If you have received a notice from the lender, you have to talk with them straight away. If you ignore the notice, surely you will facing foreclosure. Your house will go into foreclosure. Talk with the lender and discuss your situation to them. Most lenders are willing to help you if you are proactive because they do not like to go through foreclosure process. They can arrange a refinancing plan to reduce your monthly payment.Those lenders do business in lending money, not managing properties, so most of lenders are prefer to go this way rather than follow through with foreclosure process that is expensive and complicated for them.
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