how many months till foreclosure?

petethepoolman · Joined: 02 Oct 2008 Posts: 2 1.81 Dollars($)

Im in california I am unable to pay anymore how long do i have till i can lose my house?

elnoralittle · Posted: Thu Oct 02, 2008 12:57 pm Post subject:

it depends on your mortgage lein holder and how aggressively they pursue you.

Have you tried calling them to work out a renegotiation of the loan?

Most time it takes about 6 months, but like I said it all depends.
I would not stop making payments all together, make what you can atleast.
Call the company, let them know of your hardship, maybe they can give you a foreberance.

smithsussane · Posted: Thu Oct 02, 2008 8:25 pm Post subject:

Hi petethepoolman!

It depends on the lenders. Normally they will insist for foreclosure after 6 months. However, I would say that if you are unable to pay, then why don't you try for a deed-in-lieu foreclosure or a short sale? They are better options than foreclosure and will not hamper your credit score as a foreclosure will do.

Feel free to ask if you have further queries.

Sussane

Guest

keep in mind the definition of foreclosure according to the FHA INCLUDES deed-in-lieu and short sales.

Guest

I’m sorry for what your going through, seems main street is the one that loses most in this situation.

I was deadlocked with my bank in Dec 2007 and realized they couldn’t help me because I was in the loan business and waiting to be laid off. I got a few calls in Jan- April and let them know I was $200,000 upside down and explained why I was by then unemployed and had no reason to think my situation would improve soon. They knew I was on the verge of tears and finally stopped calling much to my relief.

I got a notice about the default filing, and then lost my mailbox keys. In June I was told I had about 6 months it was about a year on average in LA and OC. In July I started getting notes on my door from "Nigerian Scam types of investors wanting to HELP ME OUT......ha ha watch out they are smooth talkers and will waste hours of your time if you let them.

First week of August I had a letter on my doorstep claiming to represent my bank and pay me $1000 to be moved out in 7 days. I checked this company out, DRE showed complaints all in 2008 about them and they address on their letters did not match the DRE records and my bank knew nothing about them. I called to bust their balls and got a pretty nice beat down about having the Sheriffs remove me if I wasn’t out in 7 days if I wanted to make trouble so could they.

With a stroke of luck I got a job and needed to move in the next week so I agreed to surrender the keys to this guy who claimed he was contracted by my lender. The day of the surrender he had a check for $500 not $1000, he made me remove every last possession off the property although the contract only said I have my stuff out and broom sweep the house. The jerk made me work for 2 hours for the $1000 he didn’t even have as promised. Someone suggested I go straight down to this bank and cash the check and you would have thought it was a million dollar check 3rd party out of state and no ID. They said my account was closed I couldn’t cash it, so I let them know I never had an account how is it closed. They on the spot made a rule they were not going to cash the "cash for keys" checks they issued as it was a courtesy to give me the money not a real payment from their GL accounts.

In all it took 8 months, to peacefully leave and close that chapter in my life. Remember billionaires and celebrities are going through it too, but its the average Joe who really get left with no help.
Crying or Very sad

You can recover faster then this ecomony will if you move on ASAP

Guest

how much trouble am i in always paying for example: now paying june before the 15 of july and have a two week window before july is due this nornally includes late fees i can not seem to catch up ???/

jenkin7 · Posted: Mon Jul 06, 2009 1:44 am Post subject:

Hi j jeray,

If you keep making the late payments, you will have to pay the late fees. You got to catch up with the payments. Try and cut down the expenses and start saving some money so you can make extra payments for the nest few months and get current on the loan.

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