The foreclosure process doesn’t officially begin until you receive a notice of default, or a foreclosure notice. Even though, behind the scenes, your lender is already making plans and taking the necessary steps to foreclose, it officially begins with the Notice. Most lenders consider your loan to be in default once you are 90 days behind. Some lenders are more lenient than others and send a pre-warning before sending the official notice of default. They send a letter that say they “intend to foreclose”, which is their way of saying that unless you contact us and come up with some money, we’re going to send the real notice in about 15 days!
The actual legal notice in judicial states is called a lis pendens, which is latin for a pending lawsuit. This is basically when they inform you, the court, and the general public that they intend to foreclose on the home. This is necessary because it informs others that the deed to your property is part of the lawsuit. In non judicial states, it is still called a notice of default.
State foreclosure laws require your lender to publicly display their notice of default. This is usually done through a local newspaper that is distributed county wide, however, many counties still allow a notice to be hung in a public location. For the most part though, you’ll find the public notice in the local newspaper. These notices can usually be accessed online through your county’s website. If your county is not online yet, you could go to the courthouse and physically look at a copy of the notice.
Ideally, you should be trying to find foreclosure help as soon as you start missing payments. By the time you’ve missed more than 3, you’ve already run out of a few of your options, so the sooner you look for help the better. But don’t give up, just because you’ve received a notice of default. There is still plenty of time to save your home.
Once you receive a notice of default, there is no time to waste, because the longer to wait to find a solution, the more the late fees and charges start adding up. Catching up 3 or 4 payments is a lot easier than it may seem, because your lender may agree to a partial payment plan, or even amortgage modification.
Don’t waste any time if you’ve received a notice of default, or a foreclosure warning from your lender.
This is very important, because this is when the official foreclosure countdown begins. If you don’t take action quickly, you could end up losing your home in as little as 90 days! Every state is different, but no matter what state you are in, you need to take action immediately. We also highly recommend attending any court hearings regarding your property. Many avoid these hearings, when there are many way to delay or even stop the sale at these hearings. Even if there is nothing you can do to stop the foreclosure at the hearing, you will at least know what’s happening and you’ll have a chance to explain your situation to the judge.
There are many options, for stopping foreclosure after you’ve received a foreclosure notice, so use the form on the left to request your free foreclosure evaluation and our 12 free ebooks.
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