So, you got the Notice of Default. How’d that feel? Are you comforted that last month over 100,000 others did too? I did not think so. The Notice of Default is the beginning of a long process of foreclosure that mortifies you and protects you at the same time. The only good news is that the process takes a long time, giving you ample opportunity to workout a good solution with your lender.
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.
Everybody getting an NOD last month asked:
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?
Understandable. But, you should also ask:
Should we even keep this house? Is this mortgage just too much? What are others doing to deal with this problem? How can I reduce the negative impact on my credit score? Can I get sued for any “shortfall”?
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 more information and help getting Mortgage Modification? Visit Rockwood’s site about DIY Loan Modification at Home Loan Modification