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Got an NOD while in negotiation for a loan modification

We are in the process of loan modification with our lender and we are two months behind with our payments. We have submitted all the necessary documents and we're just waiting for the result. We received today a Notice of Default from our lender. They want us to pay the two months on or before August 16 but we don't have enough money to pay them. If we can't pay the total amount, can our lender foreclose our property? Thanks in advance for your answer. by prince from , . Aug 3rd 2009 Reply

John Frichter (loanmodpro)
#189 ranked lender in California - 10 contributions

It seems as if the letter you have received is from a department in your lender organization which is not aware of the loan modification you have in process with the loss mitigation department. If there is a phone number on the NOD, I would call it right away and inform them about the loanmod you have in process. Also, I would call your contact at the loss mitigation department (where you have your loan mod pending) and inform them of the NOD you have received. Good luck.

Aug 3rd 2009
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