when you buy a home and no longer can make payments how long before you get forced to leave?

Answer 1

Why in the world would you let it get to there? Go and see the lender, explain the situation to them and volunteer to sell the house and ask them to put payments on hold pending sale. Your credit rating won't be perfect, but it will be a lot better than defaulting!

Answer 2

The best thing you should do is sell the home before it is too late. Most lenders once you go into foreclosure will have a problem if you try to sell the home and make a huge profit. They think they are entitled to the entire amount that you sold the home for since you will owe in penalties and attorney fees. If you sell before they put it into foreclosure then all you would owe them is for the current mortgage and interest. The remainder would be yours.

Don't let anyone suggest that you sell your home to them and then they sell it back to you in a couple of years. It is illegal. It is called Equity Stripping. They will sell your home back to you at the then market value not at the market value that you paid for it originally or what you owed on it when you sold it to them.

Answer 3

Normally the bank will give you a couple of months to recoup. If no payments come they will issue you a notice of default (payment). You will now be entering the foreclosure process.

Try and find a way out before it gets to that point. You'll have about 3 months after they issue your notice.

Answer 4

Depends on your state's foreclosure timeline and your county's eviction laws. For example, in California foreclosure takes 7 months from the time you miss your first payment and another 3-4 weeks to evict.

If you're in Southern California, let me know.

Regards

Answer 5

In some states lenders have to go through coart proceedings/auction before they can even think of evicting you. In some states, they can evict you / penalize you any day after delay.

In many cases lender is understanding, as long as you work it out with them. Tell them your situation and see if they can help you with the matter. (Some sort of payment / catch up arraingement)

Answer 6

Depends on your Loan Documents, Its already pre stated if you default. Check your paperwork.

Some can kick you out if you miss one payment. You have to call them and tell them you are having problems and they will work with you.

Answer 7

keep in close contact with the bank unless you just got it -- if you have any equity in the home you want to sell instead of being foreclosed on. the bank will usually work with you on the sale -- they make money too.

Answer 8

try to do a quick deed