Late On Payments But Still No Notice?

So you’re late on your payments, sometimes as much as six months late, but you still haven’t received a phone call or letter from your lender demanding that you pay? That’s not uncommon nowadays, especially with the subprime lending meltdown and other lending disasters. What’s going on is that the firms that bought your loans from your original lender haven’t filed any Notices of Default (NOD) because then all that information would become public. The fact that you can’t pay would become public, the fact that the property may be auctioned off at lower than the mortgage becomes public, and all that information is going to feed the financial instruments that institution is trying to sell.

If you’re late, they know… they just don’t want anyone else to, yet.