Serious answers please!! How long before they can foreclose on your house?

Question

I am behind and tried to make arrangements with the finance company. They said all I can do is refinance adding $11,0000.00 to my balance and increasing my payment 40.00 a month and adding 3 years to the pay off or pay the entire past due amount. They say this is becauce I was behind last year due to unemployment. I can pay half the past due amount this month and the rest next month. but they said they are refusing the partial payment.

I guess I should clear up something. This is not a mortgage it is a loan with a balance of 13,000.00. The refi raises the balance to 25,000.00. What is past due can be paid up by mid August. I just wonder does it make any sense to incur an extr

sorry accidentally hit submit. Does it make sense to add the extra 11 grand. I am working to get out of debt and so I can buy a nice house. This one I inherted in a crappy neighborhood the intial loan was to fix it up and until I finished college

Answer 1

Most lenders will go 90 days before they file a notice-of-default with your county. After that it can take some time before the actuall foreclosure takes place. It is expensive and time consuming for a lender to foreclose.
http://www.lendermark.com/stay_out_of_foreclosure.htm

Answer 2

It depends on your mortgage contract, but usually 3 months. If you have been behind at least 3 months for nearly a year- and can not pay up. I would do what they say. Adding 11 g's to your cost is better that foreclosure. You will not get anything out of foreclosure-you will lose everything-they will be in total control. Have you talked to a lawyer? A lawyer can help only if the mortgage company is not right. Dont loose your house over 40 bucks a month. Do not sit around and pout-call a lawyer-if he can not help take their offer immediately while it is still open-do not make them mad at you. Sounds like they can foreclose anytime.
Why you could not pay does not matter-thats why you have a contract-dont make them enforce it. Take the deal and be thankful. I repeat-take the deal.

Answer 3

absolutely right, either take the deal with your bank, or even smarter, do a similar deal with another company..It may be better if you deal with a new investor, because starting fresh will offer you more benefits in the future. The company you are with has a bad taste in their mouths because you have missed payments. With a new company you can establish a new payment history, and get back on the right track!

My name is Jason Fry, and I am a loan officer with Providential Bancorp, a nationwide mortgage lender. I'd be happy to assist you in a refinance, or at least be able to let you know exactly what YOU QUALIFY FOR. You can then make a more informed, and educated decision whether it would be the right move for you.

Feel free to give me a call at 312-264-6448, or
you can email me at [e-mail].

Thank You,

Jason Fry
Providential Bancorp

Answer 4

Good advice, take the deal. You can refi down when rates go down again (they will) and then get back down at a later day a go into a 25 year loan or a 20 year loan if you are concerned about the number of years. You will suffer from poor credit until you fix the home thing. It is worth it. Ask anyone who has gone through the forclosure process.

Answer 5

once you pass the 90 day mark, they can begin the foreclosure procedure. if you hit 120 days pass due, foreclosure is right around the corner. my advice, refinance with someone else and take care of the past due amounts and start fresh again.

Answer 6

they have a right to do that. just look at your contract, whatever is in it, they have a right to do. of course they usually try and be nice to work with you, but if you are habitually late, they may say forget it.