Notice of Default

During times of financial hardship, persons who own a home or property may find it difficult to make regular payments to their mortgage lender. If a homeowner misses a single payment, the lender will often report the delinquency to credit bureaus, but repeated failure to remit payment on the debt may result in a notice of default.

Mortgage lenders will often take action against homeowners who fail to make regular payments on their debt, especially if a significant amount of time has passed between payments. Fortunately, some lenders will allow homeowners to modify the terms of their mortgage to prevent foreclosure. For more information on preventing foreclosure, contact the Maryland mortgage modification lawyers of Chaifetz & Coyle, P.C. at 443-546-4608 today

Understanding Mortgage Default Notices

If a homeowner fails to make regular mortgage payments, the lender may issue a default notice. Default notices usually:

• Can be issued as early as 90 days after the last payment was made
• May be issued later if the mortgage lender decides to give the borrower more time
• Will typically include amount owed on the debt and any late fees that have been added
• Are reported to credit bureaus

Following a notice of default, borrowers often have 90 days to bring their debt current, or else they may face foreclosure. Following a notice of default, lenders will issue a “notice of sale” that typically sets a date for the sale of the home to repay the debt.

Contact Us

If you are struggling to make payments on your mortgage debt and are concerned about foreclosure, contact the Maryland mortgage modification attorneys of Chaifetz & Coyle, P.C. at 443-546-4608 to discuss your legal options.