Do any of you know the processes involved in home foreclosure?
We keep hitting financial bumps and I’ve been running 60 days behind on my house payments for several years. I’ll get caught up so I’m only 1 month behind, then we get hit with something else again. Well, I’ve kept it out of 90 days out, which, I believe, is the point when they start foreclosure proceedings. I paid half of the payment last week, intended to pay the other half this week on the 10th (today, Saturday,) which is when it’s due.
They don’t have an online payment option, but they do have an automated phone payment system, which is what I’ve used since they got it installed. But…..their automated phone payment system doesn’t seem to be working. I get so far then I get dead air. In other words, I can’t make the last half of my payment until Monday, when I can talk to someone. This will put me two days past 90 days, and I’m REALLY worried.
How serious is this? What could happen?
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In today’s atmosphere they will be happy to have a cooperative mortgagee.
What is that? Oh, you mean somebody who actually pays the bill….or tries to.
Foreclosure takes much, much longer than that. Don’t worry.
Until you get served papers (in person, and you have to sign for them. It goes into record with the Clerk of the Court), you’re not in foreclosure.
Stay in contact with your mortgage company—that’s very important. Let them know you are trying to get current. There is no set number of days. As soon as you are in default, they “could” start the process. I’ve never known of a company to do that. They generally rather have the debt paid than to take over the property.
If you have the phone number for the broker who services your mortgage, try to email them or leave a voice mail over the weekend.
Surely they won’t start proceedings since you’re already paid the first half? And yes, i’d say talk to the mortgage company, let them know that you’re not NOT paying because you’re a slacker, but that you are trying…
My best wishes to you D, i hope things work out well for you, somehow.
Thanks you guys. I’ve owned the house since 1999, and was prompt and current every month until Sept of 02, when I bought my own business. I think I’ve been current one time since then. But…..I’m working now, since March so hopefully it won’t be too much longer.
I PLAN to make another payment on the 20th of this month, which will catch me up to 30 days out. Plus I’ve been paying a little more than the actual amount due is, so that will help eventually.
@Seek_Kolinahr I feel better now. Thank you.
Call your lender right away and ask them what their particular terms are. We’ve been behind on my mom’s mtg. for about a year, have made monthly payments that were accepted up until recently. The bank never told us while we were making payments that they’d already scheduled a foreclosure and auction.
Have you tried calling the bank, even though it’s the weekend? I can usually get customer service 24/7 at mine.
@Neizvestnaya Thing is, it’s Saturday! No one is working!
@PandoraBoxx I didn’t go through a bank. I went through the USDA Rural Housing Development. But, no worries guys. The payment system is back up, and I paid the balance. Whew!!
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