2007-02-16 18:36:39 · 5 answers · asked by tarsha79 1 in Business & Finance ➔ Renting & Real Estate
Not in California. If I foreclose on you, I am not allowed to accept any amount less than the full payment by cashiers or bank check, otherwise I have to start all over.
Usually this takes months. First you have to be2 or 3 months behind. Then I file a notice of default and that takes 90 days. And then I publish for sale for three weeks. And even then you can file BK and stall for a couple more months.
2007-02-16 18:49:30 · answer #1 · answered by hebb 6 · 0⤊ 0⤋
Absolutely- foreclosure is brought about by delinquency in your mortgage payments-- unless you can make up all the payments that are in arrears BEFORE or ON the foreclosure date, THEY WILL TAKE YOUR HOUSE!! If you are making payments - the total monthly payment every month but you are still say, 4-6 months behind, your best bet would be to talk to a senior bank officer where your mortgage is held and see if they can "refinance" your home for the amount in arrears- make sure you give them a full explanation as to why you fell behind in your mortgage, i.e., illness, loss of job and you also have to show that you are now capable to easily make the payments- back to work- making more money, wife got job, you got the drift---tell them why it happened, and explain how it won't happen again, that's all they care about--- they really don't want to foreclose because they lose a substantial amount at sheriff sale..........good luck to you... and if they say you need to come up with x amount to keep the house -----sell everything that isn't nailed down to keep it- jewelry, collectibles, furniture, whatever.........
2007-02-17 02:43:28 · answer #2 · answered by mac 6 · 0⤊ 0⤋
Different states have different rules on this. Your best source of information here is a lawyer. But if you're facing foreclosure, your best friend may be a local real estate investor. We often find distressed people and/or properties facing foreclosure. You may find someone willing to pay your arrears and buy your house while giving you a Lease Option to buy it back at some future date. The incentive for the investor is that you will be making payments to him/her for a few years untily you buy your house back. The incentive to you is that you get to keep living in your house. It's a win-win and when done right, can re-establish good credit for you, making it a win-win-win!
2007-02-20 18:20:24 · answer #3 · answered by Jay S 3 · 0⤊ 0⤋
If your mortgage holder is foreclosing on you, any payment they accept from you will halt the foreclosure and make them start over. This means if you are in arrears by $20K and they accept a dollar payment, they must start the foreclosure procedings again.
2007-02-17 02:51:26 · answer #4 · answered by Brian G 6 · 0⤊ 0⤋
yep...if they want to :D
2007-02-17 02:38:55 · answer #5 · answered by Anonymous · 0⤊ 0⤋