Posted on: 28th Nov, 2009 05:42 pm
Husband and I have not made a payment on our mortgage since April 2009. Today, we recieved a Notice of Intent to Accelerate. It says if the default is not cured by December 30, the mortgage payments will be accelerated with the full amount remaining accelerated and becoming due and payable in full and foreclosure proceedings with be initiated at that time.
I dont exactly know what it means other than the obvious (f that makes sense) because I thought in the state of California we are suppose to be served with a Notice of Default and given a 90 day redemption period before the 21 day notice of sale is served. According to the letter we recieved today, are they saying we only have 30 days instead of 90 and if so will they still serve us with the 21 day notice of sale?
I dont exactly know what it means other than the obvious (f that makes sense) because I thought in the state of California we are suppose to be served with a Notice of Default and given a 90 day redemption period before the 21 day notice of sale is served. According to the letter we recieved today, are they saying we only have 30 days instead of 90 and if so will they still serve us with the 21 day notice of sale?
>>and foreclosure proceedings with be initiated at that time.
It sounds like they're going to issue you the Notice of Default on December 30.
It sounds like they're going to issue you the Notice of Default on December 30.
lorrie, i gather that you've missed payments due to financial hardship?
have you considered a loan mod? Or are you willing to let the house go?
have you considered a loan mod? Or are you willing to let the house go?
yes we have missed payments beginning with april 2009 and yes it is because my husband has lost his job. we did not use any of the creative loans when we purchased it... we put 20% down which took us years to save. had a conventional fixed 30 year loan. because the economy is in the dumpster and my husbands job depends on manufacturing which in california is in dire straits, he was laid off but before that happened, i lost my job of 22 years in november 2008. the place i had worked at since graduating high school closed their doors and a couple of months later my hubby was laid off. 2008 and 2009 have been the worst years of my life. i was confused when we got the letter of intent to accelerate with a cure date of december 23 or else face forclosure. it sounded like they were only giving us 30 days before setting an auction date. i thought in california they were suppose to give you 90 days first even though we are 6 months in the rears.
sorry,its me lorrieduke... i couldn't find where to sign in at so i did the quick reply.
we are not considering a modification because we dont even know when or if we will get back to work and what our wages might be. there are to many "ifs" and now we are gun shy. i'd rather rent and let someone else worry about it because the stress and anxiety this is causing us is not worth it... it's just a house. . its just to bad for us loosing our 20%.
sorry,its me lorrieduke... i couldn't find where to sign in at so i did the quick reply.
we are not considering a modification because we dont even know when or if we will get back to work and what our wages might be. there are to many "ifs" and now we are gun shy. i'd rather rent and let someone else worry about it because the stress and anxiety this is causing us is not worth it... it's just a house. . its just to bad for us loosing our 20%.
Lorrieduke,
it is really painful to go through such phase. but it is a part & parcle of one's life.
Biggest question is "Can you repay the mortgage?" if not, they have every right to recover it from you. if you think condition will improve in another few months, discuss with them.
it is really painful to go through such phase. but it is a part & parcle of one's life.
Biggest question is "Can you repay the mortgage?" if not, they have every right to recover it from you. if you think condition will improve in another few months, discuss with them.
It sounds to me like you are just interested in the amount of time you have left. I would not concentrate so much on how much time you have since you have been past due and not paid for so long. Focus more on resolving the delinquency issue, or if you are not able to do so then focus on where you are going to move to.
Regardless, you should get a 90 day redemption period before the 21 day notice of sale.
Regardless, you should get a 90 day redemption period before the 21 day notice of sale.