Have you received a Foreclosure Notice of Default? Are you confused and need to know what the heck it means? Then stick with us and keep reading!
Notice of Default Explained
A Notice of Default is a public document filed with a court stating that a mortgage borrower is behind on loan payments. This is one of the first steps toward foreclosure.
The document must be sent to anyone with money invested in the house, from other loan firms, lenders, and even to contractors who are owed money for work completed on the property.
On top of this, the Foreclosure Notice of Default will also be published in a newspaper and physically posted on the building.
Although publically announcing that you’re going through foreclosure might seem strange and embarrassing for the people affected, it actually protects the consumers involved.
Before US Law Required A Notice of Default
Prior to the implementation of this process, some families found their homes foreclosed suddenly without any warning or fair notice.
It’s even occurred in the past few years. Cases, where banks have accidentally foreclosed on the wrong property and evicted tenants suddenly from their homes, are rare, but it can happen. It’s even happened around North Bay Village.
A Notice of Default is a critical and necessary step within foreclosure that informs tenants of the situation and gives them time to step forward and claim their rights – before it’s too late.
If you’ve received a notice of default, don’t wait around for the situation to get worse. Time is of the essence, and you need to take action straight away. If you’re interested, you can find out how foreclosure affects selling your Miami house here.
Key Steps You Should Practice:
1) Stay Calm.
Don’t panic! It may sound obvious, but it is necessary. Dealing with foreclosure can be exceptionally stressful, especially when there can be other concerns beyond just the home. These situations don’t just happen overnight. Months of worry and pressure have likely led up to this moment, and you may not find a solution in a day.
BUT, you will get through it by practicing healthy coping techniques and taking care of yourself and your family. Panic leads to bad decisions, so stay calm. You can do this!
2) Educate Yourself.
Learn everything you can about the foreclosure process in Florida so that you know what’s happening and what’s coming up next.
3) Gather Your Resources.
Don’t try to do everything alone! The rules and regulations surrounding foreclosure can be particularly complicated. But don’t fret! There are many non-profit and government resources available that can help you. Some organizations will even offer you legal and tax advice.
4) Discover Your Options.
We can help you with short sales and even rent-back situations. We may also be able to consult with the bank or lending agency on your behalf and potentially find a solution that allows you to stay in your foreclosed home.
Your bank doesn’t want your property – they want money! How you interact with the bank and what you say matters a lot. You can slow down and even stop foreclosure altogether if you take the appropriate action. Of course, letting your bank take your house back in Miami is also an option.
Want to know more?
Call our office at (305) 916-3328. A member of our team would love to speak with you.
Or, click here to fill out our short form. We’ll get back to you as soon as possible with a fast, fair ALL-CASH offer on your home.
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