BEING FORECLOSED ON. :(

[PQ4evr]

Banks don't want to foreclose on homes right now. they will work with people to get them the help they need the DH works for a bank and I know they have froze all foreclosures. if the bank forcloses they have to sit on it. As it is if there attempting to make payments the bank will work with them. they can also do a morgage adjustment. I will keep you in our thoughts.

 

[Rare Feathers Farm]

Quote:
Thanks. I think they have been working on that...but without much luck....they are only two payments behind...but their mortages are like $2500/month for both homes...

 

[Rhett&SarahsMom]

I am so sorry. Your parents will be in my thoughts and prayers.

 

[Pumpkinpup]

Isn't there an assistance program for this sort of thing. I have heard on the radio some commercials to that effect. Wish I had been paying closer attention

I am so very sorry to hear this. It's very disturbing to me that someone who has worked this hard their entire life and that is now entering retirement years would be in this situation. It's just so very sad!

I hope something happens to pull off a miracle for them. I will have them in my prayers.

 

[ruth]

It normally takes almost a year for a bank to foreclose. Nothing really happens if you are only two payments behind. Are there family members who can help come up with the two payments to get the mortgage current? Also, they could file Bankruptcy Reorganization (I forget which # it is but it's not the full bankruptcy). It's designed to give you time to get back on your feet and forces your creditors (like the mortgage company) to work out a payment plan. I wouldn't lose that amount of equity for $5,000 in back payments.

Do they have two homes? And while it's none of my business, why have they taken out second and third mortages and now owe over $400,000 on a house they bought over thirty years ago for $26,000? It should have been paid off by now. Only reason I'm asking is there may be money management issues that won't go away if you get them caught up on payments. I would get them caught up and then drop the sale price of the home substantially in order to get it sold.

I feel for you. I watched my mother and stepfather go through the same thing. Problem was they couldn't/wouldn't stop spending money on junk and anything their daughter wanted. My (much younger) half sister kept buying cars on credit and then wouldn't make any payments and they had cosigned so they would take out another mortgage to pay off the car. Next month it would be a health club membership the next month a huge cell phone bill, a wedding, a trailer for them to live in, on and on. It went on for years - still going on eventhough they lost their big old farm home - luckily they were able to sell it at the last minute, after dropping the price. They were almost two years behind on the payments.

 

[xfilesnumber1fan]

It normally takes almost a year for a bank to foreclose!

Not true..We were 3 months past due on our 1st and 2nd..They would not work with us or take any payments wanted the full amount owed plus late fees..After it was all said and done it was $3000 to keep our house!

 

[xfilesnumber1fan]

Quote:
It normally takes almost a year for a bank to foreclose




Not true..We were 3 months past due on our 1st and 2nd..They would not work with us or take any payments wanted the full amount owed plus late fees..After it was all said and done it was $3000 to keep our house!

 

[mtnhomechick]

So Sorry to hear this..........hope they can work something out.......will keep them in my prayers.

 

[Eggzactly]

Have they tried the mitigation department of their bank to worksomething out?Banks dont want foreclusres ethier.

 

[ruth]

Quote:
It normally takes almost a year for a bank to foreclose




Not true..We were 3 months past due on our 1st and 2nd..They would not work with us or take any payments wanted the full amount owed plus late fees..After it was all said and done it was $3000 to keep our house!

They will begin foreclosure after two or three months past due but to actually get to the point of eviction and sheriff's sale will take close to a year, sometimes more. Of course they always want the full back payments to reinstate the loan. You can sometimes work with them, but more often, not. Filing for Reorganization Bankruptcy will stop foreclosure in its tracks and force them to put the back payments at end of loan and take current payment plus a little extra to go toward the back payments.