Posted on: 17th Sep, 2008 01:08 pm
i have a loan through a private lender in texas and i was due on september 1st.
Hi kwyatt,
Welcome to forums.
Usually lenders send a notice of default to the borrower within 90 days of 1 missed payment. This notice is an implication that the lender has declared a foreclosure. Within the next 90 days, the borrower has to compensate for the dues or else the lender will send a Notice of Sale. After 15-30 days of sending the Notice of Sale, the lender may set up the auction. By the way, did the lender speak to you about the missed payment?
Thanks
Welcome to forums.
Usually lenders send a notice of default to the borrower within 90 days of 1 missed payment. This notice is an implication that the lender has declared a foreclosure. Within the next 90 days, the borrower has to compensate for the dues or else the lender will send a Notice of Sale. After 15-30 days of sending the Notice of Sale, the lender may set up the auction. By the way, did the lender speak to you about the missed payment?
Thanks