If you’ve gotten a foreclosure notice of default in Virginia 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. 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). It also must be published in a newspaper and physically posted in a prominent place on the property itself. There is no reason to be embarrassed about your situation. Whatever you do, do not ignore the foreclosure notice of default.
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. 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. The mortgage company will hire a trustee who is either an individual or a company to handle all the paperwork for the sale of the property. The foreclosure process in Virginia takes about four months, so remember, you have options.
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 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 communicating with people that know what your options are such as the mortgage company, realtor, or lawyer. Investors are helpful as well since they work with individuals in foreclosure on a regular basis, and can offer different solutions.
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. The internet has a lot of information about foreclosures. Be sure to research information specific to your state.
3) Gather your resources.
There are 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. Be proactive and stay on top of your timeline.
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. Take a look at how our process works!
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.
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