Posted on: 12th Nov, 2009 01:48 pm
What should we do if we received a note about a civil complaint regarding foreclosure stating the intent of the bank to sue us I guess. It says to respond within 20 days if we intend to defend the lawsuit, which costs money which we don't have. Should we just let it go? What is the outcome of this process? Is this a normal step to foreclosure?
Hi misa,
In my opinion, you should definitely respond to the notice. If you do not respond, then the lender would go ahead with the foreclosure action. You should inform the lender that you want to work with him and apply for a loan modification if you want to save the property.
If you want to get rid of the property, apply for a deed in lieu of foreclosure with the lender. Though your credit would get lowered by 250 points, you will get rid of the property and do not have to pay the deficient amount.
Thanks
In my opinion, you should definitely respond to the notice. If you do not respond, then the lender would go ahead with the foreclosure action. You should inform the lender that you want to work with him and apply for a loan modification if you want to save the property.
If you want to get rid of the property, apply for a deed in lieu of foreclosure with the lender. Though your credit would get lowered by 250 points, you will get rid of the property and do not have to pay the deficient amount.
Thanks