With it being a private lender the terms and conditions i am sure will be different than had you used a bank. Your best way is to bring the payments current, then they cant foreclose. Being a trust deed you will bneed to check with a local mortage broker or real estate attorney if you can just refinance. Yes they can foreclose after 30 days, the foreclosure proceedings will be the same as any foreclosure, and you do have the right to cure the problem by paying the back amount due, but note once teh foreclosure starts you will be responsible for thise costs in addition to the back payments you owe. You need to read you mortgage you signed and see what they put in there for default triggers and remedies. Again easiest way is bring it current, if you cant you may want to see if you can get a quick sale and recover some money. Good luck
Do not procrastinate.
The biggest mistake people make is in waiting too long to tell anyone they are in trouble. Yes, it may feel emabarassing and unpleasant to tell people you can't pay your bills but the sooner you get help and a plan to get out from under the debt, the better chance you have of getting the home sold short and avoiding bancruptcy. Some lenders will view a short sale the same as a bancruptcy; others will place more weight on the bancruptcy than a short sale. They will consider that you were more responsible in finding a solution to minimize losses to all parties by working together to do a short sale.
Good luck to you whatever you decide.
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