That Notice of Default you just received is the beginning of a great adventure called foreclosure. It is the first official step in a long and arduous process that protects you from SOME bad things yet exposes you to others. It humiliates and insults you, yet protects you and provides ample time for you to settle on a workable solution to your financial problems.
So, don't resent it. Rather, see it as a great chance to negotiate a workout that will really work. In 2011, to slow the rising tide of foreclosures, the federal government has pressured banks to modify hundreds of thousands of mortgages. Unfortunately, the banks are not doing so and the time and labor involved in getting a mod is onerous, to say the least. And, the majority of trial modifications are not being made permanent. So, don't settle for anything less than a real fix. Get a mortgage modification arrangement that you can live with. You need a solution that will get you through this economic mess of the next few years.
Everyone who get an NOD asks:
What do I do next?! How can this get any more embarrassing? What are my options? What are others doing? Who can help me?
Good questions! And, understandable. But, also ask:
SHOULD I keep this house, with this mortgage? What are the tax implications of some of these workout options? How can I minimize the negatives on my credit report? Is there a way to be protected from recourse - being sued for any deficiency (shortfall) in my foreclosure workout? What are others doing to get through foreclosure better-off than before it?
Sure, your situation is unique. But, your options for working things out are pretty limited. And, with so many millions of homeowners working on solutions, you will do well to learn what is working for others. Do not be satisfied with the party-line, the one-size-fits-all solutions offered by the non-profits and the banks. This is what I call "information about how to PROCEED". Instead, search out straight-talk about what I call "how to SUCCEED" with a long mod. Get it from a knowledgeable and trustworthy adviser, a lawyer or loan modification consultant. You can find 'em. They're out there. You'll know them when you meet them.
So, don't resent it. Rather, see it as a great chance to negotiate a workout that will really work. In 2011, to slow the rising tide of foreclosures, the federal government has pressured banks to modify hundreds of thousands of mortgages. Unfortunately, the banks are not doing so and the time and labor involved in getting a mod is onerous, to say the least. And, the majority of trial modifications are not being made permanent. So, don't settle for anything less than a real fix. Get a mortgage modification arrangement that you can live with. You need a solution that will get you through this economic mess of the next few years.
Everyone who get an NOD asks:
What do I do next?! How can this get any more embarrassing? What are my options? What are others doing? Who can help me?
Good questions! And, understandable. But, also ask:
SHOULD I keep this house, with this mortgage? What are the tax implications of some of these workout options? How can I minimize the negatives on my credit report? Is there a way to be protected from recourse - being sued for any deficiency (shortfall) in my foreclosure workout? What are others doing to get through foreclosure better-off than before it?
Sure, your situation is unique. But, your options for working things out are pretty limited. And, with so many millions of homeowners working on solutions, you will do well to learn what is working for others. Do not be satisfied with the party-line, the one-size-fits-all solutions offered by the non-profits and the banks. This is what I call "information about how to PROCEED". Instead, search out straight-talk about what I call "how to SUCCEED" with a long mod. Get it from a knowledgeable and trustworthy adviser, a lawyer or loan modification consultant. You can find 'em. They're out there. You'll know them when you meet them.
About the Author:
Rockwood is called the "Loan Mod Mercenary". Get info galore and help getting Mortgage Modification? Visit Rockwood's site about DIY Loan Modification at Home Loan Modification
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