Posted on: 11th Dec, 2009 08:24 pm
I came to Florida with the intentions of purchasing the home I'm already in, unfortunately the property value isn't what the owner is will agree on, meanwhile she hasn't paid the mortgage payments on her loan. I've never experienced this in my life... My husband isn't with me he's serving Our Country...
I need advise on several questions: How long is it before they would foreclose on this house, Do they lock me out of the house, do they take my furniture, I have my dogs with me that belong to my husband... We have our home in Arkansas, which I still own...
I just received this information tonight and I'm totally upset and confused.. Please advise ... Thank you
I need advise on several questions: How long is it before they would foreclose on this house, Do they lock me out of the house, do they take my furniture, I have my dogs with me that belong to my husband... We have our home in Arkansas, which I still own...
I just received this information tonight and I'm totally upset and confused.. Please advise ... Thank you
I am sorry that you are being putt through this type of situation, especially when your husband has so unselfishly gone to fight for our country. To put it simply, each mortgage company is different and it really depends on the company that is iholding the note on the property.
I don't know if I can really give you a concise answer, but I will give you some examples of situations that I have had friends and clients been involved with.
In one scenario, Countrywide held a note for a home that was being rented out where the homewoner was collecting the rent but not putting those payments towards their mortgage payments. The tenants received a letter saying they had 3 days to move out, after calling to complain about the amount of time they would be required to leave, were "lucky" enough to get it exztended to seven days.
Now, if the current homeowners decide to just let their homes go, the home will go to foreclsoure which means it will be sold on the county courtsteps, which unless you have the cash to buy it for the price they wish to receive for it outright, you will not be able to purchase the home.
If the homeowners end up deciding to turn the home over into a short sale, you can make an offer on the home, and see if you can get the investor to accept it.
The only other option I can think of is to contact the lender prior to the home going to foreclosure, if that is the route it goes, and let them know that you are currently residing in the home, and you are interested in purchasing this home as soon as possible. The speed with which you let them know you are willing to purchase the home may help in getting them to offer a sale to you to avoid a foreclosure sale.
Good luck!
I don't know if I can really give you a concise answer, but I will give you some examples of situations that I have had friends and clients been involved with.
In one scenario, Countrywide held a note for a home that was being rented out where the homewoner was collecting the rent but not putting those payments towards their mortgage payments. The tenants received a letter saying they had 3 days to move out, after calling to complain about the amount of time they would be required to leave, were "lucky" enough to get it exztended to seven days.
Now, if the current homeowners decide to just let their homes go, the home will go to foreclsoure which means it will be sold on the county courtsteps, which unless you have the cash to buy it for the price they wish to receive for it outright, you will not be able to purchase the home.
If the homeowners end up deciding to turn the home over into a short sale, you can make an offer on the home, and see if you can get the investor to accept it.
The only other option I can think of is to contact the lender prior to the home going to foreclosure, if that is the route it goes, and let them know that you are currently residing in the home, and you are interested in purchasing this home as soon as possible. The speed with which you let them know you are willing to purchase the home may help in getting them to offer a sale to you to avoid a foreclosure sale.
Good luck!