Notice of Default and Acceleration

[Godzillarama]

Happy holidays to all. Today I received our first snotgram from Countrywide, titled "Notice of Default and Acceleration." This is based on the 11/01 and 12/01 payments (which we didn't make). It states we must cure by 01/17/07.

Any comments on how this fits in the grand timeline? Any predictions? What's next? And when? We, of course, are wanting to drag it all out as long as possible while we save money.

Thanks for any responses.

[HHM]

First, what state do you live in.

Second, do you want to keep the house?

However, without you answering any of those questions, if you just got the Notice of default, you probably have 3-4 months before your house is sold at auction.

[SinkingFast]

We were with CW. Got that same letter. Mid February. Our State allowed for 30 days to Cure. 30 days came and went and we never heard "Boo" from CW. That was mid March.

BUT, we had taken a contingent offer to purchase our house. So when we got the Notice of Default and Acceleration, I called CW. Explained the situation. Got the royal run around. Got a fax number to send a letter to explaining about the offer and to ask for more time. So that's what we did. We also faxed a copy of the offer. And followed up by sending copies in the mail too.

The wrangling didn't really buy us much time. About 6 weeks or so. The end of April, first of May, CW hired a Trustee law firm and moved to Foreclose. The Auction was set for the Tuesday after Memorial Day.

We tried to release our Realtor but she hung on. She kept saying, "You never know what will happen." Low and behold, she was right. A week before the Auction was scheduled, an offer came in. CW cancelled the Foreclosure Auction and gave us 30 days to get the deal sold and closed.