In most cases, a foreclosure is a notice given to a home owner who has defaulted on the agreed loan repayments. A home owner can get a foreclosure notice either from the lender or from the court. Most often, the foreclosure notice will take about 30 days up to even three months before any action can be taken on part of the lender. In such a case, the home owner would try their best to get all the defaulted payments to the lender. When they fail to do so, the lender will take further action to give them an eviction or sale notice.
By all means, yes. You should not ignore any notice of foreclosure, hoping that it will all go away. Instead, try to gather as much information as you can about foreclosures, as well as looking into options that can help you deal with the foreclosure. It is better to be prepared than be caught unawares.
How To Keep Track Of Your Foreclosure Case
This will often depend on the type of notice you receive from your lender.
If it is the lender himself who gave you the foreclosure notice, then by all means, keep in touch with them to know the status of the foreclosure case. If however the foreclosure notice came from court, it will be advisable for you to look for some legal help. An attorney who deals with home foreclosure will be the best person to go to here. Handling things on your own may lead to some important details being overlooked, which may only add to your problems. There are also some home ownership experts, like the loan mediation depot, who can assist you with getting a loan modification, so that you can keep your home, and repay the loan under more suitable terms.