I won't be able to pay my mortgage this month. What is the foreclosure process?

Question

I can't pay my mortgage this month. I don't see how I could possibly catch back up either. I am behind on everything. I want to know how much time I have in my house before it forecloses. I can't see any other outcome, the way things are going.

Answer 1

The VERY BEST thing you can do for yourself is to contact your lender right away and let them know what is going on.  They will seriously try to help you.  If it's possible, they will try to help you keep your house.  They really don't want to repossess, especially right now with the tough housing market.  Even if it doesn't work out that you keep the house, it will still be better for you to let them know what is happening than to just leave it for them to figure it out when you don't make the payments.  For one thing, if you are working with them, it will not mess up your credit as badly as if you don't.  Best of luck and God bless you.

Answer 2

FILE BANKRUPCY.

once you lose it it will be gone. then you will have to pay rent.  good luck

Answer 3

If you're going to miss a payment always contact your lender. Don't just not pay. You're more likely to get a postive resolution if you're proactive.  

Answer 4

After about three to six months of not being able to pay mortgage, the lender will order a Notice of Default recorded. You will receive a Notice of Sale and it will be posted on your home. Then the notice will be published in the newspapers for three weeks.The auction of your home will happen at the courthouse.

You don't have to give up that easily, there is still something you can do. There are a lot of housing assistance by the government you can qualify. Taking in a boarder is one way. You might want to read this to have a better understanding:

http://new.housingassistancenetwork.com/...

If you want to learn more about what you can do to avoid foreclosure, go to www.new.housingassistancenetwork.com

Answer 5

Contact the bank before you miss your payment, they might be able to help you out with a short sale or redo the payments.  They don't want the house anymore than you want to lose it.

Answer 6

I would contact your lender right away for advice.One month does not put you into foreclosure. Banks/Lenders do not want to foreclose. They want your money. They lose on foreclosures. Many backs are helping people out. Also, try to sale or auction house out right if can no longer handle the payments. This way, you can pay the bank back plus have extra money to start over. Don't do bankruptcy. It will ruin your credit, and everything is based on your credit theses days. House and Car insurance, rates on car loans, lease for an appt. One mistake will last forever.  

Answer 7

If you are going to miss your first mortgage payment, let your lender know about this. It is your responsibility to notify your lender, so that he can explain you the entire process and what to expect. Don’t delay, for the longer you take, there will be other fees and chargers that you have to incur.

Another reason why your lender should know about your situation is because he should get a fair idea as to why you are not being able to make your payments. You could be in this situation for many reasons – losing of job, medical emergency in your family, suffering a financial set back etc; but if you are true to your lender, you can buy some time from him to get your finances right in place.

Foreclosure is the worst of all the options. It does a lot of damage to your credit score. You will always have to report that you lost a home on future mortgage applications. So short sale is a better option compared to foreclosure, as I had read in an article that banks while evaluating a borrower who had a short sale or foreclosure in his past would probably give slight edge to the short sale.

And the last resort will be bankruptcy. The American Bar Association has reported that 96% of homeowners who declare bankruptcy end up losing their home to foreclosure anyway. Bankruptcy is very unlikely to help you save your home. If you declare bankruptcy you will likely end up with BOTH a bankruptcy and a foreclosure on your credit report.

There are other several options to stop foreclosure in the initial stages like including negotiating with the lender, reinstatement, loan repayment, loan modification, loan Restructuring, loan refinance, redemption's etc. Find out which is the best option for you to avoid foreclosure at the earliest.    

You can also contact mortgagebuyerbasics.com for free consultation about this. They have helped many save their homes.

Read the article in the link below about the foreclosure process.

Answer 8

You should look into refinancing to lower your payment.  I know a bank that can help.  EVEN IF YOU ARE UPSIDE DOWN!!

Apply @ www.asmartloan.com

Good luck!!