Nothing in this entire process produces more fear than the first letter. Not the missed payments, not the phone calls — the envelope from the lender with a date on it.
It is worth knowing exactly what that letter is, and what it is not, before you do anything with it. If you are trying to match the letter in your hand to a name, how to read a notice of default is the place to start, and what happens after a foreclosure notice in Manatee County walks through the sequence that follows it. And if you would rather talk to someone free and neutral first, how a HUD-approved housing counselor can help before foreclosure explains exactly what they do.
Video transcript
Auto-captioned from the video above and lightly cleaned — filler words removed, nothing added. If you plan to quote any figure from it, check the video itself.
I want to spend today’s email on the thing that causes the most fear right at the start, that first letter from your lender. If you’ve fallen behind on a payment at some point, your lender sends something often called a notice of default. It’s a serious letter.
The lender is formally saying you’re behind and that they intend to act if the account isn’t brought current or otherwise resolved. But here’s what it is not. It is not by itself a foreclosure.
It’s not an eviction notice. It does not mean you’re losing your home this month or even this year, possibly. Florida is what’s called a judicial foreclosure state, which means a lender has to actually file a lawsuit and go through the court system before a foreclosure can be completed.
That takes time and how much depends on the county and the specifics of the case, which is something an attorney can speak to more precisely than I can. What I want you to hear from me is simpler. If you’ve missed a payment or received a letter, you’re not out of time.
You have room to think clearly and make a plan. Two practical things worth knowing, and doing right away,, regardless of what you decide later. Contact your lender or loan servicer directly, even if it feels uncomfortable, and consider talking to a HUD approved housing counselor.
That’s a free, neutral resource that can walk you through your options with the lender directly. I’ll cover those broader options actually in my next email. For now, if you want to talk through where you stand, I’m here.
You can call or text me at 941-737-6562 or email me at linda@reynoldsrealty.com. No judgment, just options.
Talk it through
If a letter has arrived and you are not sure what it means, call or text 941-737-6562, or email linda@reynoldsrealty.com. I am glad to walk through where you actually stand.
No judgment. Just options.