Posted on: 08th Dec, 2010 10:25 am
I'm 5 months late - getting notices of deaulting on the loan, etc.
I'm 5 months late - howlong before I'm locked out?
Welcome larrygardner,
The lender has send you the pre-foreclosure notice. If you do not pay off the dues now, then the lender will foreclose the property. He will sell it off in order to recover his dues. He will ask you to pay off the deficient amount resulting from the sale. If you're unable to pay off the deficient balance, then the lender can place a lien on your other properties to recover his dues. A foreclosure will also lower your credit score by 250 points.
The lender has send you the pre-foreclosure notice. If you do not pay off the dues now, then the lender will foreclose the property. He will sell it off in order to recover his dues. He will ask you to pay off the deficient amount resulting from the sale. If you're unable to pay off the deficient balance, then the lender can place a lien on your other properties to recover his dues. A foreclosure will also lower your credit score by 250 points.