Notice Of Intent To Foreclose

Notice Of Intent To Foreclose

Notice Of Intent To Foreclose

If you are interested in learning more about the notice of intent to foreclose, there is a lot of information here. For foreclosure help, contact an attorney. A note of intent to foreclose is issued by the bank to the homeowner. Default = 1 day previous to the mortgage due date. Lender sends Notice of Default to Foreclosure (usually mailed 45 days following default) and a Loss Mitigation Application. The lender must also provide homeowners with a Settlement Statement describing any available options, such as short sale, loan modifications and forbearance. Notice of Default will NOT be filed within 30 days from the foreclosure sale date. Lender then must file a lawsuit to begin the foreclosure lawsuit with the Circuit Court. Note: If the notice of default has already been filed in the local court, the foreclosure sale date will NOT occur.

A Notice of Default may be filed in one of two ways: by a written complaint or by a nonjudicial foreclosure proceeding. A complaint can be filed in either county courts or county superintendents. Alternatively, a nonjudicial foreclosure procedure occurs when a lender files an answer to a complaint or lawsuit. An Answer is considered a court order for foreclosure proceedings. An Answer can be filed in one of two ways: by filing in the circuit court, or by filing it electronically with the Court’s website. The most common means of getting a Notice of Default is by a written complaint. Most complaints are received by the lender within three days from the mailing date of the Notice of Default. To receive a complaint, send a written complaint by certified mail to the address provided on the complaint. In some states, an Answer can be filed within 30 days from the filing of the complaint. If the borrower fails to answer within the specified time period, a default judgment is entered and a lawsuit against the borrower can be filed in either the federal or state courts.

I’ve received a Notice Of Intent To Foreclose 

Another method of getting a Notice of Default is through a formal notice of the foreclosure proceeding. Once the borrower files an Answer to the complaint, this becomes a matter of public record and can be used against the borrower in a future foreclosure action. For example, a borrower who fails to appear at a scheduled foreclosure hearing will receive a notice of default. At this point, the court will issue an official notice of foreclosure. The homeowner then has up to three months to cure the default unless a motion to reinstate the foreclosure is filed with the court. If the motion to reinstate is filed, the default will become a judgment. An important point to remember when attempting to recover a default is that the court order granting the foreclosure does not strip the homeowner of the right to reinstate the loan. A reinstatement of the loan is an entirely separate issue from the process of filing a notice of intent to foreclose. If you are seeking to get your mortgage modified, or have been delinquent on your mortgage for more than three months, you may wish to discuss your options with an experienced attorney. These experts are well aware of state statutes and procedures and can assist you in determining if and when you should seek help from a foreclosure lawyer.

Common Questions:

Can A Bank Foreclose On A House In Probate

Can You Foreclose On A Disabled Person

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