Do NOT ignore Notice of Default from you lender, it could cost you $1000’s of dollars and create a long-term hardship for years to come! Having your home go to foreclosure does not release you from your obligation. If you owe more to your bank than your property is worth, and you simply allow your property to go to foreclosure, you could be forced to pay back the entire shortage.
Calculate your potential loan obligation by using this simple formula: Total Mortgage (-) Current Property Value (=) Shortage.
Understand that if you allow your home to go to foreclosure, your wages could be garnished in order to pay back your loan shortage.
Take your monthly take home pay (x 25%) = Amount that can be garnished.
You can avoid foreclosure and can stop this from happening to you. Call us today and an get a free legal consultation and assistance in helping you set up a personalized plan for eliminating your debt.