You might lose your home: How much time do you have
January 13th, 2011
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Many homeowners haven’t missed a mortgage payment yet, but still believe that they will lose their homes to foreclosure. There are living with fear and anxiety every day. If they could only get a handle on how events will unfold will make their lives less stressful.
Here is a timeline to help you if you are one of these homeowners.
First month you miss a payment.
Lender will contact you. This is a customer service type call.
Second month you miss another payment.
Lender will contact you again. Please take the phone calls and try to work out a deal.
Third month you miss another payment.
You will get a letter from the lender saying that the mortgage is delinquent. You have 30 days to bring the mortgage uptodate. This is called a ‘demand letter’ or a ‘notice to accelerate’. If you do not pay or stick to your agreement the lender may begin foreclosure.
Fourth month you miss another payment.
The lender sends the file to their lawyers. The lawyers send you a letter. You will incur some high fees and additional costs.
Sixth month and you haven’t resolved the mortgage.
The sheriff or public trustee sale is scheduled by the lawyer. This is the actual day of the sale. This is not your move out date. But it is close enough. If you do not have any money to give the lender then you should go ahead and start making plans. Find a place to stay for a short while and contact some friends to help you move out.
I strongly advise you to contact your lender and try and work out an arrangement. You should also talk to a housing counselor.
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Entry Filed under: foreclosure
1 Comment Add your own
1. Laura Morton | January 27th, 2011 at 2:28 pm
great comments, thanks
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