How long after i stop paying my house payment will i have before forcloser?

Question

How long after i stop paying my house payment will i have before forcloser?

Answer 1

90 days.

Why not try to sell it before that happens?

Answer 2

BE AWARE OF LISA'S ADVISE- she probably just got taken in by a con man- or is part of a scam herself.  Never EVER borrow money from a random person you don't know, haven't met, and can't do any research on.  Besides, the LAST THING YOU NEED IS TO BORROW MORE MONEY!!!  You already can't pay off the loan you have now!  BAD IDEA, huh?  Preditors will WANT you to borrow money from them KNOWING that you won't pay it back!  THINK of the INTEREST they can charge you! Don't fall into this trap!

If you have no way out of foreclosure, which will happen in about 90 days unless you have something else stipulated, start to try to sell the house now.  Investors LOVE people like you.  You are motivated, but if you try to sell the home NOW, before you are TOO motivated, you'll probably get a better deal on it.  Once you get into the foreclosure cycle, the best you can hope for is a subject-to, where someone takes over your mortgage pmts for you and gives you some cash to move out.  This is usually like around $500-1500.  Investors want to help you avoid the smear on your credit that foreclosure will cause, I hope you get on it right away.  As soon as your house hits the pre-foreclosure list, you will PROBABLY be getting phone calls, postcards and knocks on your door from investors ready to buy that place.  I DON'T advise waiting for it, because I dont know where you are... so you may not have as many hungry investors if you are in North Dakota, as opposed to getting foreclosed on in say... Dallas, TX.  

Go to your local investors club meeting to network with some buyers, or simply put an add in the paper or on craigslist.  You'll have someone calling soon.  Ask them to work with you to help you understand your options.  Remember that these people aren't trying to take you for a ride, but WILL need to get a good deal on the property.  Be prepared to get less than you probably think it's worth- the invester will do all the math, and you can ask them to show you how they arrived at their asking price.  An HONEST invester will HAPPILY show you.  If you are unhappy with it, subject-to's are a GREAT option that you should REALLY consider- you won't make much cash, but you'll get out of trouble, and save your credit from a disaster that can destroy your future for years and years to come.

Answer 3

.  THe foreclosure takes 90 days.  THey tape a notice on your door or garage 60 days before the auction.  YOu are escorted out by the sheriff on day 90.  Do not vacate early.  If the house is empty and gets vandalized, you would owe that money to the bank. Stay until the last minute but get your stuff out a little early.  The bank will pay you $500 if you deliver the keys to them and leave the house spotless.  Call about Cash for Keys.

Answer 4

That's a good question,  it use to be a 6 month window to foreclosure.  Now due to the large number of default's in the mortgage world it could be as soon as 1-2 months.

Answer 5

It depends upon the state you live in.

Where I am they can (if they so choose) use an "acceleration clause" and foreclose on you in 24 hours.

My mother in law couldn't make payments and was confused (alzheimers) before we stepped in, they let her slide for about 5 months before the bank contacted me and the wife.  

Answer 6

There is much misinformation about foreclosures.

If you have missed a month's payment by 10 days, you are in the arrears, and the bank will start sending you notices. If you miss two consecutive payments, the banks usually start the process of foreclosure, and send you more threatening notices.

After a certain date they explicitly state in their correspondence, you will not be able to catch up, and you will be required to pay the loan in full.

While the exact process varies from state to state, the bank will force foreclosure and a sale of the property, where the bank will offer a default bid for the amount due, plus all other costs involved with the foreclosure.

In Kansas, where I live, you will have 6 months for redemption from the date of sale. Other states have different redemption periods.

Usually the lending institutions will proceed in different ways. They will either try to get you to sign over the property to them in lieu of foreclosure. They can offer different incentives, one of which is to not trash your credit rating, but forget that as it is still reported and will trash it any way.

The other way they precede is to actually foreclose then purchase your redemption rights. This is usually an amount equal to one month's rent and deposit on another place so you can move.

For anyone facing foreclosure, DO NOT trash the place when you leave. This is considered vandalism and you can be tried and convicted for it. It will only make matters worse. Trust me on this.

Good Luck