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How long until they forclose?

We are currently 4 mo behinnd on our mortgage with BOA. DH has been out of work since june. Anyway, if we can make it to feb. we should get enough back in taxes to pay off the total amount owed and catch up. I can probably make a payment in the mean time to hold them off. We have cut back as much as possible and are dumping a car. Do you think they will start forclosure by then?

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Anonymous

Asked by Anonymous at 1:27 PM on Dec. 10, 2010 in Money & Work

Answers (11)
  • Hon..just breathe. I have a friend who hasn't paid her mortgage in 2 years, needless to say the mortgage
    company are taking action, and that was 8 months ago. They haven't paid a dime, either. RELAX. :)
    khf22

    Answer by khf22 at 1:28 PM on Dec. 10, 2010

  • is*
    khf22

    Answer by khf22 at 1:29 PM on Dec. 10, 2010

  • It took my stepfathers bank over a year to actually kick them out. If you go down there and make even partial payments it helps. Usually, 3 months behind they start the process of foreclosure.
    bseastrand

    Answer by bseastrand at 1:29 PM on Dec. 10, 2010

  • I have heard that if you contact the lender and discuss the situation it can be helpful. They don't want to foreclose if it can be avoided. Good luck.
    elizabr

    Answer by elizabr at 1:29 PM on Dec. 10, 2010

  • You need to call them right away and ask for a temporary forbearance. The important thing is to talk with them now.

    emerald53197

    Answer by emerald53197 at 1:30 PM on Dec. 10, 2010

  • Well I'm sorry. We have a house that is being forclosed on and haven't made a payment in 14 months. If you intend to keep the home. Stay in contact with BOA and let them know your plans. They are more willing to work with you if you communicate.
    Anonymous

    Answer by Anonymous at 1:32 PM on Dec. 10, 2010

  • I would also call and discuss. I have a friend that is going through a similar situation. As she says she wishes that she had called and talked to their lenders rather than trying to deal with things her way. Her husband called after a few months of things being behind and it had much better results.
    Melbornj

    Answer by Melbornj at 1:32 PM on Dec. 10, 2010

  • I agree-try to talk with someone in the mortgage department at the bank and explin the situation. If they start foreclosure papers you could end up owing more so try to get them to hold off and as you said pay something and explain that you can get caught up when you get your tax return. It does take a long time to make someone leave their house after starting foreclosure but you don't want it to even start since there will be more money to pay back. Good luck and you are not alone-I'm not too far behind you - there are so many of us caught in this job loss and recession.
    confused969

    Answer by confused969 at 1:34 PM on Dec. 10, 2010

  • You shoudlnt worry, your lawyer should be able to get you the best possible situation. If you dont have one, Id be happy to help. Most of our lawyers are dealing with these type of situations and collections with success.

    Best of luck, let us know if you need us!
    IraqiVetWife

    Answer by IraqiVetWife at 2:18 PM on Dec. 10, 2010

  • Ask for a hardship forbearance.

    1smartcookie

    Answer by 1smartcookie at 3:38 PM on Dec. 10, 2010

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