Posted on: 09th Feb, 2010 03:02 pm
I have a friend who just told me that he is 18 months behind with his mortgage payments. Is this a deed in lieu or something. However, he did also say that the bank has reached their limit on waiting....18 months though?
Seems like it definately isn't convensional - MOST, if not all mortgages have a MUCH shorter term before they can AND WILL call a foreclosure on the property. However, some circumstances might allow some extra time, but I simply have never heard of 18 months. - This could be a deed in lieu situation but very unlikely, maybe they were just fibbing?