Take That Notice Of Default And
If you are one of the over 100,000 American homeowners to receive a Notice of Default last month – well, at least you are not alone! The Notice of Default (NOD) is the official start to the foreclosure process. It probably was not a surprise to you, as it usually takes about 90 days of delinquency before it is issued. But, it’s always a shocker, and never a welcomed event. This foreclosure process that you are now in will protect you even while it humiliates you.
Don’t resent it. That’s a waste of time. And, no one cares! Instead, view it as an opportunity to negotiate a workout that will work. In 2010, to stem the rising tide of foreclosures, the government is pressuring banks to modify hundreds of thousands of mortgages. But, to no avail. Consequently, you have to be street-smart and tough as nails to get a trial modification. And, the majority of trial modifications are not being made permanent. So, you have to be persistent. Don’t settle for anything less than a real fix – 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.
When the NOD arrives, people ask:
What to do next?! Can this get more embarrassing? What options do we have now? Are others having this problem? Who can I trust to help me?
Those are reasonable. But, you should also be asking:
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?
Your situation is unique, but quite predictable. You’ll be amazed at how many similarities you have with more than 100,000 other Americans who also received the NOD last month. Get information from a trustworthy source. Go beyond the generic “vanilla” advice from non-profits and from the banks. Get smart help from loan modification experts with a good track record of success.
Want to find out more about actually getting Mortgage Modification? Visit Rockwood’s site about DIY Loan Modification at Home Loan Modification Also published at Take That Notice Of Default And.
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