If you’ve gotten a foreclosure notice of default and want to know what the heck is going on, keep reading.
Basically, a default foreclosure notice is a document that a lender must submit to start the foreclosure process.
Default foreclosure notice must be sent to anyone with an interest in the property (any other loans, lenders, or even contractors owed money for a property’s work will receive a copy).
The default foreclosure notice must also be published in a newspaper and posted physically on the property itself at a prominent location. While this can be really embarrassing for someone who is going through foreclosure, it is actually a very important consumer protection.
Back before US law required a notice of default, people were sometimes foreclosed on without any warning.
In fact, even in the past few years, it has happened – at least one bank has accidentally hijacked the wrong property and kicked people out of their house without due process or warning. It has even taken place around West Valley City.
In the foreclosure process, the notice of default is a very important step that gives people with an interest in the property to move forward and claim their rights–before it’s too late.
If you received a default notice, don’t wait. Time is definitely the essence, and action should be taken.
Here are a few key steps you should take: