Posted on: 07th Aug, 2009 06:21 pm
Hi. tx for last advice. Once we stop making payments, how long do we have before the bank will make you leave the property. I've heard foreclosure processes are behind because they're are so many happening everywhere.
You can safely stay there for 6 months
As far as I know, your lender can start the foreclosure procedure once you are 3 months past due on your mortgage payments. There are various ways to avoid foreclosure. You can go for any of the programs to avoid a foreclosure sale.
Thats true but as our guest asked, the lenders are deloying the foreclosure process to make sure that there is not much inventory in the market.
So they are nto starting the process in3 months for sure. at least 6
So they are nto starting the process in3 months for sure. at least 6
Yes, in present scenario foreclosure cases are going up like anything. it is upto bank as they may have several such cases to short out.
If you have the right people on your side you can delay the foreclosure process. It also depends a lot on which bank you are dealing with.