Are you wondering what to do with that foreclosure notice of default you’ve recieved?

live in Trenton and get a foreclosure notice of default?

If you have received a foreclosure notice of default & want to know what’s going on, this is for you.

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 everyone who has an interest in the property. This would consist of 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 & physically posted on a visible place on the house itself.  Even though this can be a bad look for the person who is getting foreclosed on, it’s actually a very important protection for consumers.

Before U.S. law required you to be sent a notice of default, sometimes people got foreclosed on without any warning.

It has actually happened in the past few years, even close to home in Trenton. It has been cases where the bank has accidentally foreclosed on the wrong house & forced the residents to move out without warning. The notice of default is an essential step in the foreclosure process, it gives those with an interest in the property to step forward & claim their rights before it’s taken back by the bank. The best thing to do if you have received a notice of default it to take action immediately.

Here are a few key steps to help you through the process:

1) Remain calm.

Out of all the steps this is hands down the most important. Reason being is that this could cause a lot of stress & worry. The best thing to do is to take good care of yourself by eating healthy, getting plenty of sleep, exercising & spending time with your loved ones. You will end up making the best decisions when your brain is not clouded with negativity. So stay calm & take the proper steps to get the situation resolved.

2) Do your research.

Look up information online about the foreclosure process in your jurisdiction. This will help out a lot being that you will know exactly how things work & what the next step is.

3) Get your resources together.

Another idea is to get good legal advice. There is a lot of government resources available who are non-profit organizations.

4) Find out what options you have.

The main objective is to avoid the foreclosure process so try to find out what kind of options you have to help you. You can speak to an agent to find out if they could possibly get it sold for you or if you are trying to sell it for cash speak to an investor. Even if it calls for a short sale or a rent-back situation, there are people who specialize in this field so keep looking and a solution will be found for you.

5) Stay in communication.

Please understand that the bank does not want to take your property back. What they really want is their money, so by taking the correct actions & talking to them to at least slow the process down, it may be a tremendous help.

If you would like to know more all us anytime 609-389-9403 or connect with us on our website
and we’ll lay out all of your options for your specific situation.

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