short sale specialist in corona: The 6 Phases of Foreclosure.
- 07/27/10 08:30 AM
Here is a little useful information!! Phase 1: Payment defaultA payment default occurs when a borrower has missed at least one mortgage payment. The lender will send a missed-payment notice indicating that it has not yet received that month's payment. Typically, mortgage payments are due on the first day of each month, and many lenders offer a grace period until the 15th. After that, the lender may charge a late-payment fee and send the missed payment notice.After two payments are missed, the lender may send a "demand letter." This is more serious than a missed-payment notice; however, at this point the lender … (0 comments)
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