It takes 90 days of non payment for …
September 10th, 2010 - ByPosted in
Comment posted Can You Be 1 Month Behind In All Bills And Avoid Foreclosure? by Cupid.
It takes 90 days of non payment for preforeclosure processes to begin.. then after that, it takes another 90 days for a foreclosure to take place. But keep in mind, that when the process starts, they make you pay the past due balance in full or they will return your check. Best of luck to you.. hope you find another job soon. No worries, you really have quite awhile before anything happens.
Per the poster above, mortgage companies don’t offer payment plans because that is considered a refinance. A refinance can’t be done without a job. You will need to come up with the correct payment.
Cupid also commented
- I dont think you are going to lose your home in 1 month because you didnt pay. I think the most important thing to do is call whoever you got the mortgage from and explain your situation and come with a payment plan. I cant stress enough to call and not just ignore them and assume they are not paying attention. You will be fine.
Recent comments by Cupid
- What Does Pld: Notice Of Filing Commitment For Owners Policy Of Title Insurance Mean In A Foreclosure Docket?
Sounds like they have a buyer and are working on the title insurance and the committment it needs to be issued. - I Was Told That My Rental Is In Foreclosure And I Need To Find Out For Sure Where Do I Get The Information?
Your property manager is obviously not licensed because they do not know what they are talking about!!
Even if the house is in foreclosure, you still MUST legally pay the rent! You must pay until the day you move out or the day the owner no longer owns it.
You can check local court records to see if anything has been filed, but that is all you can access. The lender will not talk to you. - I Was Told That My Rental Is In Foreclosure And I Need To Find Out For Sure Where Do I Get The Information?
Legally you need to pay the rent. Your property manager needs to be in jail.
The bank that takes over your house will tell you when they have possession, at which time you stop paying rent and move out.
Being “in foreclosure” doesn’t mean much, and there is no action you need to take at this time.
You will have to ask the owners what is going on, the bank will not tell you the status, it is not any of your business. - How Long After You Stop Paying Mortgage Do They Put Your House In Foreclosure?
Average 3 to 4 months, but some people are 6 months past due. - How Long After You Stop Paying Mortgage Do They Put Your House In Foreclosure?
Usually about 6 months
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2 Responses to “It takes 90 days of non payment for …”
November 6th, 2009 at 9:40 pm
It takes 90 days of non payment for preforeclosure processes to begin.. then after that, it takes another 90 days for a foreclosure to take place. But keep in mind, that when the process starts, they make you pay the past due balance in full or they will return your check. Best of luck to you.. hope you find another job soon. No worries, you really have quite awhile before anything happens.
Per the poster above, mortgage companies don’t offer payment plans because that is considered a refinance. A refinance can’t be done without a job. You will need to come up with the correct payment.
November 7th, 2009 at 1:45 am
I dont think you are going to lose your home in 1 month because you didnt pay. I think the most important thing to do is call whoever you got the mortgage from and explain your situation and come with a payment plan. I cant stress enough to call and not just ignore them and assume they are not paying attention. You will be fine.