Facing foreclosure is a scary and stressful process experience. Upon getting a foreclosure notice of default in Florida from the bank or lender, homeowners often wonder in fear how long would it take until they are forced from their homes. How much time they have to respond and what will happen in the meantime? Is there any chance of saving the home from foreclosure? How long does the foreclosure process take in Florida? If you’ve gotten a foreclosure notice of default and want to know what the heck is going on keep reading.
Basically, a foreclosure notice of default is a document that has to be filed by a lender to start the process of foreclosure.
What Is a Notice of Default?
Notice of default in Florida refers to a public notice filed with a court of your county court that states that the borrower of a mortgage is in default on a loan. The lender may file a notice of default when a mortgagor falls behind on their mortgage payments. The information on notices of default in Florida normally includes the borrower and lender’s name and their address, the legal address of the property, the type or the kind of default, as well as other details in connection with the mortgage. A notice of default in Florida is often considered the first step toward foreclosure for homeowners to get the heads-up on what’s going to happen down the road.
The foreclosure notice of default must be sent to anyone who has an interest in the property (any other loans, lenders, or even contractors who are owed money for work done to a property will get a copy).
The foreclosure notice of default must also be published in a newspaper and physically posted 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.
Back before US law required a notice of default, people were sometimes foreclosed on without any warning.
In fact, it’s happened even in the past few years – at least one bank has accidentally foreclosed on the wrong property and kicked people out of their house without due process or warning. It’s even happened around Pensacola.
The notice of default is a very important step within the foreclosure process that gives people with an interest in the property to step forward and claim their rights – before it’s too late.
If you’ve received a notice of default, don’t wait. Time is definitely of the essence, and you should take action.
Here are a few key steps you should take:
1) Stay calm and don’t panic.
Take a chill pill. Well, not exactly but 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 take a while to solve. 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.
Here’s the most benefit you will get from staying calm. You get to focus on a solution to your problem. What does this mean to you as a homeowner facing foreclosure? Well, it means to become more creative when you’re focus on what to do next. You might have a friend or a relative that let you borrow money to get over this situation to be able to catch up on your mortgage payments.
It also allows you to buy time and get realistic with the time frame you have. In some cases. you will realize that you have more time than you thought when you panicked before because now you can see the situation in whole along with the solution of helping hand from a loved one or a friend.
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.
There’s no shortage of information on the internet. With only typing any subject you want to learn about, you will find tons of in formation on the search engine. The more you know the more solution you can come up with. Knowledge is power with your action by searching to gather more information about the foreclosure notice of default in Florida.
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.
4) Learn your options.
We’re here to help you avoid foreclosure. 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.
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 appropriate action.
Want to know more?
6) Connect With Quality Properties Of Northwest Florida LLC
If you’re facing foreclosure and you will be better off selling your house for cash. We would like to invite you to reach out to us and see what we can do for you to give you an all cash fair offer for your house. We can close quickly in 10 days. You can use our buying your home solution if you’re running out of time and you don’t have no where to go.
This option is for homeowners who are looking to get out from under a property that will cause more damage to their credit or their reputation with lenders for a future home purchases. Because you need your credit to buy another house.
At Quality Properties Of Northwest Florida LLC. We provide a win/win solution for homeowners who are in indeed in need of selling their homes during foreclosure or any other situation. Less sometimes is more. When you look at the time saving and how can you use that time to get on the right track. And to gain momentum to gain more money by doing more things other than hold on to a property that will cause more damaging that building. The option of selling sometimes can build a financial security for you and your family.