If you’ve gotten a foreclosure notice of default and want to know what the heck is going on, keep reading.
Basically, a foreclosure notice of default is a document that has to be filed by a lender 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 who are owed money for work done to a property will get a copy).
The foreclosure notice of default must also be published in a newspaper and physically posted on the property itself, usually easily viewable like a door or window.
Although this can be really embarrassing to someone going through foreclosure, it’s actually a very important protection for consumers.
Back before US law required a notice of default, people were sometimes foreclosed on without any warning.
In fact, it’s happened even in the past few years – at least one bank has accidentally foreclosed on the wrong property and kicked people out of their house without due process or warning. It’s even happened around Fort Wayne.
The notice of default is a very important step. It’s letting the person or persons responsible for the loan know that they are behind in their payments and action will be taken.
If you’ve received a notice of default, do not delay. Time is definitely of the essence, and you should take action.
Here are a few key steps you should take if you receive a notice of default in Fort Wayne:
1) Stay calm and don’t panic.
This may sound obvious, but it’s probably the most important. Anyone in foreclosure is dealing with a lot of stress beyond just the property. This situation didn’t happen overnight. Usually there are other stressful circumstances leading up to receiving a notice of default in Fort Wayne. Stay calm. Access your situation.
2) Educate yourself.
Learn everything you can about the foreclosure process in Indiana so that you know what’s happening and how much time you have.
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. When you receive a notice of default in Fort Wayne, it doesn’t mean all hope is lost. Start researching and find out what your options are.
4) Learn your options.
We’re here to help you avoid foreclosure. We buy houses with cash. 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.
5) Communicate.
When you are served a notice of default in Fort Wayne, keep in mind that the banks involved don’t want your property. They want money, and what you say matters a lot. You can slow down or stop the foreclosure process if you take the appropriate action. Communicate and talk to your bank/lender and explain the situation you’re in.
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