this will be my first missed payment (feb) and i live in mn.
2007-02-22 02:26:37 · 5 answers · asked by justwannano 1 in Business & Finance ➔ Renting & Real Estate
In general you have to miss 2-3 payment in a row before the mortgage company can start foreclosure proceedings which ussually take 3 months. However, if you make a payment after 2 missed payments you can ussually delay the process. So from the point at which you stop payments...approx. 6 months.
2007-02-22 02:31:56 · answer #1 · answered by a_talis_man 5 · 0⤊ 0⤋
If you have payed off some of your loan, so now you owe less than you did when you first got the house, you might benefit from refinancing the home for what you owe now, so your monthly payment will be cheaper. Then maybe you can afford it. Or this could postpone bad things happening. Then at the same time you could get your house for sale, sell it, and not have to get those bad marks on your credit and on your self esteem. Losing a home or other tragedies can really bother a persons emotions. I hope everything works out for you.
2007-02-22 17:21:59 · answer #2 · answered by mike 2 · 0⤊ 0⤋
It depends on how flexible your mortgage company is. After a few missed payments they may start to get serious, but they may offer you a way out of it. Or they may just tell you have until a certain date or they will foreclose.
2007-02-22 10:36:54 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It will take anywhere from 6 months to 2 years. If you want to hold them off you can keep changing court dates and asking for extentions from the lender.
If you have equity in the home you may want to try and sell it before you lose it to both preserve your credit and to get your equity out.
Good luck
2007-02-22 10:48:12 · answer #4 · answered by jazzpaging 5 · 0⤊ 0⤋
Refinance your home with us. That way your payments will be more affordable.
2007-02-22 21:55:56 · answer #5 · answered by Phil H 2 · 0⤊ 0⤋