What to do when you receive a Notice of Default from your mortgage lender in Florida

April

29

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What is a Notice of Default and what should I do when I get one?

Notice of Default is a notice lenders use when you have breached your mortgage note and the lender intends to start a foreclosure suit. What follows is a lis pendens that puts the public on notice that a lawsuit is pending , and soon a foreclosure suit will begin.  If you've received a Notice of Default after missing a few mortgage payments, time is up and you will need to take action soon to avoid a foreclosure.

You still have options to save your home, and may in fact be in the middle of a loan workout right now, but that may not stop the foreclosure suit from commencing. Unless you have a solid plan to repay the entire back due sum, it's time to start thinking about selling before all your equity is gone.

foreclosure sign

WHAT TO DO NEXT!

1
Contact your lender

Your lender will want to avoid foreclosure as well. If you have not already tried, speak to your lender about your options. They may offer several options, including a loan modification, forbearance, partial claim or even a short sale.

2
REQUEST A PAYOFF STATEMENT

The balance on your mortgage will quickly start growing once you start missing payments, and especially once legal fees start accruing. Find out the total owed on the loan by requesting this document from the bank. 

3
Contact a realtor with experience in foreclosures

If you've decided you do not wish to keep the home, or you've been denied for a loan workout, it's time to get the property on market and get it sold before it forecloses. You will want a Realtor that has plenty of experience in the foreclosure process

sell in preforeclosure
When is it too late to sell?

Until the lender completes the foreclosure and takes possession of your home, you still have an opportunity to sell and cut your losses before foreclosure!

It's time to get a plan together to avoid losing your home to foreclosure!

We've been helping homeowners with foreclosure problems since 2008! Even if you have no equity, we can still help you avoid foreclosure and sell your home!

I want to thank you again for taking care of everything, I received stacks of letters from the two mortgage companies with threats and pleads for me to contact them and I ignored it and left everything in your worthy hands. The other realtor at the closing said that he was worried because usually short sales don't work out, and that this is his first successful one. I told him that I found you on google and I was told that you are the best in the state for short sales, and that you proved that to be true. A huge burden has definitely been lifted and all of the credit goes to you. Thanks again!

D.B.

NOD graphic

Last Updated on April 29, 2024 by Minna Reid

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