That Notice of Default you just received is the beginning of a great adventure. It is the first official step in a long and arduous process that protects you from SOME bad things yet exposes you to others. It humiliates and insults you, yet protects you and provides ample time for you to settle on a workable solution to your financial problems.

So, don’t resent it. Rather, see it as a great chance to negotiate a workout that will really work. In 2010, to slow the rising tide of foreclosures, the federal government has pressured banks to modify hundreds of thousands of mortgages. Unfortunately, the banks are not doing so and the time and labor involved in getting a mod is onerous, to say the least. And, the majority of trial modifications are not being made permanent. So, don’t settle for anything less than a real fix…a modification arrangement that you can live with. You need a solution that will get you through this economic mess of the next few years.

Everyone who get an NOD asks:

• What do I do next?!
  
• How can this get any more embarrassing?
  
• What are my options?
  
• What are others doing?
  
• Who can help me?
  

Those are reasonable. But, you should also be asking:

• SHOULD I keep this house, with this mortgage?
  
• What are the tax implications of some of these workout options?
  
• How can I minimize the negatives on my credit report?
  
• Is there a way to be protected from recourse – being sued for any deficiency (shortfall) in my foreclosure workout?
  
• What are others doing to get through foreclosure better-off than before it?
  

Your situation is unique, but quite predictable. You’ll be amazed at how many similarities you have with more than 100,000 other Americans who also received the NOD last month.

Get information from a trustworthy source. Go beyond the generic “vanilla” advice from non-profits and from the banks. Get smart help from loan modification experts with a good track record of success.

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