Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

Foreclosure?

How long would it take for the bank to foreclose on our house?

We are up to date on house and loan payments. They have never been late. The reason I'm asking is too long and complicated to get into here. But, if we stopped paying this month, and continued not to, how long would it take for the bank to foreclose?

 
mama_moonsong

Asked by mama_moonsong at 3:28 PM on Aug. 17, 2009 in Money & Work

Level 7 (199 Credits)
This question is closed.
Answers (8)
  • My guess is about a year.

    But like the above post said - call your mortgage company and try and work something out with them if you want to keep the house.
    Kristen1010

    Answer by Kristen1010 at 3:40 PM on Aug. 17, 2009

  • Call your finance company, they may have a solution for you.
    MrsLeftlane

    Answer by MrsLeftlane at 3:38 PM on Aug. 17, 2009

  • oh, i so dont want to keep the house. lol. its such a long story.
    mama_moonsong

    Answer by mama_moonsong at 3:42 PM on Aug. 17, 2009

  • If you don't want it and also don't want to pay for it try selling it. Selling at a loss is not great, but it sure beats foreclosure.
    Anonymous

    Answer by Anonymous at 4:32 PM on Aug. 17, 2009

  • ANON 432 thatd be great if it wasnt for the loans. cant sell. the loss would be 30,000+.
    mama_moonsong

    Answer by mama_moonsong at 4:43 PM on Aug. 17, 2009

  • Why not sell the house? Makes a lot more since than going into forclosure. Banks are not going to be doing what they did before and handing out money to people with so so credit. You can kiss owning another home again in the next several years goodbye. Get a realtor and be responsible.
    Anonymous

    Answer by Anonymous at 4:45 PM on Aug. 17, 2009

  • You still losing if you go into forclosure. They can still come after you for the difference in what they sell the house for. So that 30k could be 60k.
    Anonymous

    Answer by Anonymous at 4:46 PM on Aug. 17, 2009

  • HEY NOW! no need to be rude there, anon. the only way to make a responsible decision this large is to weigh ALL the options. (ps- i have a realtor. i'm just trying to look ahead, realistically.)
    jeepers. thanks to all of you with polite answers. i was simply curious.
    mama_moonsong

    Answer by mama_moonsong at 5:12 PM on Aug. 17, 2009

close Cafemom Join now to connect to other members! Connect with Facebook or Sign Up Using Email

Already Joined? LOG IN