Have you received a foreclosure notice of default and now you are wondering what is it and what does it mean? Then keep reading.
What is a notice of default?
Basically, a foreclosure notice of default is an official document that is filed by a mortgage lender to start the process of foreclosure in Georgia. More commonly in Georgia, it is known as a “notice to the borrower of its intent to foreclose”.
If you have received a notice of default, you should know that you may not be the only one who gets its. The foreclosure notice of default must be sent to anyone who has an interest in the property. This means that if you owe money to anyone else, including other lenders, contractors who worked on the property, and co-signers will all get a copy.
Since this is the start of the foreclosure process in Georgia, the lender may also publish the information in a local newspaper and physically post it in a prominent place on the property itself.
Although this can be really embarrassing to someone going through foreclosure, it’s actually a very important protection for consumers.
Can you be foreclosed on without any notice?
Back before US law required a notice of default, people were sometimes foreclosed on without any warning. This is why a notice of default is now necessary for the foreclosure process.
The notice of default is a very important step in the foreclosure process so that it gives people with an interest in the property to step forward and claim their rights before it’s too late and the property is repossessed and sold at auction.
If you’ve received a notice of default, you definitely don’t want to wait. Time is definitely of the essence, and you should take action today.
5 key steps you should take when you get a notice of default
1) Stay calm and don’t panic.
This may sound obvious, but it’s probably the most important. Anyone in foreclosure is dealing with a lot of stress beyond just the property. These situations don’t happen overnight, and they also won’t be solved overnight as well. The best way to get through it is by practicing good coping techniques and taking good care of yourself and your family. When you panic and freak out, that 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. We have numerous articles on the foreclosure process in Georgia. Another great resource is the state’s website itself where you can find more reading and resources.
3) Gather your resources.
There are 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 and maybe even deadlines you need to meet.
4) Learn your options.
We’re here to help you stop foreclosure and avoid the foreclosure process altogether. We buy houses with cash. We can help you with short sales and even rent-back situations so you (potentially) may be able to keep living in your home. There are many more options than you think so go back to tip #1 and don’t panic.
The banks involved don’t want to own your property. They are in a business to loan money, not own real estate. What you say matters a lot and it all comes down to communicating with your mortgage loan company. You can slow down or stop the foreclosure process if you take the appropriate action but you won’t know what options you can take if you don’t talk to the bank.
Want to know more?