I have a mortgage, in a different state than I am residing at this time. I would like to keep the house, but I am behind in my payments. I would like to know when the bank files for a forclosure? I am behind 2 months right now, and as of the 16th, I will be behind the third month. I am trying my best to come up with the full three months payments, by the 16th. If they file a forclosure before I can get the payments to them, what will happen?
2006-12-05 09:38:21 · 6 answers · asked by snovak49849 3 in Business & Finance ➔ Personal Finance
It depends on the laws in that area. But you would get notices before they foreclose. You should call and see if they'll give you an extension, if you explain your situation. Tell them what you can pay. Here's a site that can help you http://www.hud.gov/foreclosure/index.cfm
2006-12-05 09:51:51 · answer #1 · answered by Catrina J 2 · 1⤊ 0⤋
Once you get the forclosure letter in the mail, the process has started. Have you thought about refinancing the property? It may be tough being almost 90 days late, but it can be done. I am a mortgage broker. Once your credit report starts showing late mortgage payments your credit rating and mortgage history will decline... however, not nearly as badly as a foreclosure.
Also, you can ask about getting the payment deferred like was stated earlier. You better act fast! You are running out of time if you really do want to save the home.
You can e-mail me if you need any further advice. Good Luck.
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2006-12-05 17:48:58 · answer #2 · answered by Anonymous · 0⤊ 0⤋
there are a couple of ways to fix this. First of all, most banks can file when you officially reach 120 dys late...which is 4 months, however depending on the fine print of the loan every lender is different, they very well may begin proceedings a little sooner than that. Some will begin foreclosure precedings as soon as 90 days. If you make a payment you will remain at 60 days late...its called a rolling 60, so your concern right now should just be to send them A payment. However, it really does depend on the lender. One way out may be to refinance. I am a loan officer and have helped a lot of people out of situations just like this. I lend in all states and would love to see if there are some options for you to even possibly lower your payment to make the mortgage payment a little more managable. If you are interested in discussing some lenders who may be able to help you out with this email me.....I would be more than happy to speak with you about this. Good Luck. email address sstewart@pmflenders.com
2006-12-05 17:49:38 · answer #3 · answered by shanstew 3 · 0⤊ 0⤋
The foreclosure process is kind of a long process depending on your state.
You might want to look into late charges/fees you will be charged. If your mortgage company does go through with a foreclosure and you are looking to pay them off, you will have to also pay court costs and attorney fees.
Mortgage lates look REALLY bad on credit report and a foreclosure is worse. Stay in contact with your mortgage company, let them know your hardship and try to make at least 1 payment ASAP!
2006-12-05 17:45:39 · answer #4 · answered by Jen G 3 · 0⤊ 0⤋
You can call and see if they will defer your payments. But once you are 90 days they can file forclosure. If you have equity I suggest that you get an equity line or refinance and pull cash out quick!
2006-12-05 17:41:00 · answer #5 · answered by ? 4 · 0⤊ 0⤋
The bank will take the house and u will have to go bankrupt
2006-12-05 18:33:47 · answer #6 · answered by sunflare63 7 · 0⤊ 1⤋