for example, if 3 months go by and I have not been able to make a payment, do they start calling and harrassing me?
when do they kick me out ? how long does the unpaid balance along with the late fees and what other charges will the bank put on my credit report.??? how long would this
nightmare be on my credit report?
please let me know what to expect if this happens...
i am a responsibel person, and just want to know how harsh i will be treated and what the consequence are... thanks
2007-11-21 12:25:34 · 7 answers · asked by J. P 1 in Business & Finance ➔ Renting & Real Estate
Call your bank institution an ask to speak for the LOSS MITIGATION DEPT. and explain to then when can you start paying. They are the only one that can help you with that.
Good Luck.
2007-11-21 14:15:54 · answer #1 · answered by housingcounselor 1 · 0⤊ 0⤋
If after 3 month you have not been able to make a single payment you are about to go into foreclosure and you credit is already down the tubes so to speak. On your credit report a minimum of 7 years, could have a court judgment for the amount or a 1099 if forgiven which would make you eligible for the taxes on that income at the bonus rate of 30-36% including state and local. Add this to the fact that you are about to lose you home
2007-11-23 11:53:07 · answer #2 · answered by Pengy 7 · 0⤊ 0⤋
If your not going to pay on your second, stop paying on your first also. You are going to ruin your credit, and depending on what state you live in depends on how soon the foreclosure takes. If you can't make the payments, then stop all payments and save some money. Yes your credit will be ruined, but if your in California, it will take 9 months and you should be able to save up a ton of money. You will also be given a 1099 for the loss the mortgage company takes and you will be taxed on the mortgage relief.
2007-11-22 17:04:38 · answer #3 · answered by Patrick G 4 · 0⤊ 0⤋
Try to avoid not paying! If you can not pay for some reason call your mortgage holder right away! talk to them some are good about seting something up some are not. This will affect your credit score. And no one wants a bad credit score because if you have late payments the next three months and then you wants to refi it will hurt you. Can you not afford the payments? Can you refinance so that you can afford them? Interest only? Or a lower monthly payment.
2007-11-21 17:59:56 · answer #4 · answered by sweet_cowgirl19 3 · 0⤊ 0⤋
Well for number 1 i would tell the bank that you are going to be unable to make the payments for a few months,ad most likley they will make you fill out a hardship form, with you expenses.. No bank wants to forclose..its a very expensive process for them sometimes up to 30=40k. MY SUGGESTION is, can you take more money out of the home equity line to pay the mortgage for a few months? that would be your best bet for now.
2007-11-22 00:10:29 · answer #5 · answered by superplayer508 1 · 0⤊ 0⤋
Hello Every body,
I live in the US and i really have never seen goodness shown to me this much in my life as i am a struggling mum with three kids and i have been going through really rough times in my life and my name is Helen Peters and in all this hard times, a worse incident occured in my life as i lost my job which was my only means of survival and things became really bad as i had bills to pay and my last son suffered a knee injury incurred when he fell from a tree house and the doctors informed me that he needed a surgical operation for his knee so he could walk again and at this point, life was useless to me as i have no family and no one to run to and each night, i will sit down and cry till the break of dun until one day, i read an advert on yahoo answers of man that stated that he could help people in my shoes with loans and in my desperate situation, i had no choice but i had to try and so shocking and suprising, it was like an impossibility becoming a reality, i got a loan of $60,000 USD even with my bad credit within 48 hours and my sons surgery was done and thank GOD it was successful and now, i am okay and living in comfort with my kids and i said to my self, i have never ever seen this kind of wonder in my life and i decided i will tell it to the whole wild world and i need every one to thank GOD for Mr Patrick Harvey, the man GOD used to rescue me and my family even when all hope had been lost and gone and i will say to every one, no matter how dark and sinful the world is today, there are still GOD fearing and reliable people on earth and if you are in my former situation or require a loan legitimately, i will advice you contact this loan lender and you can reach him via patrickharvey12@yahoo.com and i want you all to pray for this man for me.
2007-11-22 20:34:05 · answer #6 · answered by Anonymous · 0⤊ 0⤋
There are no options, if the bank forclose on you you lose the house and ruin any credit you have. Sorry
2016-03-14 21:41:01 · answer #7 · answered by Anonymous · 0⤊ 0⤋