I am foreclosing . I haven't paid my mortgage in 2 months.?

Question

I live in San Diego...when does my notice of default come?

Answer 1

It can be issued in as little as 90 days - which would mean you could see it as early as 95-100 days. It depends on the bank. Some are slower than others. The entire foreclosure process can take anywhere from 6-12 months, depending on the exact situation and which lender and trustee are doing the foreclosure actions.

That said, have you considered selling to an investor? There are ways to purchase the home from you and negotiate a lower buy-out with the lender. It is good for you because it causes much less damage to your credit - you won't be responsible for a huge IRS bill for forgiven debta as you would be if your haouse was foreclosed. There might even be a way to sell the house and remain there as a renter for awhile so you don't have to move.

I know one such investor is at:

richard@andesglobaltrading

Good luck

Answer 2

General practice in California is that the lender waits until you are 90 days behind before filing a Notice of Default. Another 30 days after that and the lender can schedule a trustee's sale. If you can't get the loan current and have any equity in your property, or even if you don't speak to a real estate agent NOW any you may be able to salvage a little equity or limit damage to your credit rating.

Answer 3

The default notice can come as soon as you are late with any payment. If you haven't paid in 2 months it can come any time now.

Here's a link to the CA timeline and procedures: http://www.foreclosures.com/www/pages/state_laws2.asp?state=CA

In most cases you can be out in around 120 days or so once the process starts.

Answer 4

I am in San Diego, where is your property? How much do you owe on it?

Answer 5

real soon, however there are ways around this.