Question:
Hello everyone. Unfortunately, it looks like my house will be foreclosed on soon. My question is.does anyone know how long from the time I miss my first payment to the time I actually have to move out? I'm not in a good financial situation, so I would like to live in my house for as long as possible. I just received my first letters today stating that I am going to be in the foreclosure process. I missed my first payment in late April of this year. Do I have at least 2 more months before I get kicked out? I would appreciate advice from anyone who's been through this tortuous ordeal before. Thanks!
Answer:
How long depends on what state you are in, and whether it's judicial or non-judicial.
Three options:
If it's an FHA loan call HUD and they will payoff the lender under a HUD assignment, and you will begin paying HUD.
If a conventional loan call the lender ask for a LOAN MODIFICATION.
FIle a CHAPTER 13 bankruptcy.
Former Mortgage Specialist
You have 4 - 6 months if you have kids. Less time if you don't. They will have to go through eviction proceedings to get you out. Once they go to court and the judge rules against you a state Marshall will come and forcibly evict you. So start preparing for that day. Get everything in order. Find a place for all your possessions. They pad lock the door and you won't be able to get back in. Check with legal services in your state. Every state has some sort of free service. Check the blue pages in the phone book or go to www.yourstate.gov.
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