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Foreclosure

If your home goes into foreclosure how do I go about keeping my home? We're 1200 behind,so if we pay that do they stop foreclosure? I'm not sure how this work so if anyone could give me a heads up I'd love you forever!

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Anonymous

Asked by Anonymous at 10:52 AM on Apr. 28, 2011 in Home & Garden

Answers (16)
  • YEs if you pay what your behind..it hinders proceedings...Do you have a lawyer helping speaking for you?
    If not we should talk..you can message me :-)
    Happymom2-2

    Answer by Happymom2-2 at 10:55 AM on Apr. 28, 2011

  • The amount of how much you owe is not important to the bank, it is how many months you have fallen behind. 3 months behind starts foreclosure action and it typically takes6 -8 months before the bank takes possession of the home. The best advice I can give you is to contact your bank ASAP and set up a payment plan to get you caught up. They don't want your home- it costs them a lot of money to go through a foreclosure process. I am in the finance industry and if you have any questions or need a little advice, look me up.
    wendydays

    Answer by wendydays at 10:57 AM on Apr. 28, 2011

  • Have they sent you a letter over 1200? I think if you call your lender you could easily get this worked out,,,also google Loan Modification, it is different for all states,, but if you pay it and can get back on track you should be fine! Good luck momma!
    kimigogo

    Answer by kimigogo at 11:02 AM on Apr. 28, 2011

  • ty ladies much appreciated.
    Anonymous

    Comment by Anonymous (original poster) at 11:16 AM on Apr. 28, 2011

  • Get a lawyer, asap. We mailed in a partial payment one month. The mortgage company (countrywide) did not accept partial payments so instead of returning the check or cashing it they held it for 3 months, and every check there after because they had yet to get what they thought was owed to them. As a result, we got checks back in the mail along with a foreclosure notice. It was a nightmare and if we had gotten an attorney sooner we might still have that house. Instead, countrywide demanded the entire amount of the note and was not willing to work with us because the housing market had taken a nosedive and our home was not worth what we still owed on it.

    scout_mom

    Answer by scout_mom at 11:27 AM on Apr. 28, 2011

  • How many months behind? It usually takes at least 6 months for them to formallyforeclose
    itsmesteph11

    Answer by itsmesteph11 at 1:02 PM on Apr. 28, 2011

  • I would call the company that holds the loan and ask them what the procedure is.
    ethans_momma06

    Answer by ethans_momma06 at 3:01 PM on Apr. 28, 2011

  • no idea, we've not let ourselves get behind on something so very important
    asil

    Answer by asil at 7:43 PM on Apr. 28, 2011

  • It depends on how far they have gone. If they have actually put your home into foreclosure status, then you are going to have to pay fees on top of what you are behind. If they have sent the iformation to an attorney there are normally attorney fees attached. You should call your mortage company and ask them about a repayment plan. They will sometimes allow you to pay a portion of what you owe and then every month make your regular payment plus a little extra until it is paid off. However, if you set this up be sure you CAN keep up with the payments. If you miss just one, you will lose your home and they will do nothing to help you. Good luck.
    Peajewel

    Answer by Peajewel at 8:38 PM on Apr. 28, 2011

  • I have no idea but get a lawyer to help you.
    Jerichos_Mommy

    Answer by Jerichos_Mommy at 11:08 PM on Apr. 30, 2011

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