How Long After You Stop Paying Mortgage Do They Put Your House In Foreclosure?
February 28th, 2010 - ByPosted in Stopping Foreclsoure
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7 Responses to “How Long After You Stop Paying Mortgage Do They Put Your House In Foreclosure?”
February 28th, 2010 at 4:35 pm
From a non-government related loan after about 3 months of non-payment you will get a notice of intent to accelerate or similar.
From a Fannie Mae or Freddie Mac related loan about 4 to 6 months you will get a notice of intent to accelerate or similar.
From a VA lender it will be about 6 to 8 months that you will get a notice of intent to accelerate or similar.
About 30 days after that, if you do nothing, your loan will be accelerated and all your debt will be due, now. You may get a letter titled something like “NOTICE OF ACCELERATION” and at the same time or a few days later a notice to foreclose or notice of foreclosure sale, or similar.
You will get a notice of foreclosure even if there is a moratorium, voluntary or state enforced. This only means that they will not actually foreclose unless the laws, policies or economy changes. Then they will foreclose quickly because they already sent to you a notice of foreclosure and honored the waiting time period to actually foreclose.
So do something like:
1) talk to the lender and ask for a workout, a short sale, or for any kind of help that you need;
2) talk to a knowledgeable Real Estate Agent (this is important);
3) talk to a lawyer.
Oh, I forgot. You can also sell your house cheap to me for all cash and I’ll pay off the loan. — Just joking about you selling me the house!
You know what I mean, about everything else though, right?
February 28th, 2010 at 10:42 pm
It varies by your willingness, the state your’re in and the loan you are working with. If you are willing to “walk away” from a house but do not have a buyer, then a foreclosure is probably a 3 – 4 month activity.
If you have a potential buyer but it’s below what youw but still reasonably fair (the banker determines market value, but assume its “in the range”), it would be less than 3 months (about the normal time of closuing plus about 2 – 3 weeks).
If you are unwilling to leave and want to fight it… it could take 6 – 12 months or more depending onthe housing laws of the states. Also, some states have put a moratorium on foreclosures so that banks can’t do them, which means they could only likely do a compromise sell.
Hope that helps.
February 28th, 2010 at 10:58 pm
it depends on the state. different states have different laws as far as how long lenders have to wait before lis pendens and foreclosure proceedings.
there is a special court that gets involved as well and sometimes the court can intervene to mediate and avoid foreclosure. some states have more protections built into this process as well
March 1st, 2010 at 5:44 am
The foreclosure process normally takes 4-6 months depending upon various factors. For more information just check http://foreclosureworkouts.info
March 1st, 2010 at 6:21 am
will i lost a house due to forclosure it take about for month and it will take about three month that untill thy want you out
March 1st, 2010 at 12:06 pm
Usually about 6 months
March 1st, 2010 at 1:14 pm
Average 3 to 4 months, but some people are 6 months past due.
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