Question:

How long will it be before the bank forecloses on a house?

by  |  earlier

0 LIKES UnLike

I just moved down here to Georgia from California and I moved in with a friend in her house. Little did I know that to this date she has not paid a mortgage payment since August 2007. She had something called an 80/20 loan. One of them is from Chase and from Wilshire and she is behind with both loans.

Chase sent her an offer to help bring her loan up to current. With fees and the default she owed like around $13,000. They stated in the letter that if she made a good faith payment of $1456 she could start paying her mortgage over again but she had 10 days to do that and send it back to them.

She never did anything or responded to them at all. Does anyone know what could potentially happen now since they did try to offer her a settlement & keep the house but she didn't follow thru???

We haven't heard anything from the other mortgage company Wilshire yet. Any help or advice would be appreciated. I know only a few people out here and would hate to be stuck with nowhere to go.

Thank you,

 Tags:

   Report

3 ANSWERS


  1. Your friend will soon receive a notice that one of the lenders has given you 90 days to pay up all the back payments for "their" loan.   If you pay that amount in full, that foreclosure will stop.  But the other lender will soon follow.

    I like the way you tell that your friend never did anything or responded to the lenders.  That is so common.  It must be human nature.  As if she were in a fog.  

    Anyway, when the 90 days is up the sheriff will escort you both from the house.  You have to be out in 1 hour.  He brings a locksmith so you can not go back inside.  So stay as long as you can but don't you act like nothing is going to happen.  It will happen. /


  2. GA is very quick to foreclose, depends on the bank.

    2nd mortgage can't foreclose that's why they aren't calling.

    Seems to me the bank really doesn't find taking this property as a top priority, but if not paid, eventually they will foreclose and remove whoever is inside.

    After a year off of payments is there some type of savings?

    If you have funds/income sufficient to pay a reasonable loan, and if what is preventing the payment of the loan is a high rate and/or adjustable rate perhaps a modification or workout will solve the problem.

    Ignoring the bank won't solve anything, but many times calling them won't either.  This is an era of loss mitigation.

    Available to discuss further upon request.


  3. Modify your loan with a loan modification. It will catch you up to date,save you money and lower your monthly payments. American Modification Agency saved my house. The agents name was David, and his number was 516-506-4755 DShevlin@YourAMA.com

Question Stats

Latest activity: earlier.
This question has 3 answers.

BECOME A GUIDE

Share your knowledge and help people by answering questions.
Unanswered Questions