foreclosure question

[cassie]

Does anyone here know, or can tell me how to find out, how long after you stop making payments before the mortgage holder can force you off the property? Jusy wondering.

 

[Boyd]

Quote:
It varies. 3-6 months at a guess once they start the process?

 

[redhen]

I've heard it can go pretty quick sometimes.. within a few months..

 

[scbatz33]

Generally 90 days after your last payment is made they will start proceedings. It can take 6 months or longer to get through the process. It all depends on your lender and how easily they think they can resell the property. If they chose a public auction or a sherrif to evict, they will still have to give you notice, generally it's 30 days after the court has granted it to them.

Your best bet is to talk to your lender. See if you can't work something out. Have you tried a short sale?

 

[Gonzo]

I think it varies from state to state.

 

[debilorrah]

I'd like to know to, just so I know how long my landlord has NOT been paying his mortgage

 

[Goose and Fig]

Doing a short sale will buy you some time- but you have to keep up on the paperwork. If they do auction it- tell them, or the realty that you want to do the "cash for keys". They will give you moving money and time to relocate if you clean the property and don't take any fixtures or break stuff.

 

[Cetawin]

The time the process takes varies from state to state but generally, three months behind on your mortgage and the lender sends it to an attorney etc. Usually you get served with a lawsuit, have 30 days to respond, if no response, a sale is set, sale takes place and the lender bids the amount owed plus fees and costs, if no one bids higher and takes it the lender gets it by way of judgment, then in 10 days a certificate of title is issued if you have not paid the judgment off and a sheriff puts a 24 hour notice on your door and you must be out. if you are not out, they remove all of your belongs and your persons and place it on the curb, locks are changed etc etc.

The amount of time in days varies but the process is pretty much the same.

 

[goobhen]

I used to live in Hemet CA. There was a neighbor 8 houses down, they paid their utilities, but the house was foreclosed. They lived there for over nine months before they were finally forced out by the sheriffs dept. In Indiana, I know some people lived there six months. I really never knew the real date of the foreclosure in Ind. Friend told me there are so many foreclosures in Indpls that people are living in the houses for almost a year... Theresa

 

[TK Poultry]

my mom lived in her house almost a year before she left! its a time consuming process sometimes...at least it was for her. the house was tied up in a divorce