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Something No One Ever Want's To Read.

By
Real Estate Agent with Remerica Integrity, Realtors®, Northville, MI

Something No One Ever Want's To Read.

"Dear borrower(s):

Our records indicate that your loan is in default for failure to make payments due. Unless the payments on your loan can be brought current by xxxxxx, it will become necessary to require immediate payment in full (also called acceleration) of your Mortgage Note and pursue the remedies provided for you in your Mortgage or Deed of Trust, which include foreclosure."

Scary words to read.

If you have received anything like this recently, contact a real estate attorney. A CPA and real estate agent might be next.

 

Russell Lewis
Realty Austin, Austin Texas Real Estate - Austin, TX
Broker,CLHMS,GRI

And if any person receiving this letter lives in your part of the world they would be best advised to call YOU as their real estate agent!

Apr 23, 2013 11:55 AM
Jimmy Faulkner
Florida. Homes Realty & Mortgage - Wantagh, NY
The Best Of St. Augustine

The scare of the words are gone because we know that they are coming from a corrupt system of the Banking community with the blessing of the government. That attitude is starting to get pervasive amongst the people & they are starting to wake up.

Apr 23, 2013 11:58 AM
Pat & Steve Pribisko
Keller Williams Greater Cleveland West - Westlake, OH

Eric, these are words no one wants to read.  Good advice.

Apr 23, 2013 12:01 PM
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

No not easy words at all.  But I think in light of the last few years it's so much less of a life stigma than in previous years.  It's happened to so many of us and we'll just keep putting one foot in front of the next after we dust our bottoms off.

Apr 23, 2013 12:28 PM
Noah Seidenberg
Coldwell Banker - Evanston, IL
Chicagoland and Suburbs (800) 858-7917

This happens all too many times these days. Time for a realtor before it's too late.

Apr 23, 2013 12:44 PM
Sussie Sutton
David Tracy Real Estate - Houston, TX
David Tracy Real Estate for Buyers & Sellers

Those are scary words. But everyone here is right... it's almost as mundane as getting a flat!

Apr 23, 2013 01:11 PM
Amanda Christiansen
Christiansen Group Realty (260)704-0843 - Fort Wayne, IN
Christiansen Group Realty

Yikes.  Yeah, I could imagine that would be a scary letter to read.                                                                                     

Apr 23, 2013 10:13 PM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

The scarier part is that home owners that know this is forthcoming often go into a deep state of denial and distress and don't even open those reigstered letters.  

Apr 24, 2013 03:49 AM
Eric Michael
Remerica Integrity, Realtors®, Northville, MI - Livonia, MI
Metro Detroit Real Estate Professional 734.564.1519

Russell, I can help just about anyone with selling their house, even if they owe more than it's worth.

Jimmy, you don't think that losing your house is scary? Wow.

Pat & Steve, thanks.

Tammy, you're right. I'm glad the stigma is lessening.

Noah, sometimes it's too late no matter what.

Sussie, agreed. Like divorce, it's almost becomming "common."

Jared, I could imagine the feeling.

Chris Ann, you're right. Sometimes they wait until there's nothing that can be done and things get a lot worse.

Apr 28, 2013 06:13 AM