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Guest

Hi! I have not paid on my mortgage in about 6 months, due to job loss, etc. How long before they foreclose? I was already on a loan modification plan.

smithsussane · Posted: Thu May 28, 2009 10:32 pm Post subject:

Hi Guest!

Welcome to forums!

I hope you're paying according to the new plan given to you by your lender when he modified the loan. If you're regularly making the payments, then the lender will not foreclose the property.

Feel free to ask if you have further queries.

Sussane

Guest

I had a pay cut. Got on loan modification. Then lost job. No money to pay mortgage. Home was appraised at 40% of amount owed, and has a second equity loan for 10,000 attached to it. Foreclosure is the only option. Spoke with a couple of scammers, I mean realtors, about a short sale, but they would not even do it after hearing the appraisal. My question is not about working with my lender, who has decided they will not. My question is, when will foreclosure start. As I stated, 6 months since last payment. Bankruptcy looks like a good option at this point as my credit is already history with 6 months no payment on 2 loans.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

9 - 12 months dependign on the lender.

hang on there.

SSPINGARN · Posted: Tue Jun 02, 2009 6:41 am Post subject:

depends on the lender

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