If you’ve fallen behind on your mortgage payments you may have received a notice of default in the mail. If you’re wondering what that is and what to do about it, keep reading.
A notice of default is a letter sent to a home owner from a mortgage lender that signifies the beginning of the foreclosure process.
Not only is the letter sent to you but the notice of default is also mailed to all others who have an interest in the property like any other loan holders, lenders, plumbers, electricians, contractors, etc.
The foreclosure notice of default must also be published in a newspaper and physically posted in a prominent place on the property itself.
This might be a bit embarrassing but this process provides some protections to consumers as well.
There was once a time that people had their homes foreclosed on without any notice at all.
Believe it or not, this still happens. There was once a case where a bank foreclosed on the wrong house and kicked the occupants out of their house with not due process or any warning.
The notice of default is a super important step within the foreclosure process that gives people with an interest in the property a chance to step forward and claim their rights before it’s too late.
If you’ve received a notice of default, don’t wait. You’re on the clock and should take action immediately.
Here Are A Few Things You Can Do:
1) Keep Your Cool.
This is the most important thing you can do. Foreclosure can be a very stressful ordeal. You’ll get through it by practicing good coping techniques and taking good care of yourself and your family. Some try things like meditation, yoga or consistent breathing exercises to get a handle on your sometimes wide-rangeing emotions. Panic leads to bad decisions, so stay as calm as possible.
2) Educate Yourself. Learn, Learn, Learn!
Learn everything you can about foreclosure in Texas so that you can understand where you are in the process and what comes next. Try this site for some great information.
3) Pull Together Your Resources.
There’s also many non-profit and government resources available to you. Talk to a good lawyer and CPA and see how they can help you. Whatever you do, don’t try to do it alone. Foreclosure can be super hard to figure out and the last thing you want to do is go at it by yourself.
4) Discover ALL Of Your Options.
We can help you to avoid foreclosure in Texas. We buy houses with cash. We can help you with short sales and or even take over your payments . There are many more options than you might think.
5) Communicate.
The bank you owe back payments to doesn’t NOT want to take back your house if they don’t have to. They are not it the business of owning property. You can slow down or stop the foreclosure process if you take the appropriate action QUICKLY.
Want to know more?