What is a notice of intent to foreclose?

by oliver on September 30, 2010

Question:

What is a notice of intent to foreclose?

Answer:

The notice of intent to foreclose is a legal document which informs the borrower that the lender intends to terminate the owner’s rights to his house or property. This is also called as foreclosure notice which also signals the beginning of a foreclosure process. If you were not able to make your mortgage payments and are not able to catch up after three months, you will most likely receive a notice of foreclosure. The notice will also contain information regarding the schedule of court hearing.

Usually, the way you respond to this notice can determine if you will be able to keep your house. Taking this notice for granted would mean that you are negligent and do not care what happens to your house. If you want to keep your property, take the notice seriously and contact a real estate attorney. This lawyer will be able to give you the details on how you can avoid the process of foreclosure and most importantly, keep your home. If there is a schedule stated in the notice, attend the court hearing as scheduled and try to work out an agreement with your lender in order to solve the situation and avoid foreclosure. There are a lot of ways or agreement options that you and your lender can work out, just ask the details from your real estate attorney.

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