Difference between NOD and summons, etc??

[freshstartmi]

On April 5th we recieved the letter that states "will serve as a notice of the default of the promissory note and breach of the mortgage" -- it also goes on to say the amount needed to catch up and the "you are not obligated because of the discharge in your bankruptcy proceedings". Then says "after 30 days we will accelearate the sums due:

What does this mean timewise for us?

[jlmaca]

On April 5th we recieved the letter that states "will serve as a notice of the default of the promissory note and breach of the mortgage" -- it also goes on to say the amount needed to catch up and the "you are not obligated because of the discharge in your bankruptcy proceedings". Then says "after 30 days we will accelearate the sums due:

What does this mean timewise for us?

It depends greatly on what state you live in. Basically after you received your notice of default, your servicer or loan originator will commence the foreclosure process by serving you with a summons. This could take another month or longer, it's hard to tell in this economic environment. I've been waiting for my summons for 5 months.

After you receive the summons, you must answer within 20 or 30 days. If you do not answer the summons you will receive a summary judgement which means you have officially lost your home. Not knowing your endgame does limit anymore ideas here.

[freshstartmi]

It depends greatly on what state you live in. Basically after you received your notice of default, your servicer or loan originator will commence the foreclosure process by serving you with a summons. This could take another month or longer, it's hard to tell in this economic environment. I've been waiting for my summons for 5 months.

After you receive the summons, you must answer within 20 or 30 days. If you do not answer the summons you will receive a summary judgement which means you have officially lost your home. Not knowing your endgame does limit anymore ideas here.

We are in MI and are planning on moving out to a rental in June - just making sure we are ok til June with no worries - from what you put here it sounds like that is no problem at all.