Got a Foreclosure Notice?
A notice of default is, in essence, a document that needs to be filed for a foreclosure to initiate. It is sent to everyone who has a part in the property e.g the owner, renter, or anyone who owns share in the property.
The purpose behind foreclosure is that the lender organization initiating a foreclosure, usually a bank, wants its money back that you may not have paid. A point to note is that the lender is not after your property, it just wants the money back.
A Notice Of Default Is An Important Consumer Protection
Sure, a public notice of default is embarrassing; everyone can see it posted on your door or a newspaper but it is an important safeguard for you.
During the time when a notice of default was not compulsory in US, people had their homes foreclosed without any prior warning. Now a days the foreclosure notice of default hopefully prevents a surprise situation. But it has happened recently that homes were foreclosed quickly; people were driven out of their homes by banks in West Palm Beach.
So the notice of default is a crucial step in the foreclosure process-it allows anyone with an interest in the property to gain it back while he can.
Have you received a foreclosure notice? Don’t waste anytime and take action now!
Some steps you should take if you have received a notice of foreclosure:
1) Keep calm. Don’t panic.
The foremost thing you should do is keep calm. This is super important even though it may sound obvious. Panic can be your worst enemy as it can lead to regrettable decisions. The process of foreclosure is a long one. A cool head is needed to eventually get through.
Neglecting themselves or their family is a mistake many people make who are in the process of having their property foreclosed.
2) Know more about foreclosure
Read up on the process of foreclosure in your state so you know what is gonna happen next in the process so you are prepared as best you can be.
3) Collect you resources
You’ll definitely want legal and tax advice in the process. Don’t do it yourself, it is very complicated with a lot of jargon. Multiple non-profit and government resources are there to help you.
4) Get familiar with your options.
We can help you avoid foreclosure! We will buy your house in cash! We can help you with short term sales as well as rent-back situations so you can keep living in your house. Your options are not as limited as you think.
5) Get in contact with your bank.
Like we told you before, banks don’t want your property, they want money. So what you say goes a long way. With the right steps you can slow down or even completely stop a foreclosure.
Do you want to know more?
Call us anytime (561) 370-8335 or Fill out the form on the right
and we’ll tell you all of the options you have.