There is nothing that is more dreadful to a property owner than getting a NOD on their property. If you have been having a hard time making your mortgage payment lately and it has resulted in the lenders giving you a notice of default, you need to act quickly to avoid losing your property. The first step of action should be getting a lawyer to guide you through the entire process.
What to do after getting a NOD
A notice of default is given after you have failed to make any mortgage payment for a period of between three and six months. After the notice has been issued, the only way you can stop the lenders from proceeding to the stage of putting the home in the market for sale is by getting the payments up to speed. This means that you have to pay the installments for all the months that you have defaulted at a go. In case you are not in a position to make the payments, the lawyer will try and plead for an extension with the lenders.
The next step of action to take
The next step of action that one should take after they have tried to get an extension is trying to deal with the debt issue. Most of the times, if the foreclosure process has gotten to the stage of being put in the market, the only way you can save it, is by filing for bankruptcy. When you successfully file for a chapter 13, the stay that is put on all personal assets extends to stopping an impending foreclosure. The NOD normally takes about two to three months before the mortgage company decides to set up a date for the foreclosure. This should give you time for consultation with your lawyer to come up with a workable solution.
These are some of the tips that you need when you are dealing with a foreclosure. There is nothing that is more painful than losing a home that you have been paying to own for many years, especially if the mortgage was not insured. Contact R. Dean Snyder Attorney and start the process of assessing your options. This may be the only way to stop your home from being another statistic of Foreclosure in Hamilton OH. Go to http://Deansnyderattorney.com for details.
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