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How does the foreclosure process work?

April 03, 2007

We get a lot of questions about how the Foreclosure process works… or what can I expect to receive from the Mortgage Company and when? We will try and walk you through the process to hopefully help you understand what is going on and what might happen. We don’t have all of the answers and each case may be handled a little different, but we have done this for a long time and this is how a foreclosure will typically take place.


Notice to Accelerate
Once you miss your first payment the foreclosure process will begin… you will receive letters form the Mortgage Company telling you that they have not received your payment and please remit immediately. These types of letters will continue for 2-3 months if no payment is made. Once you reach the 60 day past due point you will receive a Notice to Accelerate from them. This will demand payment to bring the loan current. At this point they will not accept a partial payment… you must pay the entire delinquent amount plus any late fees. They will threaten you by saying if you don’t pay by a certain day they have the right to accelerate the due date of the loan and initiate the foreclosure. They will also tell you if they accelerate the loan attorney fees will be added to the delinquent amount. Click here to see a sample Notice to Accelerate letter.


The Demand Letter
If you do not respond with a payment by the date the mortgage company established in the notice to accelerate letter they will hire an attorney. The attorney will forward you what is called the demand letter. This letter is formal notice that if the loan is not brought current medially the foreclosure will be filed with the court system.Click here to see a sample demand letter.


The Notice of Default
If you do not respond to the demand letter to the attorney for the mortgage company will file the foreclosure with the court… this is called a notice of default. This Court document you should receive will list the entire debt amount that needs to be paid. It will also give you 20 to 30 days to respond to this judgment notice. Click here to see a sample Notice of Default letter.


The Notice of Sale
if you do not respond to the notice of default after the 20 to 30 period has expired the attorney it will file a notice of sale. This notice or sell will set a sheriffs auction date where your house will be sold at and auction. Click here to see a sample Notice of Sale.


This is the process to foreclosure will follow in a judicial foreclosure state. At anytime in this sequence, before the sheriff’s sale date, this process can be stopped or postponed. The bottom line is the mortgage company does not want to sell your house anymore than you want them to. They are not in the business to own real estate they make their money by you making your payments. They are willing to work something out with you the key is to come to an agreement with them with something that you can definitely afford.



Please tell us your comment on what you have experienced that may be different to what we have outlined. Your comments may help someone else that is in this process.

This entry was:
Posted By Darin at 10:57 AM
Comments (87) | Categories: Foreclosure Laws, Court Documents, Sheriffs Sale, Sell House, Stop Foreclosure, Avoid Foreclosure | Tags: stop foreclosure foreclosure help foreclosure proceedings

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Comments

IF MY HOME IS AUCTIONED IN FORECLOSURE ,AFTER THE SALE WHAT WOULD I BE LIABLE FOR , FEES ETC.
Posted By TONY on July 20, 2007 at 01:39 AM
I have my home on the market with no takers or lookers. I purchased it for $600,000 and the properties in the area are going for 400-500,000. My ARM is due here shortly and I won't be able to afford the payments.

I'm really considering foreclosing on my home.

If I foreclose on my home can the first and second lien holders garnish my wages for the difference?

Lastly,what does anti-deficiency mean?
Posted By kathy brown on August 21, 2007 at 01:17 AM
SAXON MORTGAGE AND ORLANS ASSOCIATES ARE CROOKS. THEY TOOK MY HOME AFTER 1 MISSED PAYMENT. I NEVER GOT A DEMAND LETTER . I SENT THEM OVER 8000 DOLLARS IN FOUR MONTHS FOR THEIR "LATE FEES" BUT THEY STILL FORECLOSED. FUNNY THE COMPANY THAT DID OUR APPRAISAL WAS ALSO THE ONE WHO SOLD OUR PROPERTY ONCE THE FORECLOSURE WAS OVER...HM.........SOMETHING FUNNY IN MICHIGAN
Posted By JOSIE on February 09, 2008 at 12:13 PM
Will there be a deficiency on a 2nd lien in the state of South Carolina if the loan goes into foreclosure and doesn't sell for enough to payoff the 2nd lien?
Posted By Olivia on February 25, 2008 at 08:53 AM
My question is:
I am in a house that i woe more than what its worth. If Countrywide forecloses and HSBC holds the 2nd mortgage and it is sold but doesn't cover what i owe, am i still responsible for the remaining balance or am i free and clear?
Thank you
Posted By Chris Bancroft on March 25, 2008 at 01:03 PM
In response to C Bancroft's comment here on 3/25/2008. It is my understanding that in theory, the second mortgage/liens etc. are supposed to disappear upon foreclosure. BUT the way the mortgage companies are playing nasty, I wouldn't trust that theory these days. HSBC is a UK bank that used to be known as Midlands Bank. I can't imagine that they will walk away from their second mortgage money. Remember, your loan was likely to have been bundled with other loans and sold on Wall Street as an asset backed security. Those foreign investors may well have been duped along with American homeowners.
Posted By Ruth on April 03, 2008 at 07:19 AM
The courts should be going after the realtors and mortgage companies who did the predatory lending to begin with and make them pay the mortgage. Everyone is busy chasing the innocent and letting the crooks continue to cheat and lie to put cash into their pockets.
Posted By tammy elton on April 18, 2008 at 01:13 PM
Question:

I filed bankruptcy Nov 2007 and included my house in that bankruptcy. I have moved out of the house. Ocwen (load co) still has not taken the house. Am I still responsible for the house(cutting grass, insurance, utilities etc...)
Posted By squeezy on April 21, 2008 at 05:19 PM
my house was foreclosed and sold at auction last August 25, 2007. I
have not heard anything since then. Today I received a letter from a company called First Amherst
Financial that said that they purchased by loan from the original company, Onyx Bank, that was the lender for the 2nd on the house. Am I responsible for the 2nd when the house was sold at forclosure acution?
Posted By linda on June 07, 2008 at 08:27 PM
I just received a letter stating that my house would be sold in a month. How long do I have before I have to move?
Posted By Ginger on June 09, 2008 at 05:45 PM
If my home is foreclosed on, I am still responsible for the 2nd Mortgage,my 2nd is held by the same lender.
Posted By Joseph on June 23, 2008 at 01:32 PM
I have found a home who was financed through your company. The home has been forclosed on, what steps if any could I take to find out more about purchasing this home?
Posted By Evie Locklear on July 07, 2008 at 09:51 PM
We received the foreclosure papers on our house from Wells Fargo, or should I say their attorney on July 9, 2008. Have never received a NOTICE TO ACCELERATE, the DEMAND LETTER, was included with our foreclosure papers, but no amounts were listed, as far as what we are behind etc., have not received a NOTICE OF DEFAULT, and we received the NOTICE OF SALE with our foreclosure papers we received. We have been trying to get a Loan Modification with Wells Fargo Home Mortgage since February, due to 2 layoffs in a 7 month period, Have been denied twice. We sent in the paperwork to reapply on June 26th. Since I have obtained full time employment. Have been calling weekly for updates, being told it hasn't been assigned to a negotiator, we called today July 10, 2008 to inquire about a status, and were informed it still isn't assigned, the Representative told us "TODAY IS ONLY THE 10th, YOUR FILE WASN'T REOPENED UNTIL THE 7TH" keep in mind the file is opened but still not assigned to a negotiator, and they also informed us the FORECLOSURE PROCESS started on July 2, 2008??? Our date of foreclosure sale is set for August 5, 2008. Can they do this so suddenly without following the steps, sending the proper letters, notices what have you?? and just suddenly say they are foreclosing and we have less then 30 days until the sale?? The entire time since Feb. that we have been trying to get this modification we have been told, as long as you call us weekly and you are in the process of trying to do the modification, you will be fine... YEAH RIGHT!!! I have no faith what so ever in Wells Fargo Home Mortgage and what their representatives tell me, Loss Mitigation, Collections, Liquidation, any department.
Posted By AC on July 10, 2008 at 10:20 PM
I tried setting up a loan mod to take care of our forclosure but could not get the loa company to return our calls even after promising a call back. We were told that we were approved and someone would call with the details. Our home is being sold this morning. To spite the fact that we should not have let the payments fall behind, we did make every possible attempt to correct it only to be given false promises and hope. I started finling the package on the 14th of april and waited a month to find out after I contacted them repeatedly that they had lost the origonal paperwork and that I would have to reapply. My package was accepted on july 2 and yet even after I was told that I was approved for a plan, the terms were never given. I feel there should be some kund of legal action against the mortgage company that I can take to get my 55k down payment (we just moved in last summer) back for a home that could have been saved for 4800 at that time.. ....

can these people be held responsible for there lack of follow through. It has been devestating.....
Posted By Amber on August 26, 2008 at 04:09 AM
the second on my home forclosed and was sold at auction but the 1st and senior loan is still in good standing and I still am on the deed of trust, but the purchaser of the 2nd now says they own the entire property. Is this correct
Posted By marilynladd on September 09, 2008 at 06:53 PM
hello i am so desperate here like those others above, i want it to know if there is a way that i can save my home even thou that they are on sale already, is there anyways that i can do to save my home, i been living in this home for more than 20years with whats going on with the economy mess up my financial.. i really want it to same my home cause we be in it for many years.. please help me understand, i try to ask them for a one more chance, of modification and they really do mess me up, they called me that mine was approve for a modification, and i been waiting here for them to call me with all the documents to be sign and for me to sent in the downpayment, they never called me. and i been calling them cause i know my sale date is coming up soon, which they never give me any answer when i try to call them. come to find out there is no way i can do, and if i knew of it, i would of sale my house then losing it to foreclosure, but they sure of giving me hope that they approve my modification... please let me know what should i do?
Posted By HELP ME on September 10, 2008 at 12:01 AM
My question is that when you miss your first payment how long after that do you reaqly have before you have to move out is it about a year or two?How early will you get an letter to move a month before or what?
Posted By need help on September 21, 2008 at 08:13 PM
Two lawyers obtained just let the file go to the Judge for foreclosure..of course, without our knowledge. When we called the lawyers for answers prior to all of this, they just kept telling us they were playing phone tag when in reality, they were allowing this foreclosure to happen and just taking our money for their services. We don't trust anyone anymore. Where's the hope?
Posted By SW on October 06, 2008 at 12:42 PM
I am renting a house which is going into foreclosure with a court date of Oct 24, 2008. I havent' heard anything from the owner. Do I have rights? I have an elderly mom and a child in a wheelchair.
Posted By Daisy on October 10, 2008 at 10:07 AM
My son recently was foreclosed upon, and has vacated his home. My question is: Can anything still be done to turn this around? Would the lender be open to settling up on amount due, etc.? Or is it now a done deal? Thanks for response.
Posted By Gary D. Clipp on October 14, 2008 at 07:41 AM
Our house was forclosed on and we received an auction letter from an attorney from the 1st mortgage company. We moved out 3 month ago and haven't heard from them since. Now the 2nd mortgage company says we owe them balance in full and they're sending us to collection. Before we foreclosed we had 2 separate offers of short sale that would have come close to our full balances, but were turned down by the 1st and 2nd saying we should get full price. I don't know what to do. We certainly don't have any money now.
Posted By Jennifer on October 24, 2008 at 01:16 PM
If a home is foreclosed and sold, is the previous owner still responsible for the 2nd mortgage?
Posted By Joni on October 28, 2008 at 02:51 PM
I TRIED TO NEGOTIATE WITH MY MORTGAGE COMPANY AND HOME EQUITY COMPANY BEFORE I FELL BEHIND ON PAYMENTS AND THEY SIMPLY SAID "SORRY THERE'S NOTHING WE CAN DO." THEY OFFERED NO PROGRAMS TO HELP. SO AFTER SPEAKING TO A REALTOR I WAS TOLD TO TRY A SHORT SALE APPROACH. UNABLE TO MAKE THE PAYMENTS ANYMORE I MOVED OUT, BUT I CLEANED THE CARPETS, THE WHOLE HOUSE AND TOOK CARE OF THE YARD FOR 6 MONTHS. THE MORTGAGE COMPANY DRUG THEIR FEET,DID NOT RESPOND TO MY REALTOR AND PROLONGED GIVING AN ANSWER. SO NOW I AM GOING INTO FORECLOSURE. I WAS JUST SENT THE PAPERWORK. MY QUESTION IS, AFTER THE FORECLOSURE AND THE FINAL SALE OF THE HOME. WILL THE MORTGAGE COMPANY AND THE HOME EQUITY COMPANY COME AFTER ME FOR THE BALANCE? THE FIRST MORTGAGE WAS 255000 AND THE SECOND WAS 30000. THIS WAS MY PRIMARY HOME NOT AN INVESTMENT PROPERTY. I HAVE NEVER HAD TO DO ANYTHING LIKE THIS BEFORE AND DONT KNOW WHAT TO EXPECT.
Posted By CRAIG on November 15, 2008 at 10:44 AM
Laid off just before Christmas 2007 even with highest customer sat scores of my work. Managed to keep mortgage current for 6 months with unemployment assist. No work in my field forced relocation from Las Vegas. Cost to rent more than we could afford having to move to another state.
House went thru short sale process and completed. Was told but never received any documentation stating that foreclosure process had started then been suspended by the bank. With short sale complete and HUD docs in hand, it states foreclosure process started on my credit report. IF IT WAS NEVER COMPLETED, WAS THERE ACTUALLY A FORECLOSURE?, and how should it be reported? PLEASE HELP!
Posted By david on November 20, 2008 at 09:41 AM
I was wondering, my friend's house just got foreclosure and I looked it up online and it said it was $4,999. Is that actually the sale price for the house or is it just an auction?
Posted By JP on January 18, 2009 at 10:57 PM
MY House was forclosed on oct 2008
The real deal is its gone, and there is nothing i can do about it.the banks dont care if we loose our jobs.all we can do is atemt to start over. Jeff
Posted By JBW on February 20, 2009 at 09:05 PM
I cant afford my home any longer, because of lost wages. I don't know what to do. I have read the process you have displayed. But can they come after me for more money or just what is due on the 1st and 2nd mortgage. Is there any way to prevent this, since I can't afford the 1st and 2nd. The money due on the 1st and 2nd mortgage will cover what is due with $10,000. left over. Can they come after me for any additional money? thank you!!
Posted By tam on March 09, 2009 at 11:22 AM
i am 12 months behind on my mortgage payments i am in the foreclosure process with no sale date yet....i have been trying to do workouts with countrywide for the last year but to no surprise that was a total waste....i also had filed bankruptcy during that time frame, so now my bankruptcy has been discharged and i'm trying to work out something to try and keep my home...only wells fargo is one cold hearted lender that does not do any modifications across the board....well so i found out the hard way, only after submitting my financial records over and over again...my advise to you all is to go through a hud representative...non-for profit... because that is where i'm at now and this is my final outlet for help before i lose my home. good luck to all, it is hard but not impossible, god be with you all !
Posted By vangie on March 16, 2009 at 07:48 PM
We have a loan with Wells Fargo Financial. We have found the representatives to be rude and disrespectful, with the exception of maybe a couple who have been pleasant to speak with. Our home loan is not a Fannie Mae, Freddie Mac or FHA. We currently owe $264,000 and valued at less than $195,000. This loan is a fraudulent loan, as Wells Fargo gave us a loan that was more than $21,000 of the value when originated in 2006. They listed my husband having only one job, when we provided documents at the time, proving he was working for two different companies. And a car is wrapped up in this loan, which was totaled out 10 days prior to signing the papers, and we asked for the car to be taken out of the loan and was told no, due to debt to income ratio, which would have changed as the car would have been paid off by insurance company. We could afford the loan at the time, while my husband had the second job, but that went away in late 2007. When we started falling, we immediately contacted the office that holds our papers and explained that we were struggling to make the payments and were using credit cards to cover the pymts. After several months of being told to get rid of this car and get rid of cable and so on, noone listened until we missed a payment. We had a rep from Home Preservation ask why we were late with the pymnt and when I mentioned about my husband losing the 2nd job, she asked "what 2nd job?", as they only had his main job listed as income. So they took the two jobs combined the income but only listed it as being one job. Was finally able to get a modification, only to find months later could not make that new payment. Have been trying to do everything we can to keep our home and now, it is listed as a short sale. Noone in Wells Fargo Financial wants to help at all. The guy who is over seeing our short sale with Wells, won't return phone calls. We originally listed the house for $210,000 and Wells directed it to be decreased to $195,000 after only two weeks on the market. They have since then contacted our real estate agent and is willing to drop the price to $182,000. Sad, we paid $141,000 just about 7 years ago. We have no clearity for what would happen during a short sale, with the difference owed and such. We just received a notice Saturday, certified from Wells, informing us we have 30 days to bring the account current or they will proceed with foreclosure. We are offered to do Deed In Lieu, but gives no information what it means or anything else.In Washington state it takes about 6 months for the foreclosure to go through, which will allow us to find somewhere else to go. I still cannot believe how a bank cannot correct what they have done wrong with this loan to begin with. Sadly, there is nothing we can do to save our home. Humilating, absolutely!! We worked so hard to get, keep and maintain our home and now we watch it all just go away. I will NEVER do business with Wells Fargo nor will I suggest anyone to them. Thought the administartion's plan would help us, which we do qualify, but it is up to the banks how far they want to participate, which is so stupid.. Only comfort I have in any of this, is that we are not the only ones going through this and there will be many more after us.
Posted By Gabrielle on March 24, 2009 at 02:21 PM
I owe $250,000 in secure and unsecured loans. I'm just starting this process and will keep you up to date on how it goes!!

I'm excited! I want out of this mess and start over. I have virtually no equity in anything.

I have two commercial propertys on one loan totaling $70,000 and a home loan with a second mortage totaling $93,000.

I have credit card debt at $46,000.

I plan on filing bankruptcy in August and I am lowering my income to below $31,000 before I do.

I'm not paying any more on my real estate and will let the bank foreclose on all three.

The only thing I want to keep is my two Harleys but I found out from the lawyer that that won't be possible.

Within the last three days i just bought two cars totaling about 30,000 in loans.

I should be able to keep these in my bankruptcy.

I need to show an income of less than 31,000 in the 6 months prior to my bankruptcy filing which should be in August. It's March 25 now.

I'm not paying my credit cards starting now either.

I'm only paying utilities, insurance, and car payments. I may pay the harley payments totalling about 500 per month until August just to be able to ride this summer. i may pay for them by selling off some cash assets like garage sale items and stuff i can get cash for. This is so the court won't see that i'm able to pay $500 a month for the bikes and not the other expenses.

I work three jobs. One main job and two part-time. My wife works a part-time job. I won't be working the partime jobs for the three months prior to my bankruptcy.

I'm also taking my vacation before August which cuts me out of two weeks pay. i'm also contemplting knee surgury that will put me out of work for a month or more. Like I said I have to lower my income below $31,000 over the 6 months prior to my bankruptcy.

I'm hoping this works out but who knows. this should be interesting.

I'm going to blog my progress on facebook. Look for bankrupt harley dude on facebook.

If you have any questions or comment let me know!!

BHD
Posted By BHD on March 24, 2009 at 09:22 PM
I am in the state of Ohio and am going to walk away from my mortgage due to a divorce. Bankruptcy isn't an option due to the amount of money we make. There is a 2n'd mortgage. What happens to that?
Posted By jmecum@woh.rr.com on March 28, 2009 at 08:54 AM
my contract states that my house would be paid off in 10 yrs which came up on 9-01-2008. now i have been informed that because the White & White attorneys for the seller made an error on the contract because she has a va loan debt they expect for me to pay her debt. i would say that that is her responsibility to pay off her debts . I complied with my contract and I don't think that i am supposed to pay that loan. the attorneys White & White are the ones that made the mistake and have admitted it to my attorney, and yet nothing has been done to save my house. please help acct#0000943777
Posted By maria g. medina on March 30, 2009 at 01:07 PM
if I can no longer afford my mortgage and I live in an association community and I stop paying the association fees, what kind of legal action can the association take against me?
Posted By maria on April 22, 2009 at 05:44 PM
My condo is going in foreclosure shortly.
There are 110 foreclosures in our building.(total of 200 condos). There are
also 40 short sales, that is why mine isn't selling, they are all 100000 cheaper
than what we paid.
How soon will the lender force foreclosure
on me and will they delay it because they
know my building is down in the dumps and there are no sales? What is my
situation and outcome here?
Posted By Lemon on May 05, 2009 at 07:00 PM
WELL ME AND FAMILY ARE ABOUT TO SEE THE DOORS SLAM SHUT WE HAVE DONE EVERYTHING THERES IS TO DO AND WE CAME OUT WITH NOTHING IS THERE HOPE TIMES ARE HARD SO THEY JUST RATHER KICK YOU OUT THEY HEAR IT OVER AND OVER THROUGH MILLIONS OF PEOPLE SAYIN THAT THEY LOST THERE JOBS BUT THERE PROBABLY LAUGHUNG AFTER THEY HANG UP WITH YOU ITS NOT FUNNY TO LOOSE A HOME WERE BEHIND ON CAR PAYMENTS MY HUSBANDS BIKE PAYMENTS HE CANT REALLY RIDE IT UNTIL WE CAN FIND SOME MONEY AND ITS (08 HARLEY) BUT ANYWAYS I HAVE LISTED MY HOUSE ON CRAIGSLIST WITH PIC AND ONLY 1 PERSON HAS RESONPED TO IT SO I DONT KNOW I HEARD IF IT DOES GET FORECLOSED AND IT STAYS ON YOUR CREDIT FOR 10YRS.
Posted By RACHEL on May 08, 2009 at 10:14 AM
Should I expect to pay any money out of pocket on my first or second mortgage afer my home is sold at auction?
Posted By Ginny on May 25, 2009 at 07:26 PM
if our house goes into forecloser will i have to pay the difference after sold?
Posted By Becky on May 28, 2009 at 08:09 AM
After failing the first monthly payment how long will the process take before they send a letter that we have to evacuate the house?
If my house goes to forclosure do I still have to pay the HOA Fee?
Thanks
Posted By althons on May 31, 2009 at 06:49 PM
What is the procedure after the foreclosure. What are we responsible for?
Posted By kathy on June 05, 2009 at 01:11 PM
if you stop making payments, cause hours cut. how long does foreclosure take before u got to be out
Posted By chris on June 27, 2009 at 09:19 PM
It would be nice to see the answers to the above questions. Am I responsible for any monies owed to the 2nd mortgage if the Foreclosure sale doesn't bring in enough to cover?
How long until I have to be out?
Posted By Joel on July 21, 2009 at 09:00 PM
we are still waiting for a loan mod from Chase. What imcompetent idiots. The govt bails out the banks make them richer and we have to jump thru hoops and still nothing. We all should just walk away and keep our money let the banks keep it.The banks and mortgage companies cheat and lie and steal and run the housing market in the dirt and then they sell them back to other buyers and make more money. People ought to protest like everyone else does and demand the govt do something. Why make the banks even richer????
Posted By jeana reed on August 02, 2009 at 04:36 PM
My son is letting his home in texas with a va loan go into foreclosure and I would like to know is this like a credit card debt forgiven and you pay tax on money forgiven as income earned? Will he have legal fees for court or just what happens.
Please any help would be wonderfull.
Posted By Sherrie OQuinn on August 04, 2009 at 10:59 PM
We have Wells Fargo and began the loan modification back in January. We are still going through this process. Two months ago I started working with MAC, to try and help us and provide some income as a business. I am very glad because after months of getting denial letters from the bank, I know have a team that can help me before we lose this house. For some, there is help but the process is so very long and it is sometimes impossible to go the length.
Posted By Kathleen Matthews on August 14, 2009 at 11:31 AM
if my home is going to foreclouser can they put a lien on my second house? What will happen to my property taxes?
Posted By sarah perez on August 15, 2009 at 09:18 PM
If I purchase a home through a foreclosure auction am I liable for all liens on the property or does the amount bid cover all?
Posted By Wilbert Boudreaux Jr. on August 16, 2009 at 07:17 AM
What do I do with my house that has confirmed chinese drywall? It is not suitable to continue living in with my husband and children. I am not able to afford mortgage and rental of another home. What do I do in this circumstance? Home owners will not cover anything and mortgage company will not do a forebearnce. Need help and advise!!
Posted By Cindy Culpepper on August 17, 2009 at 08:32 PM
i was served with a forclouser from the court, do they serve you everytime for all of the steps?? and if you are in jail can they still forclouse on you???
Posted By vicky on September 10, 2009 at 03:45 PM
This was great information
Thank you :)
Posted By Lupe on September 15, 2009 at 12:28 PM
I am making a mortgage payment of $3000 a month. I do not reside in the house and it is on the market. I cannot see throwing this $3000 a month away when I can use it on other bills. I have purchased another house that I reside in and it is on contract with the owners. My problem is Imy husband just passed away so everything has changed from when I signed the papers with the mortgage company. I am raising 3 children on social security benefits and that only goes so far. Am I wise to foreclose? With the economy I do not see the home and acreage selling anytime soon. I have emaculate credit but cannot continue the $3000 payments and $4200 in property taxes. Any advise?
Posted By Clyde on October 08, 2009 at 07:31 PM
What happens when I let my second home foreclose on? Will I be financial responsible after the house is auctioned even if below market? How long do you have to vacate after foreclouse?
Posted By bob on October 20, 2009 at 07:59 PM
am I responsible for the differnce between what the bank gets for the house and what is still owed if forclosed on?
Posted By Ken on October 22, 2009 at 11:41 PM
We filed for chapter 7.. 3 months ago...WE are 3 months behind with our mortgage payments of $1,100 a month...when will we hear about foreclosure??
Posted By joyce jouron on November 01, 2009 at 01:03 AM
My nephew's house is going to end up in foreclosure due to loss of income. He is resigned to the fact that he cannot save the home. The big question is how to find out if he will be responsible for the difference between the seliing price and the total amount owed.
How can I find that information for Ohio?
Posted By Trudy Urdal on November 09, 2009 at 09:08 PM
After foreclosure starts how long do I have before I leave my home. I have recieved the above mentioned but not notice of sale.
Posted By allan on November 20, 2009 at 05:48 PM
we are currently going through the beginning of the foreclosure process. we had our very first court date in december in which the attorney people asked for a continunce until feb? we were considering filing for chapter 7 bankruptcy, if we do so will we still have the same amount of time in our home as if we would with out filing for chapter 7?
Posted By angela k on December 22, 2009 at 11:10 PM
We are in GA and just filed for CH 13 bankruptcy because of Wachovia and you all are right when u say that they could care less for us little homeowners. I am so determined to get someone to help me with them because I do believe they totally mishandled our 1st loan mod application request from March 09' and did not follow the way the process should be done because I was getting denial letters from Wachovia before the process had barely started and when I contacted the person i was to speak to and told him about the letter he said just ignore it because my request was still pending. Anyway that is just the beginning but many things were screwed completely up and they were my 2nd lienholder but 1st had already (Chase Home Finance) had us on a trial period payment plan so it did not make sense Wachovia did not approve us because owe chase 2x the amount of Wachovia's loan. anyway contact your congressman because I did and received a letter 2 days ago that he is going to look into my situation with Wachovia because I told him it was mishandled. Write your congressman & Obama from white house link because I did and don't give up because our homes are all we have. Fight these big banks and the let your elected officials know you mean business and we are not giving our taxpayers funds to banks for their benefit. they are suspposed to help homeowners, REMEMBER!!!! WRITE THEM NOW!!
Posted By THUNDERMOM3X on December 26, 2009 at 05:09 PM
I purchased a Mobile home and land from a brother that obtained the property from McIntosh County, Georgia by leau of a tax deed. (The previous owners of the real property never paid the taxes, so after waiting the required year, and advertising it, he was granted a tax deed by said county.)He then cleared the property, added sewer, water and power to the propety, purchased a mobile home and had it moved on the property and after a short time sold it to me and my wife on a note recorded in McIntosh County, Georgia. After we paid off the morgage to my brother, we then sought a morgage property improvement loan, (purchasing a used double wide mobile home, fencing property, plus other improvements). A title search was done by the morgage company processing the loan for us, and they found that a forclosure to the "original owner" by my brother when he bought the land from the county was never done.
My question IS: What do we do now to correct this problem so we can continue with our loan?
Posted By CHARLES TRUESDELL SR. on January 08, 2010 at 09:00 AM
IF MY HOME IS AUCTIONED IN FORECLOSURE ,AFTER THE SALE WHAT WOULD I BE LIABLE FOR , FEES ETC.
Posted By Tito on January 11, 2010 at 08:09 PM
If the house is in my husbands name only will the wife be responsible for the forclosure in the divorce?
Posted By Sophia on January 13, 2010 at 11:33 AM
i am in the foreclosure process and i had a house fire and lost important papers, and time. the sale date is scheduled for the 18th of feb. 2010. if the ins co. that the mort. co. had pays any part of the loan, is that going to reduce what i owe on my loan with the mortg. co.? because of the fire can i ask for an extension? what can i do? PLEASE HELP!!
Posted By sally on January 25, 2010 at 04:44 PM
I lived off an inherentence for nine years while looking for workand now the money is completely gone. However, during this time I put approximately $66,000.00 into this house (have the receipts to prove it).
This house had a basement that was nothing but a concrete shell, now it is finished - except for the ceiling.
New furnace, centeral air which did not come with the house - built a nice laundry room with beautiful cabinets - vary nice work area with a very nice work bench. New copper plumbing, electric has been changed out to curcuit breakers. $12,000.00 Remodled kichen $10,000.00. Remodeled bathroom $5,000.00. No appliances came with house. Vinel siding on both house and garage $17,000.00. New roof on both house and garage (tear offs) $8,000.00. Built beautiful work area and storage area in garage $2,000.00. Had to tear out old, small front porch (falling apart) put new long porch in with new bushes because the old ones were dead $4,000.00. Plus new carpet paint and many more various little thing like new doors through out the inside of the house $500.00. Remoldel the up stairs bedroom and closet put new light fixtures throughout the house approx. $1,500.00.
New windows for the intire house plus exterior doors both front and side, $6,000.00.
So tell me, am I just suppose to hand all of this over?
I have also left several other things out that I have done.
So what can I do? I sure am not paying my house payment through any fault of mine.
I do not know where to evan look any more but I still try.

Chase mortgage co. have the rudest people working for them that I have ever dealt with. They could care less. Not qualified is all that I ever hear from them.
They sent me a registered letter telling me that I needed to call them immediately, so I did. I had stop answering the phone because of all the smart a-- coments I would get so I called and told them why I quit answering the phone, the guy just laughed then said (while laughing) that he would talk to them about my compaint.

What can I do? I sure am not going to just hand these appliances and extras over to them.
Posted By David on February 07, 2010 at 11:19 PM
My home was foreclosed in July of ’09. I had two mortgages, a primary and secondary. In Arizona, I was under the impression in foreclosure, if the primary doesn’t get paid, the secondary does not either. Since the secondary is unsecured, I figured I’m not liable for it either.



I’ve been unemployed since June and have received two calls already and a letter from a collection agency regarding my secondary. I have received my 1099 forms for my primary but not my secondary for my taxes.



Am I still liable for the secondary debt and will I have to pay taxes on it? Or do I need to file bankruptcy? please e-mail me with your answer
Posted By Stan on February 18, 2010 at 10:52 AM
Hello, I just received an attempt to collect a debt from strategic recovery group today 2/18/10. The debt it show's is for a second mortgage on a home that was forclosed upon about 2 years ago. I thought that I was in the clear in regards to any financial liabilities.

Is it legally correct for them to force me to pay?
Can they garnish my wages?

What do you recommend?
Posted By Christian Torres on February 18, 2010 at 08:45 PM
I'm no longer able to afford living in my home because of medical bills. My loan is with Well's Fargo. It was a Fanny May loan. What reprocussion will I incure if I go into forclosure? I am single and age 62. I have a old car and some furniture; will they take that as well?
Posted By Diane Edmunds on March 18, 2010 at 01:30 PM
We did a foreclosure late last year and we too had Wells Fargo Financial. The best thing is to not do a short sale, as you will be responsible for the tax on the difference between what is owed and what the house sells for. With Wells Fargo, they will keep calling you and towards the end, you will receive a call from their Foreclosure dept (which is the last stop before they start the proceedings). Ultimately, you will walk outside one day and find a notice attached to your home stating the amount you are behind and what is needed to bring current and out of proceeding. You will probably get another notice a month later stating the same thing. Finally, you will get a visit from your mail carrier having you sign for certified mail which will tell you about the trustees' sale and the date. You have until the 11th hour before the sale to pay all the back missed mortgage payments, interest, and attorney fees. If you don't pay, then your home will be auctioned off on the date stated. Best thing is to get out of the house before they come in and take pictures prior to the auction. They technically cannot boot you out of the house prior to auction. Although if you leave and don't tell them, they could change the locks (happened to us). You can take what you want ouf of the house as long as it is before they come and take pics. Best not to take the toilet or damage the property-as it could come back after you. Once the house sells at auction, you should receive a 1099-c from lender at tax time, which would release you from the difference for what the house was worth and sold at auction. You should be exempted for the taxes as that is being forgiven until the end of 2010 with a foreclosure. After about two years or so, you would be able to purchase another home. Hope this helps..(you will be happy to have the monkey off of your back. We did it and not having the stress it great).
Posted By Gab on March 20, 2010 at 12:34 AM
My house is in forclouses will it is my parents home. Bother parents died suddenly and I have to buried them without them having insurance. I lost my job in March when I fell into a man hold in the street,working in Delaware they donot have any disability and I have tried several times to work this out with Litton Loan Sevice and they will not give me a loan in my name and neither will they give me a loan modification. House goes to sal on 5/3/10 when do I need to be out of the property? Please help I have 2 children and I do not want to come home to a house locked up with our things in it.
Posted By Eugenia Robb on April 16, 2010 at 06:29 PM
My house is in forclouses will it is my parents home. Bother parents died suddenly and I have to buried them without them having insurance. I lost my job in March when I fell into a man hold in the street,working in Delaware they donot have any disability and I have tried several times to work this out with Litton Loan Sevice and they will not give me a loan in my name and neither will they give me a loan modification. House goes to sal on 5/3/10 when do I need to be out of the property? Please help I have 2 children and I do not want to come home to a house locked up with our things in it.
Posted By Eugenia Robb on April 16, 2010 at 06:29 PM
thank you gab on march20, 2010. that explained the whole process to me. thank you very much.
Posted By me on April 29, 2010 at 01:31 PM
thank you gab on march20, 2010. that explained the whole process to me. thank you very much.
Posted By me on April 29, 2010 at 01:31 PM
thank you gab on march20, 2010. that explained the whole process to me. thank you very much.
Posted By me on April 29, 2010 at 01:32 PM
Does Wells Fargo provide cash for keys? Will it be offered to me or are there channels for requesting this? I just received my acceleration letter, and also, someone came to my house with a message to call them.
Posted By DD on May 20, 2010 at 01:16 PM
How long after I quit paying my mortgage will I have before it affects my credit/score.
Posted By Sue on June 26, 2010 at 03:37 PM
is foreclosure better than a short sale if i have to be responsible in paying taxes for the amunt of money i am forgiven as an income.
Thanks.
Posted By maday abdik on June 30, 2010 at 03:46 PM
My ex and I filed bankruptcy 11/08. He didn't comply and our attrny's "fired" us. I had to get him removed and do a seperate Chp 7 6/09. I surrendered my home. The hoa is wanting to garnish my wages for the period after the original filing thru date of sheriff sale, 6/1/10. I moved out of the residence 4/1/10. Am I liable for this?
Posted By aimee on July 12, 2010 at 11:32 AM
If a foreclosure suit is still active, can your lender still attempt to collect a debt before any judgment is made?

We are fighting our foreclosure and the case is still active but there has been attempts for debt collection through the lenders collection department on payments missed during the foreclosure proceedings which include piled up fees, interest, and late charges...Is this legal?
Posted By Diane on November 28, 2010 at 05:10 PM
My cousin just recieved his demand letter and does not have the money requested. His home will go into foreclosure but I wanted to know if there will be an oppurtunity to purchase the house prior to it being auctioned?
Posted By tina on December 06, 2010 at 12:06 PM
Thank you for sharing the information regarding foreclosures. Not everyone can be helped in the way they want but the goal is to avoid foreclosure. Foreclosures, solutions, and short sales offer ways and help in order to keep your home.

KL
Posted By Washington County Short Sale Agents on March 19, 2011 at 06:10 AM
Spo I bougt my condo for $240,000 a fair price at the time. The association fee's were $200/month. Now over hals are in forecosure, the association fee's are $425 per month and the condo next door just sold for $130,000. I got 1 1/2 payments behind but have made all my payments for the last year on time. Every month I get a notice of foreclosure but continue to make my payments on my interest only loan. If I choose to foreclose, does anyone know how long I might be able to stay in the property. The association fee's are all up to date. No one will buy the property. I just don't know what to do. I am living in a constant state of worry.....
Posted By Leigh on March 30, 2011 at 03:30 PM
We just found out that our renters in our home in WA are being evicted, so we wont have any rental income for at least 2 months. We live in UT and are paying $1100 in rent as well as our mortgage payment ($1575) each month. Our renters have been paying all but $545 of our mortgage, but that is gonna stop as of May 1st. We are seriously considering walking away from the house since we don't live there.

Any suggestions? I've tried getting a loan mod, was not approved because I was current on payments. I've tried refinancing, no go, too much debt/income ratio.

I hate to lose my house, but I can't afford to put out over $2500 in rent and mortage until new renters are found.
Posted By Anne on April 13, 2011 at 03:25 PM
I have a ? that is not posted on your site, and not sure what to do.
Posted By Sylvia on July 07, 2011 at 07:03 PM
Thanks for sharing this great content, I really enjoyed the insign you bring to the topic, awesome stuff!
Posted By bail bonds van nuys on August 09, 2011 at 02:18 AM
IF I LET MY 2ND HM IN AZ GO IN FORECLOSER COULD THEY PUT A LIEN ON MY ASSETS HERE IN PA,
Posted By SHIRLEY on September 05, 2011 at 02:58 PM
I took a loan out on a house in wisconsin to buy another house. now I need to let wisconsin house go into forecloser. It's been for sale for quit a long time and has not sole not even a offer. I can not afford the wisconsin house no more. can they put claims on my house that i bought here from the wisconsin house? thanks
Posted By joy on September 27, 2011 at 04:41 AM
i have missed 2 payments can they start forclosure or does it have to be 3 the mortgage co has told me in the past that it has to be three
Posted By susan on October 04, 2011 at 05:05 PM
I received my Auction notice but the lawyers are representing Countrywide in the foreclosure/auction process. My mortgage was sold to BOA a few years after countrywide and I was paying BOA at the time of foreclosure. Why is Countrywide the one hiring legal and doing the auction?
Posted By Allison on January 18, 2012 at 09:27 AM
can a foreclosure consumer advocate
represent me in court as I am disabled and 74 years old but I was foreclosed on without any notice that I know of. thaught I supposed to get a registerd letter
Posted By john decker on January 30, 2012 at 02:34 AM

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