What Are The Three Basic Forms of Foreclosure Notices?
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In general terms there are three forms of foreclosure notices:
- A Notice of Default — a public notice that loan payments have been missed.
- A Lis Penden — notice of a suit against a property owner.
- A Notice of Sale — essentially an announcement giving the time and date of a planned foreclosure sale.
If you receive any notice from your lender which is or seems to be one of the three notification forms above — or any document from your lender or servicer which claims that a payment is late or has not been made — contact your lender immediately. Don’t wait. This is not a problem that will go away, get better or which can be put off.
Your first step should be to see if you can bring the loan current. If not, ask if you can work out an arrangement (a loan modification) with the lender.
In some states a lender may need to go to court to get a foreclosure order, in other states the mortgage agreement alone will allow the lender to foreclose. Note that foreclosure rules and notifications vary by state and that in some jurisdictions you can lose your home in as little as 37 days.
For help, immediately contact an attorney, legal clinic or community housing group. For additional information online, go to the RealtyTrac Foreclosure Education Center.
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