If you’ve received a foreclosure notice of default and want to know what the heck is going on, keep reading.
Basically, a foreclosure notice is a notice of default document that has to be filed by the lender in order to start the process of foreclosure. This must be sent to anyone who has an interest in the property. This can include any other loan lenders, even contractors who are owed money for work completed to the property, they will also get a copy.
The default must be published in a newspaper and physically posted on the property itself. Although this can be very embarrassing to someone going through the foreclosure process it is very important and instrumental protection for the consumer to do it like this. So here are a few key steps that you should take if you have received a notice of default for your Oklahoma City or Oklahoma property in general.
Did you know that back before the U.S. laws required people to be notified of the notice of default, some people and families were being foreclosed on without any warning.
Sounds crazy, right? So yes, homeowners and their families would just get kicked out of their property. In fact, it’s even happened in the past few years, at least one bank has accidentally foreclosed on the wrong property and kicked people out of their home without due process or warning.
1) Stay calm and don’t panic. I know this may seem pretty obvious, but it’s probably the most important because anyone in foreclosure is dealing with a lot of stress beyond just the property itself. Now, look, these situations just don’t happen overnight. In fact, it will actually take a while to solve these problems. However, you will get through it by practicing good coping techniques and also by taking good care of yourself and your family. Remember panic leads to bad decisions. So just stay calm and cool.
2) Educate yourself. You want to learn everything you can about the foreclosure process in Oklahoma and what can happen and what’s coming next. In the bio of this video, I included some links and provided some helpful visual graphics for free to help you along the way to educate yourself about the process.
3) Gather your resources. There are so many nonprofit and government resources available out there to help you’ll want to get good legal and tax advice along the way. So you definitely don’t try to do this all by yourself because this stuff is super complicated with lots of rules.
4) Learn your options. Look, I’m here to help you avoid foreclosure Oklahoma City. We buy houses with cash. We can help you with your short sell or even rent-back situations. So maybe you could potentially keep living in the home that you own. There are so many options for you out there. You just need to learn them and know what they are.
5) Communicate. Did you know the banks involved actually don’t want the property back? They want money. So what you say and communicate to them matters a lot. You can actually slow down or stop the foreclosure process altogether. Only if you take appropriate actions. So reach out and get help.
Want to know more?
Call us any time (405) 698-3948 or connect with us on our website and we will gladly talk with you and layout all you of your options for your specific situation.