Posted on: 05th Jul, 2009 08:55 pm
EMC keeps calling be about late payments but I am planing on foreclosuing my home. I didn't pay last months' bill.
How many days before they start seizing my bank assets, stocks, etc etc????????????
How many days before they start seizing my bank assets, stocks, etc etc????????????
Hi Winston,
How many months are you late on your mortgage payments? Generally, if you are late by 3-4 months, the lender sends you a notice of default and starts the foreclosure procedure on your property. But even if they foreclosure, they will not be able to seize your personal assets like your bank assets, stocks etc. They can only take over the house, which is kept as collateral for the loan.
How many months are you late on your mortgage payments? Generally, if you are late by 3-4 months, the lender sends you a notice of default and starts the foreclosure procedure on your property. But even if they foreclosure, they will not be able to seize your personal assets like your bank assets, stocks etc. They can only take over the house, which is kept as collateral for the loan.
just 1 month. I live in California by the way
Hi winstonfalcon,
Welcome to our forum.
Don't worry now you have 1 to 2 month's make previous payments . You can keep continue to pay him to avoid foreclosure as well as if you not paying him upon a 3 month he will send you notice about that & then if you not paying him, Then he have only author to seizing your property which you kept collateral for the loan. He can sell it out in order to recover loan amount. Better option is that avoid foreclosure.
Thanks & Regards.
gunz.ijjistaff :(
_______________________________________________________________
You can ask your queries to us anytime & we will definitely help you, Its our pleasure.
Welcome to our forum.
Don't worry now you have 1 to 2 month's make previous payments . You can keep continue to pay him to avoid foreclosure as well as if you not paying him upon a 3 month he will send you notice about that & then if you not paying him, Then he have only author to seizing your property which you kept collateral for the loan. He can sell it out in order to recover loan amount. Better option is that avoid foreclosure.
Thanks & Regards.
gunz.ijjistaff :(
_______________________________________________________________
You can ask your queries to us anytime & we will definitely help you, Its our pleasure.
i have to foreclose..
so my car, and my stocks and bank money are all safe?
so my car, and my stocks and bank money are all safe?
Hi,
Welcome to our forum.
In my opinion lender have not author to seizing you car & your stocks and bank money. But they have authority to seize your Property which you collated for loan or they will sell out your property which going to foreclosure to recover loan amount.
Thanks & Regards. :P
gunz.ijjistaff.
____________________________________________________________
You can ask your queries to us anytime & we will definitely help you, Its our pleasure.
Welcome to our forum.
In my opinion lender have not author to seizing you car & your stocks and bank money. But they have authority to seize your Property which you collated for loan or they will sell out your property which going to foreclosure to recover loan amount.
Thanks & Regards. :P
gunz.ijjistaff.
____________________________________________________________
You can ask your queries to us anytime & we will definitely help you, Its our pleasure.