Imagine that there are homeowners that have received their first default notice in the mail from their lender due to non-payment and they move out. The borrower felt that since they couldn’t afford to keep their home by keeping up with their payments and their taxes that they would simply leave. As it turns out, the lender ends up halting on the borrower’s foreclosure. This is actually what happened to one homeowner in North Carolina.

Apparently the borrower was paying on a condo and thought she couldn’t afford to keep up the payments due to losing one of her high paying jobs. After receiving a default notice she decided to leave without waiting for a sheriff to have her evicted. Eight months later she finds out that the condo had been sitting vacant the entire time for no reason. Her lender halted all foreclosures for a period of time. Countrywide happened to be the lender in a sense. The original loan was through another financial institution until Countrywide ended up buying the loan. Somehow the borrower got tied into the lawsuit against Countrywide and those that were involved in predatory actions by Countrywide. This allowed the borrower to get her loan modified, but now she feels it is too late.

With one job less than when the original loan was agreed upon, the borrower from North Carolina has given up hopes of getting her condo back. Taxes are also now owed on the property along with penalties and it is highly unlikely that the borrower will be able to catch up. Hopefully this will be a lesson for others about to lose their home. It is important to communicate with the lender to work out a modification even if you are not behind on payments. Especially for those stuck in adjustable and subprime loans it is vital to try to work out a plan with the lender.