Have you received a foreclosure notice of default and wondered what in the world was happening to you? Keep reading…
A foreclosure notice of default is basically a document that a lender issues in order to start their foreclosure process.
This notice must also be sent to anyone with an interest in the property. So any lenders, contractors, or whoever is attached to the property must receive a copy of this notice when it is issued.
This notice of default is also published in a newspaper and a prominent, easy to see place on the property itself.
This might seem rude and embarrassing, but it is actually a helpful practice for the homeowner. Imagine how heartbreaking it would be to unknowingly be in default on your property and suddenly find out that your home is being taken away from you without any notice!
Before it was Required by Law, People were foreclosed on without any warning whatsoever!
As crazy as that sounds, it has actually happened fairly recently. At least one bank foreclosed on a wrong property and accidentally kicked out people out of the wrong house. Talk about humiliating and embarrassing! This happened without any due process or warning, so you can see why notices are so important to ensure the protection of consumers.
The notice of default is a necessary step in the process, because it gives those with interest in the property the ability to step forward and claim their rights, before the property is ripped away from them without their knowledge.
If you have already received a notice of default, time is the enemy, and you need to respond as soon as possible!
Here are 5 Things You Should Do if You Get a Notice of Default:
1) Stay Calm and Collected.
This cannot be overstated. When things start to get dicey, you cannot think straight if you are panicking about your circumstances. While there is a lot of stress involved in foreclosure and default, worry and panic never help anything.
Solutions to these situations take a while, so be prepared to be patient. Brace yourself for a long process, but don’t give up hope. You may still have many options available to you.
2) Get Educated.
This is the time to find out everything you can about the foreclosure process in California. Know the ins and outs of California foreclosure. Find out what is happening and what to expect next. Here is a great place to start learning about the foreclosure process.
3) Compile Resources.
There are many resources available to you, you just have to look for them. You will definitely want legal and tax advice throughout the process. Do not try to go about this alone. There are people who specialize in this exact process, just so they can help people like you find the best way to solve their problems.
The last thing you want to do is think you know everything, and end up losing your home because you misunderstood something. Don’t risk your home when there are very reliable resources out there.
4) Communicate.
Banks don’t typically want to foreclose on a house. All they care about is getting their money. If you can show the bank that you are wiling to continue making payments and you want to keep paying your loan, they will likely prefer that option over foreclosing. With the right actions, you might be able to slow down or even prevent foreclosure!
5) Look Into Alternative Options.
Buyers of Bakersfield can help you avoid foreclosure! That’s right. We buy houses quickly with cash, and we can help you if you want to consider a cash offer for your property! We might even be able to keep you in your house so that you don’t have to lose the home you love! There are many more options than you might think!
Want to learn more?