Another tip from your Seminole County foreclosure and Seminole County short sale realtor. The first indication most Seminole County foreclosure homeowners have about a potential foreclosure is when they receive the notice of default. This is a letter from the lender notifying the borrower that they have missed making a payment or have made insufficient payments. The lender will provide a deadline or demand that the borrower make up any missed payments, or the lender may “accelerate the loan,” meaning the entire unpaid amount of the mortgage is due and payable. If the default is not cured, the lender may pursue foreclosure.
Make sure you stay in contact with your lender to explain your situation!!
This is the stage at which Seminole County homeowners need to seriously analyze their financial situation and weigh their options. The lender has notified the borrower of a default, but has not yet filed a foreclosure lawsuit. Borrowers in this situation should immediately consult with a professional to obtain guidance in following the best course of action to assist you and your family before a foreclosure lawsuit is filed.
If you have received a notice of default, then call Richard today to discuss your options.
