How long about will it be before someone comes and actually puts me out of my house for non payment not that i'd actually stay that long but how long do i have?? Do i have any recourse???? thanks...
2007-12-14 22:23:40 · 13 answers · asked by oldbabe 1 in Business & Finance ➔ Renting & Real Estate
I am sorry to hear about this.
Do not let them "put you out", you will have a hard time with housing for many years if you force them foreclose and evict you.
As everyone else states, call the mortgage company. They should give you time to collect his life insurance, which should pay the house off. If you are one of the people who doe snot believe in life insurance they should be willing to give you 90 or so days to sell the house. It depends on your bank, but the reputable ones deal with this all of the time and will have people who can walk you through the process. They will only charge you the interest rate while you are selling, if that is what you decide to do.
2007-12-15 03:47:34 · answer #1 · answered by Landlord 7 · 3⤊ 3⤋
If you have been at this home for several years you probably have a good amount of positive equity in the home. Do some research on the term "Reverse Mortgage". Then find a legitimate banking institution that will do one for you. This process allows you to stay in the house for many years without making payments. You are slowly using up the equity in your home over a period of years. You may not have anything left to leave your children, but at least you will have a place to live while your still alive without struggling with monthly payments.
2007-12-15 01:05:45 · answer #2 · answered by Via Bruce 4 · 1⤊ 3⤋
Have you talked to the mortgage company? That would be the first thing I would do. Explain the situation and ask them the same question that way you will at least be prepared and not have to guess how long you will have a roof over your head. There are quite a few agencies to help you through the situation also. Contact your local county agencies and get the ball rolling to get yourself some aid BEfore you get evicted. If you have any friends who have been through this situation, pick their brains and find out what and who they know and how they dealt with this also. Local Church's have contacts to people who will also give you info and lead you to the right people. I am sorry for your loss, good luck.
2007-12-14 22:36:06 · answer #3 · answered by madison134 5 · 3⤊ 3⤋
you have a while depending on your morgage company. call them and ask what you can do, i'm sure they will understand. MAybe refinace. They may give you a 6 month leave untill god hopeing your life insurance?? kicks in. Next up try to fix your situation take on the second job go to school. it can work , if you try. but if you can't i would just sell the house instead. you would atleast make back your equity.
2007-12-14 22:34:10 · answer #4 · answered by Anonymous · 0⤊ 3⤋
How long have you been there already/ Did you receive any payments notices in the mail ? Usually the payments notices will tell you when your last due date is; just like shut off notices with your lights or gas/they will give you the final due date before they sit you out permanently
2007-12-14 22:42:40 · answer #5 · answered by Juanita T 4 · 1⤊ 3⤋
My sympathy for the loss of your husband. If you haven't you should talk to your mortgage company, I don't know how much you are behind but usually approx 3 mos. they start foreclosing procedures. They may can refinance to capture back payments but the risk is a higher payment.
You could also rent out or get a roommate to help with the expense. I wish you God's blessings in your situation
2007-12-14 23:48:49 · answer #6 · answered by Anonymous · 1⤊ 4⤋
Call your lender IMMEDIATELY and sort something out with them.
It's likely you'll have about 3 months, and then after that the foreclosure process will begin; which your lender actually doesn't want to have happen, because of legal fees, time, hassle etc.
Sort something out with them now and you'll buy some extra time to arrange a sale or sort out the finances.
Or they may re-organize your mortgage for you.
Good luck!
2007-12-15 02:06:46 · answer #7 · answered by Anonymous · 1⤊ 3⤋
1.After 90 days of no payments the lender will start the foreclosure process. Discuss this situation with your lender.
2. Can you rent out a bedroom?
2007-12-15 02:26:01 · answer #8 · answered by !!! 7 · 1⤊ 3⤋
My condolences on the loss of your dear husband. You should call the mortgage firm and speak to someone in authority in their loss mitigation department. Generally speaking, mortgage lenders can be rather cruel and heartless beasts, but even the hardest of them will attempt to make some sort of accommodation to help stave off foreclosure, at least for a period of time.
They ARE human beings, and understand that, on occasion, life strikes a cruel blow over which you have absolutely no control. This would certainly apply in your situation.
The best of luck to you.
2007-12-14 23:24:46 · answer #9 · answered by acermill 7 · 0⤊ 4⤋
Hi- I'm sorry about your husband.
What about taking a housemate?
Or just moving out and renting it out?
Maybe just put it up for sale at good price and hope for fast sale? Good luck.
2007-12-14 22:41:17 · answer #10 · answered by llazyiest 5 · 1⤊ 3⤋