Foreclosure

[Anonymous]

Can anyone share their foreclosure experience with me?

I tried to keep my head above water for two years. I ran out of resources to borrow for the May's mortgage payment and just have to face the facts that I will miss May's payment, not sure about June's (but it doesn't look good). How long will it take for the bank to send me a foreclosure notice and when should I move out? Should I start looking for an apt. now?

[Anonymous]

I don't know for sure in general but I know that when a friend of mine was in the process of divorce, her husband took the house and was ordered to keep up the monthly payments until everything was settled.  He missed 6-7 payments before they even got notice from the bank that foreclosure was imminent and then he lived there another 6-8 months after that before they actually auctioned the house and forced him to move.  Unfortunately, the divorce had not gone through yet so he managed to ruin BOTH of their credit histories due to spite.

[Anonymous]

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@Anonymous wrote:

Can anyone share their foreclosure experience with me?

I tried to keep my head above water for two years. I ran out of resources to borrow for the May's mortgage payment and just have to face the facts that I will miss May's payment, not sure about June's (but it doesn't look good). How long will it take for the bank to send me a foreclosure notice and when should I move out? Should I start looking for an apt. now?

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I wouldn't be quite so hasty to surrender.

The fact is that banks don't like to become landowners, especially in today's market. You might be surprised at how they're willing to work with you, especially if you've been on time with them for a couple years.

Unless you've become permanently disabled and are facing a confirmed, substantial and prolonged drop in your income, I would try to negotiate a solution that keeps the home from going into foreclosure. If there's a reasonable prospect of recovery on your part, I think you'll find the bank doesn't like the idea of foreclosure much more than you do.

[Anonymous]

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CashOnly wrote:

Can anyone share their foreclosure experience with me?

I tried to keep my head above water for two years. I ran out of resources to borrow for the May's mortgage payment and just have to face the facts that I will miss May's payment, not sure about June's (but it doesn't look good). How long will it take for the bank to send me a foreclosure notice and when should I move out? Should I start looking for an apt. now?

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Have you contacted your lender.  Since the housing bubble burst a lot of lenders are working to keep homeowners in their houses.  Its worth more to them if you can pay for it than for it to sit empty in a down market.

[Tuscani]

DO NOT SURRENDER!

As already stated.. lenders are being very flexible right now!

[mikki74]

I would have to agree with the others, do not surrender.  The housing market is in dire straights right now with all the subprime and "creative" mortgages increasing their interest rates. 

If you were consistent with payments, call your lender to work out a lower payment plan.  Countrywide doesn't seem so flexible but if you are with another lender, they don't want to acquire your house because it's more trouble than it's worth on their end.

Message Edited by mikki74 on 05-01-2007 06:34 AM

[Anonymous]

My understanding is that it will be a year or so before you get evicted.  Missing a payment will not result in foreclosure... as everyone here has said the banks do not want to be landlords.  Call them, explain you situation in detail.  They may give you some breathing space (but they will still charge interest... it'll be tacked on the end).  It's in everyones interest to work this out amicably.

Is there a reason why you cannot sell the house?

[Anonymous]

I agree, don't surrender. I can't count the number of articles I've read recently suggesting that homeowners contact their mortgage company rather than foreclose. You can get a several month reprieve to help you back on your feet.

[Anonymous]

I don't know if foreclosure rules vary from state to state, however, in my state, PA, the bank will not foreclose after one missed payment.  Typically, if you become 3 months behind, then foreclosure proceedings will start.  90% of the time, you are given plenty of notice prior to commencement of foreclosure proceedings.  The bank will usually work with you and put you on some type of hardship plan to catch up.  Anyway, if it does go to foreclosure, you have about 6 months from the time of notice to the actual sherriff's [sp] sale.  I certainly concur with everyone else that you are nowhere near the point of giving up and you should call the bank and work something out with them.  They are totally not into foreclosing on the home...to much paperwork involved and they take such a huge loss.  They will work with you...Good luck and keep us posted.

[SFAngelgirl]

Hi - my home is being foreclosed on next month -  by Countrywide - I did everything they asked - I even got two offers on the house - 1 was an all cash offer of $197K, however I owe 230K and they refused to do a short sale or even a deed in lieu. Medical reasons and unexpected death of boyfriend contributed to substantial loss of income so I can't qualify for a new mortgage especially since the house is only worth 195K now.    Both my accountant and lawyer told me to let the house go into foreclosure and advised to file a bankruptcy in order to wipe out the medical bills/and or debt forgiveness if house did sell short.  In my case it's better to walk away with my sanity intact and get on with my life.  Before you walk away, see your CPA! RE Attorney as well as a Bankruptcy Attorney, a therapist helps too.   Looking for a rental in Sacramento, CA , non-smoker, no outstanding bills, 1 small dog.......