Have you received a foreclosure notice of default? Want to know what is going on?
A foreclosure notice of default is a legal document that has to be filed by your lender if and when they want to start the foreclosure process. Here in Connecticut foreclosure begins when a marshal serves you: a summons, a complaint, and a mediation certificate.
After you are served with these forms, you have 15 days from the Return Date to file your Appearance form with the court.
While this is going on, the foreclosure notice is also being published in the local newspaper and a sign it typically posted in a highly visible area of the yard.
Although no one wants their financial burdens being plastered on their front lawn, it’s actually done as a protection for consumers.
Back before a notice of default was required:
There was a time in the United States when mortgage companies were not required to give a notice of default to the delinquent homeowner. People were sometimes foreclosed on with no warning whatsoever!
The notice of defaults is an important step in communicating to anyone with ownership interest, that they will be foreclosed on. It gives people time to claim their rights to the property – before it’s too late!
If you’ve received a notice of default, don’t wait. Time is absolutely of the essence, and you need to take some sort of action right now.
Here are a few key steps you could consider:
1) Keep calm!
This may sound obvious but allowing your mind to run and assume the worst will only make matters more difficult. Anyone in foreclosure is already dealing with a lot of stress. These situations don’t happen overnight, and unfortunately that means they will not be resolved overnight either. You’ll get through this by practicing good coping mechanisms and taking good care of yourself and your family. Panic has the tendency to lead to hasty, poor decisions, so stay cool.
2) Educate yourself.
Learn all that you can about the foreclosure process in Connecticut. Maybe even reach out to local Bristol homeowners to see if they have experience with foreclosure in your area. Gathering people’s experiences and tips is very helpful when you’re advocating for yourself.
3) Learn your options.
We say this because there are often more options than you first think! Chances are your bank try to work with you if you communicate early, openly and tactfully. If working with your bank is not an option, selling before the foreclosure has a chance to finalize is always another option! We work with homeowners in situations like this often. We can (potentially) buy your property in as little as a week to save your financial record and allow you the peaceful start to a new beginning.
Banks are not in the business to own properties and they would rather you stay in your home and keep your mortgage in good standing. Communicating effectively and immediately with your bank could help to make this happen. Keep detailed notes of every conversation, the “who what when and why” will help keep your head on straight through the whole process.
If these steps don’t resonate with you and you find yourself wanting a cash offer so you can sell in good standing and move forward; then give us a call today.