We buy houses in Detroit MI and 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.
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 for Detroit MI home buyers to see.
Although this can be really embarrassing to someone going through foreclosure, it’s actually very important protection for consumers.
Foreclosure notice of default in Detroit MI
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 Detroit.
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 in Detroit MI 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 practicing good coping techniques and taking good care of yourself and your family. Panic leads to bad decisions, so stay cool.
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.
3) Gather your resources.
There are 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. You can call homebuyers in Detroit like us for help.
The banks involved don’t want your property. They want your mortgage payments, and what you say matters a lot. You can slow down or stop the foreclosure process if you take the appropriate action.
5) Learn your options.
We’re here to help you avoid foreclosure. 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.
Sell Your House In Detroit MI
If you receive a notice of default, you should first learn to not panic, and rather educate yourself about the foreclosure process in MI. We buy properties in Detroit and we pay cash for houses in Detroit MI and we can help you face whatever your situation is, even foreclosure. Sell your house in Michigan to us. Want to know more?