If you are one of the many thousands of homeowners who have received a Notice of Default on your home, you now have 180 days before the bank has the right to set a date for a Trustee Sale on your home.
If you are like many other homeowners,you have started to work with the bank, either by yourself or through a 3rd party, to try to get the bank to agree to a modification of your current loan. But it’s taking forever, and it’s very difficult to get any response from the bank.
Suddenly, you receive a Notice of a Trustee Sale on your home, and you still don’t know if your Loan Modification is going through. What should you do?
The first thing you should do is to call your contact at the bank and ask for an extension of your Trustee Sale date. Then, you can try to push them to give you an answer on your modification. As long as your sale date is far enough out, then you’ll have time to work on your loan modification.
If they won’t extend your sale date, you may decide that it’s time to consider a short sale. In a short sale, you will still lose your house at the end, but your credit will be damaged for only two years instead of the 7-10 years of damage caused by a Foreclosure.
We can help you with this decision. Please post an answer on this blog and we are happy to discuss your situation.