What is a Letter of Default on a Delinquent Home Loan
When you're delinquent on your current home loan, the lender will send what is called a letter of default. This is the last opportunity for you to bring your delinquent home loan current before the start of foreclosure. This letter is just a basic letter stating that you need to bring the delinquent account current before a specified date, or legal action will be taken. This is the best opportunity for you to decide on moving forward with a home loan modification to stop the foreclosure.

The next legal document that you will receive is a certified letter of foreclosure. This letter is stating that your home will be set for auction if the delinquent balance isn't brought current. This letter will have a specified date the auction will take place and will be public record; and the date of the auction will be printed in the local newspaper. This sale date is set forth by the courts in your county.

Once the letter of default has been sent, my experience is you need to find a way to secure your home, and stop the foreclosure process. One of the many ways of stopping foreclosure is with a home loan modification. This is a process where the current contact is renegotiated by the borrower and the lender to keep the client out of foreclosure. Once you have started a home loan modification, the foreclosure process is stopped. The negotiation will take place resulting in lowering your monthly payment, adjusting your interest rate or reducing the principle balance of the mortgage. This process will allow the client to be comfortable with their new monthly payments and keep them from losing their home to foreclosure.

If you have received a letter of default or a certified letter of foreclosure, with my experience you need to find other means on stopping the foreclosure process. I have found that a home loan modification is the easiest process to stop the foreclosure process. Once the modification process has started the foreclosure process is halted. This will give you the security that you will not lose your home to foreclosure, and will allow you time to get yourself back on track with a lower monthly payment.

Please visit http://www.stoppedforeclosures.com or call 800-578-8595 if you need assistance with the process of a home loan modification. We are determined to keep you in your home and saving you from foreclosure.

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