What is a Foreclosure Notice?
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What is foreclosure?
A foreclosure notice is a notice that you, or "the borrower," receives in the mail warning you of a pending foreclosure sale on your home. Typcially, the foreclosure notice is sent due to non-payment on a mortgage for a period of anywhere between 1-6 months, but typically the foreclosure notice is initiated once someone is 3-4 months behind and has made no contact with their lender. Foreclosure is the process by which the lender retakes possession of the property on which the mortgage was based. The lender’s interest is secured in the home and if there is a default in repaying on the note, the lender has the option of foreclosing on the property in order to satisfy the outstanding balance. If you have received a foreclosure notice or know someone who has, the worst thing you or they can do is nothing. Calling your lender right away to avoid foreclosure is the right thing to do. If you are unable to do so or your foreclosure is beyond the stages of reaching resolution with your lender, legal counsel shoud be sought.
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