Check List of things you must do ASAP!

This page is meant as a quick ‘to-do’ task list for you to get up to speed and be ready for what you have to do next. Naturally different people who read this will have different options available to them because they are at different points in their foreclosure process, however, these are the steps everyone should start with before going any further.

1. Gather all the recent letters from your mortgage Lender(s).

You need to make a stack (And you might as well take them out of their envelopes while your at it!) of all the letters from your lender(s) whose payments haven’t been made in full. For example, if you have paid your first mortgage to satisfaction but not your second mortgage, just make a stack of the 2nd mortgage lenders’ letters for now. Let’s call this your ‘love letter’ pile.

2. Read and understand what they want from you.

When first reading through these letters, pay special attention to how long the most recent letter states that you are in default, and how much exactly they want from you to bring the loan back to current. (Including fees and taxes.) Sometimes the lender will even offer you a few options, such as to “defer” a payment, until a later date, or “skip” it altogether. More likely they will offer you another way to reinstate the loan, such as a “loan repayment plan,” which basically means making even bigger payments for a while. If you have the means to do this, we highly recommend you take this option before it’s too late.

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