Just as there are people buying homes, there are also plenty of people getting evicted from their homes too. Nearly 40% of homeowners find themselves in the unfortunate situation of possibly having to leave their homes.
This is despite the increase in government assistance in America, and these numbers continue to climb. If you received a notice of default, you could still fight it and protect your Santa Clara property. Let our stop foreclosure attorney show you how you can stay in your home even after receiving a notice of default.
A notice of default letter is an official notice that the borrower of a home has fallen behind on making payments towards their mortgage.
A notice of default does not mean you need to leave your home. However, you can consider it to be the initial step of foreclosure. A notice of default is something you should take seriously by acting quickly.
Every state has a different rule regarding notice of default.
Before this happens, your lender should attempt to contact your first. You may also receive a A Notice of Acceleration. This letter serves as a warning about a month before they submit a notice of default.
Most Santa Clara homeowners who receive a notice of default have probably tried a few options that were unsuccessful. For example, you might try asking for forbearance on your mortgage or seek a loan modification.
While these options may work for some, they only serve as a short-term solution that doesn’t fix the core financial problem. Those who are in financial turmoil will continue to have trouble paying their mortgage and a notice will come into play.
In the later stage of a notice of default, your lender will plan to sell or auction your home. They will inform homeowners by sending a notice of sale. From that point, a date for the sale of your home is set.
Those who wish to stay in their residence should speak with a foreclosure attorney to prevent the sale of their home from going through. Based on your financial ability, foreclosure attorneys will determine the best solution.
As a homeowner, foreclosure attorneys can determine what rights that you may not be aware of. You may not have to accept the short sale or complete a deed-in-lieu of foreclosure.
A notice of default is enough to put many Santa Clara homeowners into worry and distress. Situations happen where it can affect your ability to make payments on your mortgage.
The good news is a notice of default is still not the end. There are laws in place that protect homeowners and can help you remain in your home despite facing a potential foreclosure.
Contact us, the Estavillo Law Group, for a free phone consultation to find ways to stay in your home.