Can anyone help me with some forecloser questions?My daughter & 3 children have lost their house and when?

Question

she received her papers she had 6mo's from date papers were served..,six mos are over does she now get an eviction notice?

Answer 1

I'm not sure where she is in the process. The bank has to follow certain procedures and timelines when issuing a foreclosure. They should have given her many chances to try to pay back what is owed, with several options in repayment. She should be able to go to a community outreach program that helps people behind on rent or mortgage. Eventually, when the debt still goes unpaid,  The bank will submit info to the sheriff's office and the property will go up for sheriff's sale. That step in the process still takes a few months. She still has many options at this point. She can contact realtors that buy properties in distress and will then rent the property to her with option to buy back later. With so many foreclosures running rampant in this country, many states are offering programs to help people in this situation. If she sits back and does nothing, the house will go to auction at a sheriff's sale. She will then have an allotted time per her state to vacate. Dont let her sit back and do nothing. Even with no income, there are many options out there. She can save her home, she has to stay vigilant research what options she has in her area. She may even want to concider filing bankruptcy, that can buy her several more months in the home to find a way to stay. Hope this helps. Also, when her home goes up for auction, the buyer usually pays a substantial amount less than what is owed. She will still be responsible to pay the difference. Bankruptcy may be the only avenue at that point. Better to file for that now, and try to keep the property, than to be evicted and still have to deal with the debt.

Answer 2

Has she tried solving the problem?  Since so many homes are in foreclosure, many banks are willing to work out a solution.  It can get complicated depending on the value of the home, and how much equity exist but she should still try to work something out before its too late.  

Answer 3

I don't understand you indicated the bank gave your daughter 6 months from the date she got some papers.

Normal foreclosure procedures don't work that way. In most state the procedure used is called a non-judicial foreclosure.

Unless she received the document listed in #1 she received documents indicating the foreclosure procedures or some other documents about a pending foreclosure. She should read it again to make sure it was the one listed in #1.

  

#1 You are issued a "Notice of Default/Foreclosure"

From the date of this notice you have approximately 90 days to bring your mortgage current or get it refinanced. Your current mortgage holder will consider the refinance if there is enough equity in the property.

#2 Failure to act on the "Notice of Default/Foreclosure the lender will eventually decide to send your daughter a "Notice of Sale" This document will have the date,place and time that her property will be sold.

At this point your daughter will have to refinance with another mortgage company. Her current mortgage company would not normally want to get involved, but with the current foreclosure situation they might consider a refinance.

After the sale the new owner will notify her when she has to leave. They will contact her once all the legal documents have been recorded at the county court house where the property is located.

If he property does not sale and the bank take possession of the property. Once all the legal documents have been completed the back would normally turn the property over to a real estate company for them to sell the property.

An agent from the real estate company will contact your daughter on behalf of the lender and see when it is possible for her to move out.

She should make contact with the lender's Loss Mitigation Department and see if there is something she can do to keep her home for she and her children.

The lender might be able to reduce her monthly payments under a remodification of the mortgage, give her extra time to make up the back payments, allow her to offer a deed-in-lieu of foreclosure or some other remedy.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 4

she should.  i know a couple foreclosers in our area where the people refused to leave and eventually they just came and changed the locks one day!  the people all had to be escorted off the property or arrested for tresspassing

Answer 5

Call the bank that granted the mortgage and see if they can adjust the terms.  You might be pleasantly surprised.  The last thing a bank wants to do is proceed with foreclosure, since it is an expensive and cumbersome process.

If the bank can't help, find the best realtor you can to sell the property.

Good luck!

Answer 6

Depending on the state she lives in all laws are different. Please contact the County Clerk or Sheriff's department to get the best answer for this question. They're very helpful where I live in NJ and really don't want people to lose their home. Usually there are extension requests she can make of the court and contacting an attorney is highly recommended in her situation. In NJ a home owner can get 2 - two week extensions just for asking.