NOF or NOD If You Should Get One, Do Not Ignore It
Notice of Foreclosure and Notice of Defaults on a mortgage is very serious. Both are indicators that the borrower has not make payments on their home mortgage.
Notice of Default: MCLa 600.3205a This is the official sounding name to say someone is not just late with a payment, the lender is in the process of calling the note due and payable, however you have rights to avoid foreclosure. This is for the State of Michigan property owners and if you get or suspect you are going to get one, please follow the link and read and heed the information. For more help and referrals to local legal experts or talk about your sale options contact me at 810.534.2005 or email me at billpark@kw.com . You are not alone.
Notice of Mortgage Foreclosure Sale-This is a legal matter and an attorney should be consulted for advice on your rights. Save the notice for future reference.
Questions:
If a notice of default is received what should I do?
i. Always contact your attorney for legal advice when you have legal questions
ii. Contact your lender and acknowledge the notice and work to rectify the situation with your lender
iii. Consult with your Realtor and get a market opinion report. Your lender may require this or an appraisal.
If a notice of Mortgage Foreclosure is posted on your property retain that notice. If your property is not listed for sale yet and you have no ability to pay and would like not to have a foreclosure on your credit report, you will need to most likely sell the property in a settlement with the lender. A Realtor who has been working with banks and doing this as a matter of practice can help you. I focus on Livingston County Properties, billpark@kw.com . If you live in Michigan and not in Livingston County I can most likely help you find someone closer to you.
