If you’ve gotten a foreclosure notice of default and want to know what the heck is going on, keep reading.
Receiving a foreclosure notice can feel like a kick in the stomach. Especially when you are already in crisis. Let’s face it, if you could make your mortgage payment you wouldn’t be in this situation. And for many, if they had the means to relocate and move somewhere less expensive, they would. No one wants to be foreclosed on. So now what? Let’s take a look at what a foreclosure notice in Gastonia means and how to avoid having the bank take your house.
Basically, foreclosure notice of default is the legal document a lender submits to signal that they have started the process of legally taking back your house. The notice of default will be served to all parties that have an interest in the property associated with the loan. It is a public announcement that is published in the newspaper. And will appear in other publications that track foreclosures in Gastonia.
Back before US law required a notice of default, people were sometimes foreclosed on without any warning.
Although this can be really embarrassing, the public announcement is actually a very important protection for consumers. In the past, foreclosure could occur without warning since there was no requirement in US law for a notice of default. The notice of foreclosure is an important step within the process that gives people with an interest in the property to step forward and claim their rights before the property is sold at auction.
If you’ve received a notice of default, don’t ignore it. Call your lender and get the facts from them. Time is definitely of the essence, and you should act. If you think there has been a mistake this is the time to get answers.
Here are a few key steps you should take:
1) Stay calm and don’t panic.
This may sound obvious, but it’s probably the most important. Anyone who is behind on their mortgage is dealing with a lot of stress beyond just the property. These situations don’t happen overnight, and they take time 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 your state so that you know what’s happening and what’s coming up next. And consider where you are getting your information. This isn’t the time to rely on what your friends know about foreclosures in Gastonia. Seek out creditable sources such as attorneys that are know the North Carolina foreclosure process.
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 super complicated with lots of rules. For residents in Gastonia NC connect with the local housing authority. There is no charge to work with a HUD-approved housing counselor. They will have resources available that you may not have even considered.
4) Learn your options.
We’re here to help you avoid having the bank take back your house. We can help you with short sales and even rent-back situations so you (potentially) may be able to keep living in your home. The best way for us to help someone in foreclosure is by first understanding their situation. Once we have established where you are in the process, we can begin to put together a plan. JMS Home Buyers has a network of real estate experts in Gastonia, NC made up of landlords, lenders, real estate agents, and investors. If you need solutions, we have options that can stop foreclosure.
5) Communicate.
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 right action. Getting through to your bank can be exhausting and frustrating. Having a real conversation with a live person may seem impossible but be persistent and connect with your bank. Don’t wait till the foreclosure notice shows up. At the first sign of missing a mortgage payment make the call.
It is possible to avoid foreclosure on your home in Gastonia, NC. Want to know more?