2006-08-20 08:24:53 · 7 answers · asked by carebear 1 in Business & Finance ➔ Renting & Real Estate
We have tried to sell it and for some reason no one wants to buy it.
2006-08-20 08:27:14 · update #1
I live in Springfield Missouri
2006-08-20 08:33:15 · update #2
It depends upon the laws of the state where you live. In California in general, you must be 120 days late before the lender files a Notice of Default. After that, minimum of 60 days before the Notice of Trustees Sale, and then at least seventeen days before the actual sale.
It also depends upon your situation. TALK TO YOUR LENDER! Regulated lenders do not like to foreclose. They always lose money when they do. Maybe they'll offer you an alternative that you can do. Maybe they won't, but you've lost nothing by asking.
There are also other options. Talk to a real estate attorney in your state as to what they are and the upsides and downsides to each of them. A foreclosure, even though it wipes out the debt, is often much worth than anything else you can do, because once there is a foreclosure on your record, your name is Mud with all credit providers until it drops off the report ten years from whenever it's final. Whereas if you did other other things, your finances may be out a larger number of dollars, but at least it won't cripple you for ten years.
2006-08-20 09:42:45 · answer #1 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
www.uglyhouses.com The time frame for foreclosure depends on many factors. I would suggest you talk with your mortgage holder and discuss all options, asking people here will only provide you with faulty information and the longer you delay talking with the mortgage holder, the worse it can get. You can do a short sale if they agree or you may be able to work a plan to stay in the home and pay the arearage over an extended time frame.
Speak with a attorney a well. If money is really tight and you know you can't stay in the home find a local home investing group to purchase the home out right and start planning on moving right away. Most mortgage holders would rather avoid forclosure as this means they have to take the home as a lose and usually they will sell it to a investing group or a local real estate group and it also means the the home will sit on the market for an undetermined period of time losing them money.
So, talk to the mortgage holder and do it now and speak to an attorney, they may be ableto stall the process for a short period of time.
MJ
2006-08-20 15:38:03 · answer #2 · answered by mjh3056 2 · 0⤊ 0⤋
It depends on your jurisdiction. Generally, there is a 6 month freeze redemption period where you have some time to bring the mortgage back up to date. Check with an atty in your local area...
With regard to selling your property, there can be a multitude of reasons it's not selling. Is it attractive? Curb appeal? Is it in need of costly repairs? Bad part of town? If the price is low enough, SOMEONE will buy it, if only to filp it. Another possibility is to try and rent it out, seeking enough rent to cover the expenses and then some.
2006-08-20 15:33:11 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Three to six months. Go to the lender and ask how you can expedite things! There is always a short cut!
2006-08-20 15:31:31 · answer #4 · answered by Bear Naked 6 · 0⤊ 0⤋
it depends on your state.
For instance in TX, there's 3 month window.
2 months in Missouri.
help yourself with this web:
http://www.realtytrac.com/foreclosure_laws.asp?strState=Missouri
http://www.realtytrac.com/education/noframes/foreclosurePro.html
good luck.
2006-08-20 15:35:51 · answer #5 · answered by Prof. Virgo 3 · 0⤊ 0⤋
depends on what state u r in...few months or less!
2006-08-20 15:30:19 · answer #6 · answered by lovealways0223 2 · 0⤊ 0⤋
http://www.unclaimedhouses.com
2006-08-20 19:07:28 · answer #7 · answered by Piffle 4 · 0⤊ 0⤋