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Updated about 10 years ago on . Most recent reply

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Dan Mackin
  • Real Estate Agent
  • Erie, CO
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Lenders looking at delinquency as Foreclosure

Dan Mackin
  • Real Estate Agent
  • Erie, CO
Posted

I started my approach to a neighbor of mine who got their NED about a month and a half ago.  I left them a letter stating the situation and some ways to get out of the situation.  In preparation for a potential call I wanted to clear something up.  In talking to a few lenders in the area it seems that many of them look at a delinquency on payments that is long enough to cause an NED to be the same as a foreclosure in lending terms.  I had my mortgage broker check with a few of his lenders too and is getting similar answers.  Does this sound correct for other's experiences?  I don't want to be giving out false knowledge about getting back on track and possible refinancing if it isn't true.

  • Dan Mackin
  • 720-466-3378

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Ron S.#3 Foreclosures Contributor
  • Paradise, CA
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Ron S.#3 Foreclosures Contributor
  • Paradise, CA
Replied

Totally correct. 90+ days DQ is the same as a foreclosure event to many underwriters.

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