An owner who has received the Notice of Default is likely to be motivated to sell because she knows that the lender has begun the formal steps toward repossessing her property. But not all owners facing foreclosure are aware that the late charges, penalties, and hefty legal fees further erode their shaky financeal position. They may not understand the logic that if they can't make their regular monthly payments, they're unlikely to catch up and pay all the additional costs, which can literally double the deliquent amount.
An owner who has received the Notice of Default is likely to be motivated to sell because she knows that the lender has begun the formal steps toward repossessing her property. But not all owners facing foreclosure are aware that the late charges, penalties, and hefty legal fees further erode their shaky financeal position. They may not understand the logic that if they can't make their regular monthly payments, they're unlikely to catch up and pay all the additional costs, which can literally double the deliquent amount.