Procrastination Costs

 
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"If you don’t have time to do it right, when will you have time to do it over?"

JOHN WOODEN

Time

If foreclosure/repossession is the chosen method for partial asset resolution then the timeline probably will approximate 150 to 400 days depending upon specific redemption periods. Here is what transpires:

A. Missed payment (Day 1)
B. Late charge (Day 30)
C. Collection Letter (Day 31 to Day 60)
D. Demand Letter (Day 61 to Day 120)
E. Notice of Default (Day 121 to Day 125)
F. Trustee Sale (Day 175 to Day 400)
G. Redemption (Day 175 to Day 400)

During this time the particular asset very likely has yielded absolutely no income, and has continuing relentless costs for legal, insurance, taxes, and maintenance until title moves to an acquiring party. When a borrower defaults a loan it is a very high probability the associated taxes and insurances have concurrently expired, and normal maintenance of the collateral real estate has ceased.

 
     
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