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.
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 2011, 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.
Everybody getting an NOD last month asked:
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:
What are the tax implications of foreclosure? Can I get sued for the shortfall? How can I minimize the damage to my credit score? And, oh, yes...should we even fight to stay in this home or should we just let the bank have 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.
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 2011, 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.
Everybody getting an NOD last month asked:
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:
What are the tax implications of foreclosure? Can I get sued for the shortfall? How can I minimize the damage to my credit score? And, oh, yes...should we even fight to stay in this home or should we just let the bank have 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:
Want more information and help getting Mortgage Modification? Visit Rockwood's site about DIY Loan Modification at Home Loan Modification. Free reprint available from: Got NOD. Now What?.
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