2007-10-16 01:57:12 · 5 answers · asked by Alex J 3 in Business & Finance ➔ Credit
you are in default after 30 days of none payment. With that being said a notice of default will not be sent till you are in most states 90 days down. Call your lender and work out a forbearance agreement that will last 12 months. They will take the amount owed and divide it by 12 and add it to your regular payment and in 12 months you will be current. The lender does not want to foreclose on you that is their last option.
I am a mortgage banker
2007-10-16 04:33:58 · answer #1 · answered by golferwhoworks 7 · 0⤊ 0⤋
Used to work in the bank business. Morgtage Lending. They will usually give 3 months before proceedings start. But call them and see if they will work with you. It is very expensive for the bank to foreclose and they would rather work with you that do that.
2007-10-16 09:36:25 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Sorry to hear, I think you will have three months before they start formal proceeding. But you will be in default after a month and start recieving nasty letters at that time.
2007-10-16 09:09:36 · answer #3 · answered by redwine 6 · 0⤊ 0⤋
depends on your contract some as little as 15 days but most are 90 days and in this time in the housing market maybe longer but if you in trouble talk to them because they don't want your house they will try to work it out
2007-10-16 09:07:19 · answer #4 · answered by furmanator1957 4 · 0⤊ 0⤋
call your bank first. don't just stop making payments. They'll usually help you out and come up with a plan.
2007-10-16 09:08:46 · answer #5 · answered by Anonymous · 0⤊ 0⤋