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deni52 · Joined: 08 Jun 2009 Posts: 4 2.39 Dollars($)

Hi My husband and I live in California. I just found out that our mortgage servicer Wachovia has filed a notice of default on July 31 2009. We have not been notified by them yet. What happens next? I'm kind of panicking. Is there a waiting period before the next step. Thanks Denise

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

deni52

You will probably get a letter from the bank also

Probably your foreclsoure process may take quit some time, but they may offer you for loan modification also

Thanks

adonis · Posted: Wed Aug 05, 2009 10:52 pm Post subject:

Hi deni,

The lender will start foreclosure proceedings as they have filed the notice of default against you. You will now have to decide whether you want to sell off the property or save it. If you want to sell off the property, then you can apply for a deed in lieu of foreclosure. You will have to surrender the property to the lender. The lender will sell it off to recover the dues but would forgive the deficient amount.

If you want to save the property, then you will have to apply for a loan modification. The lender would give you a low interest rate and increase your term of payment under this option.

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