t occur overnight, and they take a while to correct. You will get through it by practicing good coping methods and taking good care of yourself and your loved ones. Stress leads to bad decisions, so stay cool.
2) Educate yourself.
Learn everything you can about the foreclosure process in your state so you know what’s happening and what’s going to come up next.
3) Gather your resources.
There are also many non-profit and government resources available out there. You will want good legal and tax advice along the way. Definitely do not try to get it all done by yourself. This stuff is really complicated with a lot of rules.
4) Learn your options.
We are here to help you avoid foreclosure now San Antonio. We pay cash for houses San Antonio fast. We can help you with short sales and even rent-back situations so you (possibly) might be able to keep living in your home. There are a lot more options than might you think.
5) Communicate.
The lenders involved do not want your property. They want their money, and what you say matters a lot. You can slow down or even stop the process of foreclosure if you take the right action.
Want to learn more?