How far behind can I be on my house before they foreclose?

Author Message
Guest









Post Posted: Mon Feb 23, 2009 12:51 pm    Post subject: How far behind can I be on my house before they foreclose?
Like
Dislike

I haven't paid in almost 9 months. I'm a sub-contracter/carpenter that has lost a lot of business due to the economic crisis. I do have some work coming up early March (was supposed to start this week, but I came down with a chest cold/virus). The bank has not foreclosed yet (on two separate properties with two separate lenders). I'm thanking God everyday that I'm not in worse shape than I am. Any suggestions?
Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

Posts: 12160
Location: Nevada
1221.50 Dollars($)
Post Posted: Mon Feb 23, 2009 11:51 pm    Post subject:
Like
Dislike

Hi Guest,

Generally lenders foreclose the property if you haven't paid your mortgage for 3-4 months. It is quite surprising that your lender has not foreclosed the property yet.

As far as I can understand from your situation, if you apply for a loan modification now, the lender will add up all the past dues. This will increase your monthly payments. If you wish to be current on your payments, you will have to pay the past dues.

Thanks
Ask question
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message Body
All times are GMT - 7 Hours
Page 1 of 1

 
Delete this topic Move this topic Lock this topic Split this topic 

Page loaded in 0.300 seconds.