Foreclosure Notice Of Default in North Carolina – What is it and what can you do?

Video Transcription

Max: Hello, everyone. This is Max with Cash Homes Triad and once again I am doing another video. And this video is for anyone that has received a foreclosure notice of default in Winston-Salem or really anywhere in North Carolina. We’re going to kind of go over the options you have, what is a foreclosure default and so and so forth.

The first question is what is a foreclosure notice? Now, you might have got this in the mail or however you received it, but I’ll go over what it actually is. And basically a foreclosure notice is a notice of default document that basically has to be filed by the lender in order to start the process of foreclosure. It must be sent to anyone who has interest in the property, any other loan lenders. Even contractors who are owed money for the work done to the property will get a copy.

Default must be published in a newspaper and physically posted on the property itself. Although this can be very embarrassing to someone going through the foreclosure process, it’s very important protection for consumers to do it like this. Here are a few key steps that you should take if you received a notice of default at your Winston-Salem or North Carolina property in general.

And before we get started with that, back before the US laws required people to be notified of a notice of default, some people were being foreclosed out with any warning. They had no warning. They would just be kicked out of their property. In fact, it’s even happened in the past few years. At least one bank has accidentally foreclosed on the wrong property and kicked people out of their home without due process or warning. It’s even happened right here around Winston-Salem. The notice of default is a very important step within the foreclosure process that gives people with an interest in the property to step forward and claim their rights before it’s too late. If you receive one of these notice of defaults, don’t wait because time is definitely of the essence, and you should take action. So I’ve came up with a few steps on what you should do if you receive a notice of default.

Number one is stay calm and don’t panic. I know this may sound pretty obvious, but probably the most important. Anyone in foreclosure is dealing with a lot of stress beyond just the property itself. These situations don’t really happen overnight, and it will take actually a while to solve these problems. You’ll get through it by practicing good copying techniques and taking good care of yourself and your family. Panic leads to bad decisions. So just stay cool.

Number two is educate yourself. You want to learn everything about the foreclosure process in North Carolina and what can happen and what’s coming next. Number three is gather your resources. There’s also so many non-profiting government resources available out there to help. You’ll want good legal and tax advice along the way. So definitely don’t try to do this all by yourself. This stuff is super complicated with lots of rules.

Number four is learn your options. We’re here to help you avoid foreclosure. We buy houses with cash. We can help you with your short sale or even rent back situations, so maybe potentially you can keep living in the home that you own. There are so many options for you out there. You just need to learn them. Number five is communicate. The banks involved actually don’t want the property back. They want money, and what you say matters a lot. You can slow down or stop the foreclosure process if you take appropriate action.

Reach out and get help, and if you want to know more, you can contact us any time. It’s Cash Homes Triad. You can visit us on our website at cashhomestriad.com. We write many articles where you can read and educate yourself if you’re in these situations, or you can just pick up the phone and give us a call, and one of our acquisition managers or somebody in the office or even myself will answer the phone, and it’s 336-310-9819. We’ll lay out all the options for your situation.

Once again, this is Max with Cash Homes Triad and I hope you enjoy this video. Give it a thumbs up and share it with anybody you know that might be facing a notice of default on their property. Thank you.

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