I’ve heard rhode island is pretty quick. we cant afford o pay and the mortgage company refuses to pay. How long do we have before we have to be out of the house?
Power of Sale Foreclosure Guidelines
If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:
The lender must mail a written notice of the time and place of sale, by certified mail, return receipt requested, to the borrower at his or her last known address, at least twenty (20) days prior to the first publication, including the day of mailing in the computation.
The lender must give notice of the sale by publication in some public newspaper at least once a week for three (3) successive weeks before the sale, with the first publication of the notice being at least twenty-one (21) days before the day of sale, including the day of the first publication in the computation.
Said notice must contain the names of the borrower and lender, the mortgage date, the amount due, a description of the premises and the time and place of sale.
In Rhode Island, it usually take about 2 months for the foreclosure process to complete (yes, pretty quick). Before they can evict you, they’ll send you notices to let you know (of course). Mainly what I see is that you don’t have to move out until you have a Sheriff’s notice at your door.
In many states, even after the house is sold, the ex-homeowner still remain in the house and eventually get a Cash for Key offer to move out. Whatever it is, if you’re not intent to further pursue a loan mod, save your money.
If you still want to see if you still have a chance, see to http://www.HUD.gov and contact a non-profit org that can give you some FREE assistance can guidance.
Good luck.
2 Responses to “How Long Does Foreclosure Take From The Day I Stop Making Payments?”
February 8th, 2010 at 5:05 pm
Power of Sale Foreclosure Guidelines
If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:
The lender must mail a written notice of the time and place of sale, by certified mail, return receipt requested, to the borrower at his or her last known address, at least twenty (20) days prior to the first publication, including the day of mailing in the computation.
The lender must give notice of the sale by publication in some public newspaper at least once a week for three (3) successive weeks before the sale, with the first publication of the notice being at least twenty-one (21) days before the day of sale, including the day of the first publication in the computation.
Said notice must contain the names of the borrower and lender, the mortgage date, the amount due, a description of the premises and the time and place of sale.
February 8th, 2010 at 9:51 pm
In Rhode Island, it usually take about 2 months for the foreclosure process to complete (yes, pretty quick). Before they can evict you, they’ll send you notices to let you know (of course). Mainly what I see is that you don’t have to move out until you have a Sheriff’s notice at your door.
In many states, even after the house is sold, the ex-homeowner still remain in the house and eventually get a Cash for Key offer to move out. Whatever it is, if you’re not intent to further pursue a loan mod, save your money.
If you still want to see if you still have a chance, see to http://www.HUD.gov and contact a non-profit org that can give you some FREE assistance can guidance.
Good luck.
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