Foreclosure notice of default in SC– what is it?

live in Charleston and get a foreclosure notice of default?

If you’ve gotten a foreclosure notice of default and want to know what the heck is going on, keep reading.

Basically, a foreclosure notice of default is a document that has to be filed by a lender to start the process of foreclosure.

The foreclosure notice of default must be sent to anyone who has an interest in the property (any other loans, lenders, or even contractors who are owed money for work done to a property will get a copy).

The foreclosure notice of default must also be published in a newspaper and physically posted in a prominent place on the property itself.

Although this can be really embarrassing to someone going through foreclosure, it’s actually a very important protection for consumers.

Back before US law required a notice of default, people were sometimes foreclosed on without any warning.

In fact, it’s happened even in the past few years – at least one bank has accidentally foreclosed on the wrong property and kicked people out of their house without due process or warning. It’s even happened around Charleston.

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’ve received a notice of default, don’t wait. Time is definitely of the essence, and you should take action.

Here are a few key steps you should take:

1) Stay calm and don’t panic.

This may sound obvious, but it’s probably the most important. Anyone in foreclosure is dealing with a lot of stress beyond just the property. These situations don’t happen overnight, and they take a while to solve. You’ll get through it by practicing good coping techniques and taking good care of yourself and your family. Panic leads to bad decisions, so stay cool.

2) Educate yourself.

Learn everything you can about the foreclosure process in your state so that you know what’s happening and what’s coming up next.

3) Gather your resources.

There’s also many non-profit and government resources available out there. You’ll want good legal and tax advice along the way. Definitely don’t try to do it all yourself. This stuff is super complicated with lots of rules.

4) Learn your options.

We’re here to help you avoid foreclosure. We buy houses with cash. We can help you with short sales and even rent-back situations so you (potentially) may be able to keep living in your home. There are many more options than you think.

5) Communicate.

The banks involved don’t want your property. They want money, and what you say matters a lot. You can slow down or stop the foreclosure process if you take the appropriate action.

Want to know more?

Call us anytime 843-883-3319 or connect with us on our website
and we’ll lay out all of your options for your specific situation.

Duncan

About Duncan

Duncan Townsend is a native South Carolinian with a degree from Clemson University. His real estate career extends over thirty years and spans many facets of the field including pre-construction sales, land development, property management, home construction, residential renovations, many property investments, and general real estate brokerage. His sales and marketing experience began with US Capital Corporation in Banner Elk, NC in 1980 working on new condominium projects and later moved to Hilton Head Island, SC to continue work on multi-family projects with Raintree Corporation and single family homes with The Hilton Head Plantation Company. In 1991 Duncan established Osprey Construction Company on Johns Island, SC to serve clients in the design and build custom high-end custom homes on Kiawah and Seabrook Islands. His entrepreneurial ventures through Osprey Construction included speculative home and land development, condominium conversions, property renovations, and property management. Duncan has owned and successfully managed short term and long term residential rentals, and commercial office properties. Duncan is a member of the Charleston Trident Association of Realtors, a Construction Specifications Institute Construction Documents Technologist, was an ASTM Standards Committee member and he actively served on the board of directors for the both the Construction Specifications Institute, Mt. Rainier Chapter in Tacoma WA, and for the Seattle Building Enclosure Council. He is also an active member of the Exchange Club of Charleston. An enthusiastic learner, Duncan continues to expand his extensive knowledge of real estate and construction through studies on buyer and seller representation, law updates, property foreclosures, short sales, lease/purchase methods, installment sales, tax strategies for real estate, marketing to find deals, self directed IRAs , private money funding, negotiation strategies, and more.
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