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KimberlyScott
Graceyn=My World <3
Member since 10/08 4173 total posts
Name:
Kimberly
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Forclosure
How many months behind do you have to be before a bank starts the process?
I'm worried that this will happen to both of my neighbors. They are currently 3 and 4 months behind. I'm afraid of it bringing down the value of my home if they don't get caught up and it goes into forclosure.
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Posted 2/22/10 5:28 PM  |
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Prudential Douglas Elliman Real Estate
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: Forclosure
are they trying to do modifications? they might be late on purpose trying to get it approved. I'm no expert but I thought you go into loss mitigation which is the first step where the lender tries to figure out if you have the means to catch up and continue to pay after 3 months.
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| Posted 2/22/10 6:00 PM |
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KimberlyScott
Graceyn=My World <3
Member since 10/08 4173 total posts
Name:
Kimberly
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Re: Forclosure
Neighbor A was trying to modify yet stopped the process b/c her DH got called back to work and they weren't getting anywhere. So now they are just catching up.
Neighbor B is still in the early stages of the modification process.
How long before the bank starts loss mitigation?
Message edited 2/22/2010 6:18:50 PM.
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| Posted 2/22/10 6:17 PM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: Forclosure
they should be good then, as long as they are in contact with the lenders.
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| Posted 2/22/10 6:19 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Forclosure
12-18 months to get to auction
but they don't give modifications to people with no income
it's a fine line to get one and not everyone that is late qualifies
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| Posted 2/22/10 10:41 PM |
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