Due to being out of work due to sickness, my sister is one month behind in her mortgage payments. She got a letter stating that 2 months is due and that they will start foreclosure. I thought it was that you had to be 3 months behind. Does anyone know? She just paid January so she is due for February which she said was due on the 1st. She will be paying that in March, so she is always one month behind. Anyone know anything about this?
2007-02-10 10:48:36 · 7 answers · asked by zoe 3 in Business & Finance ➔ Renting & Real Estate
The lender wants your money. They will use whatever terminology or legal scare tactics they can to get you to pay them. If you just call them and talk to them they will 90% of the time work with you rather than put you into foreclosure.
Call the lender and explain to them. Worst case you will have a 30 day late on your credit history.
2007-02-10 12:08:32 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Georgia, AL, and Tennessee have some of the most creditor-friendly laws in the country. In Florida for example, foreclosure is a nearly year-long process requiring a judge's approval and oversight, in Atlanta, four weekly postings in the paper and a file can get you bounced. Also, because of Atlanta's rapidly rising real-estate values currently, it actually can be adventagious to foreclosure and quickly resell since the risk of loss is less (they may even profit)
When a lender decides to attempt foreclosure, the lender usually is declaring you a total loss, that you will not pay the note. It is a type of default. So the cost of filing for the foreclosure and the required time (legal and financial) must justify the means, so usually, the lender would prefer to work with a slow-pay than foreclose and risk possessing a property that they must later maintain and sell-off at a potential loss. If you leave and damage the property badly, the bank will DEFINITELY lose. So they will usually prefer to work with a lendee (your sister) in an attempt to minimize damages (and by that I mean their financial loss, not implying anything :-D )
So while I can't say on record (as I am not an attorney), you probably should consider a Thirteen, assuming she NOW has a means (ie job/income) to pay her monthly note and a little extra for the arrears. The bankruptcy court will supercede by jurisdiction, any filings in court for the foreclosure. However, if you move in this direction, you must have a plan to pay the arrears (and being willing to take the BAD ding on your credit), or the lender may simply file a motion to set aside the bankruptcy protection. Then you'll have a 13 and a foreclosure. Make a couple of phone calls to a few attorneys (NOT a legal documentist or other paralegal) and weigh your options.
2007-02-10 11:00:45 · answer #2 · answered by Tarie N 3 · 0⤊ 0⤋
According to Complete Guide to Real Estate Tax Liens and Foreclosure Deeds: Learn in 7 Days (ISBN 0978834682), it is usually within 90-120 days.
2007-02-13 17:05:31 · answer #3 · answered by John Rosa 3 · 0⤊ 0⤋
The lender has the right to begin proceedings if the payment is late by one day, but most recognize that that is overdoing it. Sister should contact the lender immediately to discuss a workout plan. No lender wants to foreclose on a property if they can avoid it; managing a foreclosed property is a pain in the tail.
2007-02-10 10:58:08 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Tell your sister to contacg the lender and ask for a work out package. They need to get a hardship case. They maybe able to kepe making payments and take what htey are behind, and spread it out over a few months.
Good Luck.
2007-02-10 11:20:31 · answer #5 · answered by batwanda 4 · 0⤊ 0⤋
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2016-09-28 22:39:17 · answer #6 · answered by ? 4 · 0⤊ 0⤋
nope
2007-02-10 10:56:06 · answer #7 · answered by jdwj76 1 · 0⤊ 0⤋