Received a Notice of Default? The Clock is Ticking
If you’re stressed out because you received a Notice of Default, we’re going to set your mind at ease right now. Because, yes, the clock is ticking … and yes, it’s serious … but, yes, there’s something you can do about it.
You’ve received a Notice of Default because you haven’t made a mortgage payment in 90 days or more. That notice also should have included the steps you need to take now to get out of default and avoid foreclosure.
Those steps include paying the missed payments along with additional fees that have accrued.
So, just how long do you have?
You generally have three months from the date you received the Notice of Default to pay what you owe and reinstate your loan to “current” status. If you don’t, you’ll get a Notice of Sale and your lender will set a date to auction your house to get their money through the foreclosure process.
Three months.
Sounds like a long time, but it will go by in the blink of an eye. So, you need a plan.
Plan A: Find the Money to Pay What You Owe and Get Out of Default
Your best-case scenario is finding the money to pay your missed payments. Remember, you have just three months. And your normal mortgage payments are still due, in addition to those you missed.
Can you … or are you willing to … cash out retirement investments? What about selling your car, boat, RV, or anything else of high value to bring you fast cash? Is there anybody you can borrow the money from?
We get it … if you had the cash, you wouldn’t be in this situation in the first place. Still, finding it somehow, somewhere in the next three months could be your Plan A.
Plan B: You Control the Sale and Avoid a Credit-Devastating Foreclosure
If you can’t find the money, you can at least take control of the sale and avoid foreclosure. If you don’t, having a foreclosure will drop your credit score by 100-160 points for at least the next three years.
So, if the house is going to be sold to pay off the missed payments … shouldn’t it be YOU who sells it for cash instead of your lender?
If you control the sale, you’ll retain some of your credit. You may also have some cash to start over.
If you want to control the process, we can help.
We’re real estate investors, and we have cash to give you for your house. We’ll make you a fair offer. And our deals close quickly.
The clock IS ticking. How much of your three months has already ticked away? Don’t delay any longer.
Take control. Call (559) 321-0905 today.
