Notice of Intent
When the lender has decided to proceed with a foreclosure, one important communication will be sent to the defaulting borrower. That will be a formal notice of intent to foreclose on the mortgage.
Each state has its own laws about foreclosure and what is required before instituting a lawsuit in a foreclosure action. Some states do not allow foreclosure to begin until thirty days after the notice of intent was sent to the borrower. Some states require the notice to be sent by certified mail, while others permit regular mail sent to the last known address of the borrower. Many lenders will have sent notices and communications via overnight delivery service or personal messenger. The requirements of the states vary. But the issuance and delivery of the notice of intent is the last legal step required before the lender proceeds with the foreclosure.
Often, but not always, the notice of intent is issued by the local attorney that has been hired to institute the foreclosure suit. The notice of intent letter, issued and mailed in accordance with local law, is part of the process of getting the lawsuit ready for filing before the court.
Once the notice of intent has been prepared and delivered, it is just a matter of time — counted in calendar days — before the foreclosure complaint is filed in court. The borrower can still continue to negotiate with the lender and try to work out some kind of solution or repayment plan. However, unless a solution is found within the legal time frame, a foreclosure suit will be instituted as soon as allowed.
