During the foreclosure process, you will receive various documents that allow you to know what is happening. The first document you will get is a Notice of Intent to Foreclose.
This notice is your warning that the lender is going to file a foreclosure. It is essential to pay attention to it.
The NOI will tell you that the lender is considering filing a court case to take your home because you are overdue on a loan payment. It should contain information that tells you about your loan and how you can correct the situation. Generally, if you pay the overdue amount, you can prevent a foreclosure action. It will also include a Loss Mitigation Application, which could offer you alternatives to payment in full and allow you to work with the lender to bring your account up to date. You should complete this if you want to avoid foreclosure and are willing to work out a plan with the lender.
When the lender sends the NOI, it must be by certified mail, which means you have to sign for it. It also must come to you at least 45 days before the lender can file the foreclosure action in court.
If you receive an NOI, take it seriously. This is basically a document telling you that the lender will foreclose on your property if you do not take action to stop it. Ignoring it will only lead to further legal trouble, and it could prevent you from being able to negotiate with the lender to find a solution that allows you to keep your home.