If you’ve gotten a foreclosure notice of default and want to know what happens next, this article is for you.
A foreclosure notice of default is a document that has to be filed by a lender in order 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 with liens on the property will get a copy).
The foreclosure notice of default must also be published in a newspaper and physically posted in plain view on the property itself.
You may think the bank is going overboard in telling the world that they are starting the foreclosure process on you, but this is actually the law and an important protection for consumers.
Before US law required lenders to give a notice of default, people were sometimes foreclosed on without any warning.
Imagine coming home one day and seeing your family standing outside, a padlock on the front door of your house and the sheriff telling you that you are no longer allowed inside. You no longer own it, the bank took it back. And you had no idea.
This is the reason why lenders have to issue a foreclosure notice of default, to protect homeowners with mortgages from being kicked out of their house without due process or warning. This has actually happened around Myrtle Beach.
The notice of default is a very important step within the foreclosure process that gives people with an interest in the property an opportunity 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. Receiving a notice of default isn’t the end of the line. You do have options, just don’t procrastinate.
Here are a few key steps you should take:
1) Don’t panic.
This may sound obvious, but staying calm is probably the most important thing to keep in mind. Anyone in foreclosure is dealing with a lot of stress beyond just the property. These situations don’t happen overnight. They take a while to develop and a while to resolve. 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.
2) Educate yourself.
Learn everything you can about the foreclosure process in SC so that you know what’s happening and what’s coming up next. Call your lender and ask lots of questions. Find out if they offer any mortgage relief programs. Banks will want to work with you rather than foreclose on you.
3) Gather your resources.
There’s 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 very complicated with lots of rules.
4) Learn your options.
We’re here to help you avoid foreclosure. We buy houses with cash and can sometimes close in as little as 7 days. 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.
The banks involved don’t want your property. They would rather explore options and find solutions for you to keep your home. Be respectful, courteous, and reasonable when you speak to them. You can slow down or stop the foreclosure process if you take the appropriate action.
Want to know more?
Call us anytime 843-732-3529 or connect with us on our website
and we’ll lay out all of your options for your specific situation.
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