letter from bank

Asked by itsme, Reno, NV Wed Aug 12, 2009

Hello,

Today i received letter from my bank stating that my case is forwarded to lawyer firm and will start foreclosure proceedings. Not sure what that means.

Is this mean that they will go judicial way?

I never received NOD. I am 4 months late on payments.

Thanks.

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5
David Grant, Agent, Las Vegas, NV
Wed Aug 12, 2009
BEST ANSWER
itsme, This letter probably means a NOD will soon follow. I would call the foreclosure attorney listed on the letter and ask questions. Have you been in contact with your bank? Are you looking to stay in the home? If so you may be able to work out a loan modification to help you stay in the property. If you do not want to stay and a NOD has not been filed you have about 90 days before you need to vacate. Good luck and call the attorney to clarify.
0 votes
Chance Gates, , Reno, NV
Fri Aug 14, 2009
I agree with Dave if you want to stay in the house try and work a loan modification with your bank. If that does not work go to your senator and ask for his help on getting a loan modification. Third ask for mediation.
Web Reference:  http://chancegates.com
0 votes
Madeline Zook, , Reno, NV
Thu Aug 13, 2009
The letter means exactly what it says- that the bank is implementing foreclosure proceedings on your home. A notice to cure will follow, telling you that your loan has been accelerated and that they are looking for full payment. If you do nothing again, a notice of default will be filed. Then your home will be schedualed for a trustee's sale, and it will be sold at auction.

You still have time to try for a short sale,but the clock is certainly ticking. If you haven't reached out for some help already, this ought to be a STRONG wake up call.
0 votes
Clark Riel, Agent, Reno, NV
Thu Aug 13, 2009
If you are interested in resolving this problem and need some help or maybe just some information, try this web site. It was created by the State for helping homeowner who are facing foreclosure. It is not a scam site. http://foreclosurehelp.nv.gov/

Good luck
0 votes
Keith Manson-…, , Milwaukee, WI
Thu Aug 13, 2009
This notice you received is notifiying you that has been referred to the attorney to start the foreclosure process. The first legal process in your state is the nod (notice of Default). So it is time for you to review your options and make your decesion on how you want to deal with the situation. The longer you let it go the less likely the bank will resolve the issue. If you want to stay in your home or try to reduce the effects of a foreclosure on your credit, contact your bank immediately. I would also consult a realtor and if the sale would be a short sale, some one that has experience with these. Modification can be an option but it may be time consuming and frustrating when going agaist the time lines.


Good Luck



Keith Manson
First Weber Group
Certified Distressed Property Expert
Greenfield,Wisconsin
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