2007-06-24 07:46:34 · 9 answers · asked by toney j 1 in Business & Finance ➔ Renting & Real Estate
It is possible to lose your home if you do not pay your monthly payments no matter what amount it is.
Banks will initiate warnings and foreclosure processes (BOTH ARE DIFFERENT) once your mortgage is 3 months (90 days) over due. Foreclosure can take months to go through though.
The best thing to do is contact your bank right away to tell them that you are now in arrears on your mortgage and you want to see what can be done. Banks would prefer not to foreclose because it's expensive and time consuming to do, so work with them. Banks will foreclose if it's the only thing left to do though.
Good luck!!
2007-06-24 07:52:04 · answer #1 · answered by PK 5 · 0⤊ 0⤋
I hate to say it, but it's POSSIBLE you may have been the victim of real estate con game.
This is when people take your down payment money, let you move in, and then after you can't make the huge payments, foreclose or come up with some other scheme to take more of your money.
I would check with an attorney REAL FAST. An good attorney will often talk to you for no charge to see if you have a case and should tell you UP FRONT about what he will charge you to help you.
Don't wait until it is too late.
Fl guy.
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2007-06-24 15:16:28 · answer #2 · answered by FL inventor 2 · 0⤊ 1⤋
Yes, but not likely. Call the mortgage holder and explain what happened and how you plan to catch up and they are less likely to want to foreclose. They can start foreclosure any time but will usually not for a few weeks. If they do start you still have some time to catch up but will have fees too so talk to them as soon as you know you have a problem.
2007-06-24 14:54:05 · answer #3 · answered by shipwreck 7 · 0⤊ 0⤋
Every lender has to go by the foreclosure guidelines of your state. In California, it can take as little as 7 months to foreclose on you from the time you stop paying.
Regards
2007-06-24 21:43:30 · answer #4 · answered by Anonymous · 0⤊ 0⤋
After two months, you are usually considered to be in default by the mortgage lender. Your mortgage should be no more than 25-30% of your monthly expenses, if it is, you were sold too much house.
If this is the case, you should get up to date on payments by selling something to raise the cash, and then sell your house and buy one you can afford. You want to do this BEFORE the lender decides to sell your house so that YOU are the one in control.
Good luck!
2007-06-24 14:54:11 · answer #5 · answered by Anonymous · 0⤊ 2⤋
What you need to do is make your mortgage payment if you are one to two months behind on your mortgage.
your mortgage company is going to tell you.just to make payments it is not like they are going to make the payments for you.they are not going to restructure you loan because you are behind. as well
I work with individual like your self everyday regarding there mortgage and helping them thru difficult times.
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2007-06-24 17:03:22 · answer #6 · answered by Anonymous · 0⤊ 1⤋
One month late, probably not but it's possible - two months late, yes you could.
2007-06-24 14:54:42 · answer #7 · answered by Judy 7 · 0⤊ 0⤋
With a $2830 mortgage I hope your house is worth $800,000
2007-06-24 15:09:47 · answer #8 · answered by jdl 1 · 0⤊ 1⤋
Of course it is possible, you decided to stop paying for it.
2007-06-24 15:08:07 · answer #9 · answered by Anonymous · 0⤊ 1⤋