Default - What to expect
Hi, BBS members.
Looking for information on the default and what happen next and what to expect.
We have submitted rescission letter out of allowed rescission period.
We was 2 days late.
As a result we get a letter stating that we will be considered in default.
We still have 10 days left to take action and I would like to know what to expect.
I do understand that seller will request escrow to release deposit to seller.
What I do not know what happen next.
Would we be considered in foreclosure?
Will we still be responsible for the mortgage?
How that affect out credit?
Any information and advices be greatly appreciated.
Thank you in advance.
Hi, BBS members.
Looking for information on the default and what happen next and what to expect.
We have submitted rescission letter out of allowed rescission period.
We was 2 days late.
As a result we get a letter stating that we will be considered in default.
We still have 10 days left to take action and I would like to know what to expect.
I do understand that seller will request escrow to release deposit to seller.
What I do not know what happen next.
Would we be considered in foreclosure?
Will we still be responsible for the mortgage?
How that affect out credit?
Any information and advices be greatly appreciated.
Thank you in advance.