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What can we expect from the foreclosure process?
Anonymous2 views2 answers
We have begun the process of foreclosure and have stopped payment to the mortgage company as of this month. What can we expect to happen now? We have no interest in keeping the house but want to know how much time we have to make other arrangements?. My husband's name is not on the current mortgage so we are hoping to be able to find alternative housing using his credit, since mine will be shot by the end of this. Thanks
It depends on a few things: residency, type of mortgage, interest rate, type of secured property, etc.
As an example: there are some scenarios where a current default can lead almost immediately to an auction.
There are other scenarios which can take a huge amount of time (default, plus a normal delay of 60-90 days before collection, plus a 150 day letter, plus 30-60 days for SCRA, plus a bit of time for filing, plus three weeks to sale.)
Sorry, but there's not enough info to be precise.
also BE CAREFUL about the "husband isn't on the mortgage" issue. Many people confuse borrowing and mortgaging. Even if you are the only one on the deed it is possible that your husband signed the note as co-borrower or guarantor.
You should conslut an attorney. It's easy to make a costly error doing what you describe.
Herbert WeinbergBankruptcy AttorneyNorth Andover, MAMA licensed ·
The answer provided by my brother was very comprehensive. I add in about the need to triple check about ownershi.,Several times a year people come to me are absolutely sure a relative is not on the deed when in fact they are. In addition, if you have the fortitude, you may want to wait to leave till after the foreclosure. Usually, the bank will give you some money to help with the move
