The Foreclosure Process Explained Further

Notice of Default

This is something you will receive if your payment is late by 30 days or more, what this notice is telling you, is that you need to make payment or further action will be taken. What the notice will contain is the following:

  • Your name
  • The details of your property
  • The number of days you are late in paying
  • The outstanding amount you owe
  • A statement which indicates you are in default, under the mortgage and note terms which you signed when you bought your home

You may also find that a brief explanation stating that if the default isn’t brought up to date straight away, and that the bank will have no other option other than to take further action, which will include foreclosure. Unfortunately, not all NOD’s are written that friendly, and generally the statement they contain is rather coarse telling the homeowner that they are in default. It will also indicate that the note and mortgage has been accelerated, and you only have X amount of days to pay the arrears.

The Foreclosure Notice

If you still choose not to respond and the bank is not satisfied, then you will eventually get a foreclosure notice. The details within it are:

  • Foreclosure proceedings have been initiated by the bank
  • Your home has been scheduled for sale at an auction
  • It will include the amount you owe the bank
  • What the percentage of the interest is
  • Contact details of the attorney the bank is using

Avoid Foreclosure and get a loan modification with lower payments.

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