If you’ve gotten a foreclosure notice of default In Virginia and want to know what happens next, 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.
In Virginia 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.
Although this can be really embarrassing to someone going through foreclosure, it’s actually a very important protection for consumers.
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 Newport news.
The notice of default is a very important step within the foreclosure process that gives people with an interest in the property to step forward and claim their rights – before it’s too late.
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 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. Also a Little Prayer Goes a long Way, I pray God brings you peace and guidance to find a solution to your current situation. Amen
2) Educate yourself. No Seriously!
Learn everything you can about the foreclosure process in your state so that you know what’s happening and what’s coming up next. You can even give us a call at 757-346-1116, the team here at Sell Your House VA is here to answer any questions you might have. In fact you can email me if that’s easier Angel@sellyourhouseVA.com
3) Gather your resources.
There’s also many non-profit and government resources available In the Hampton Roads area. 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.
4) Learn your options.
We’re here to help you avoid foreclosure. We take over payments and we also buy houses with cash. We can help you with short sales and even rent-back situations so you potentially may be able to keep living in your home. Just Know there are many more options than you think.
The banks involved don’t want your property. They want money, and what you say matters a lot. You can slow down or stop the foreclosure process if you take the appropriate action.
Want to know more?