What should I do if I receive a notice of default from my lender?
With financial trouble almost always comes paranoia and fear of the worst. Falling behind on mortgage payments can easily lead to the overwhelming worry of “Will I get kicked out of my home?” Thankfully for Nevada residents, there are many opportunities for those facing foreclosure to overcome those fears and start creating a path towards financial stability.
Despite having received notices of past due payments and late fees, a foreclosure doesn’t necessarily begin until the lender has issued a notice of default and election to sell. Even at that point, Nevada residents shouldn’t feel as if the sale of their home is inevitable. The best thing to do when facing foreclosure – at any point in the pre-foreclosure process or beyond – is to act quickly. Do not ignore notices of missed payments, materials on foreclosure avoidance, or most importantly, a Notice of Default and Election to Sell. The earlier you act, the more time and options you have in avoiding a foreclosure altogether.
If you’ve yet to act until receiving a Notice of Default and Election to Sell, your best option is to immediately elect for Foreclosure Mediation. Mediation is an optional program offered to all Nevada residents to help homeowners avoid foreclosure. Foreclosure mediation is essentially a meeting of the borrower, the lender, and a third party mediator where both parties come together to find a mutually beneficial alternative to moving forward with the foreclosure. Alternatives that are usually discussed include loan modifications, refinancing, forbearance, payments plans, as well as other options.
The foreclosure process is based around timelines and deadlines for each step. Though mediation is an option at almost any point throughout the process until the sale of the home, it’s best to keep all your options open by acting as early in the process as possible.
If you are worried about foreclosure, interested in foreclosure mediation, or have already received a notice of default and election to sell, contact our office today to speak with an experienced foreclosure defense attorney. We can discuss all options available to you at your particular stage in the foreclosure or pre-foreclosure process. Set up a consultation by calling (702) 998-1188, emailing firstname.lastname@example.org, or schedule a consultation online.
For more information regarding foreclosure, mediation or other related topics, check out our Foreclosure Defense Blog and Foreclosure Defense TV playlist on Youtube.