Posted on: 01st Aug, 2010 03:12 pm
my husband is on the mortgage, I am not but I am on title as we are in Florida and this is out homestead. we have been working with Chase for a loan mod. This is the last month of the 3 month program, for modification. I had to sign papers including a 4506t because part of my income is used to pay the mortgage. I lost my job in February and unemployment is running out in 2 weeks. we can not make the payment starting in Sept. so my question(s) since they suspended the foreclosure and we have made payments do they have to start over and refile the lp? how much time do we have before the actual foreclosure/sale? my credit already is bad because of being out of work but will the foreclosure effect my credit as I have not signed the mortgage?
Hi suetta,
A lender will normally foreclose your property if you're unable to make loan payments for 2-3 months. However, as your name is not mentioned on the mortgage doc, your credit won't be negatively affected due to the foreclosure.
Thanks
A lender will normally foreclose your property if you're unable to make loan payments for 2-3 months. However, as your name is not mentioned on the mortgage doc, your credit won't be negatively affected due to the foreclosure.
Thanks