Confused about Foreclosure - Can Someone please Help!!!?

Question

A quick sale on the house is not an option, so please do not post with that, foreclosure is the only option, its not my house.

Anyways..

The house paymet was due on June 16th. I read that an average foreclosure takes 102 days, is that after her first missed payment or what?

When should we expect to be evicted? October 16th at the earliest right?

Thats the earliest, but they have to auction the house and stuff right?

Thanks in advance!!

Answer 1

The FIRST thing you need to do is contact your lender. If this person missed a payment for health reasons, or another emergency, most lenders are willing to work with you. Their goal is not to foreclose on the property, in fact, it's the last thing they want to do. In most cases, they will call and send letters and instead of ignoring them (as most people in delinquency do), you need to speak with them and work out an agreement. I've seen lenders grant extensions up to a year for circumstances such as illness and/or jobloss (this does not mean you should fabricate such an excuse). Be honest with them and try to avoid the process starting NOW. You have up until the day the house is sold on auction (which could be six months from now) to do something. So take action.

Answer 2

It appears that you are asking how long she can live in the house for free. Or should I say at the expense of the lending institution?

Might it not be better to look for ways for her to keep the house despite a temporary set back? Depending on her situation and the reason that she is unable to pay, the lender might be willing to waive payments for a few months and just tack those payments onto the end of the mortgage period. They might be willing to charge her interest only for a few months. If there is any possibility of recovery, I'm sure the lender would prefer to avoid a foreclosure. If not, then it might look slightly better on her credit if she does a voluntary foreclosure and vacates immediately rather than sitting around waiting to be forced out.

Answer 3

You didnt say whether it was a government guaranteed loan but most of them are, in case it was you might want to read up on the process on this link
HUD: Delinquencies & Foreclosures
http://www.hudclips.org/sub_nonhud/cgi/nph-brs.cgi?d=HBKS&s1=Foreclosure+procedures&op1=AND&l=100&SECT1=TXT_HITS&SECT5=HBKS&u=./hudclips.cgi&p=1&r=83&f=G
The explanation provided in there is pretty much what happens within a foreclosures process.
Here is a quickie and it does vary: first the letter that the payment is late then 30 days another one 60 days another one 90 days they file for foreclosure proceedings any time between 30 and 180 days to go to sale depending on the court dockets.
You might also want to visit this site
National Home Recovery Program for foreclosures http://www.nhrp.com/
Best of luck sorry about your problem

Answer 4

depends on the type of foreclosure and/or your state. In California, you will have at least 7 months before the house is sold (from the first missed payment) and another 3 weeks to get evicted.

Regards

Answer 5

Your really trippin dude.

A House in foreclosure in one question and willing to spend 400-600 Bucks on a half Back tattoo in another question. Balls you got---brains..NO

Scam ar-teest maybe