How long would it take for the bank to repossess my house?
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May 15th, 2010 at 12:14 am
Well, you are getting close, I’m sure you’ve gotten some notices for foreclosure. Depending on where you live, they can have you out in anywhere from 3 months-2 years from the last payment, just depends on how pro-active your bank and courthouse are.
May 15th, 2010 at 4:27 pm
The best thing to do, is sit down with a pen and paper and write down all your debts. Then split them into affordable months, then find things around the home you can sell to bring some more money…enter all the compertitions you might get lucky?
You need to talk to the bank, tell them your sistuation and let them know your going to have a solution for it and they can usually find a way to sort this out for you, a new payment plan or something, it’s when people don’t let them know whats going on they come and repossess.
Good luck x
May 17th, 2010 at 12:26 pm
You really need to talk to the bank.
May 20th, 2010 at 3:59 am
They have to send a notice of intent to foreclose and that takes months. There are some agencies that can help. Do a search.
May 20th, 2010 at 2:27 pm
use to work at a bank….typically it takes about 10 months or so before they kick you out…so you will have about 7 more months…BUT…with foreclosures at such a high rate right now, its taking banks longer, so you might have longer.
if you get back on your feet or can make a reduced payment you should call the bank cause most are willing to work with you right now…the last thing they want is your house…but if your really broke and cant pay anything just wait till they kick you out…which, like i said is generally around 10 months (or longer) after you stop paying.
May 21st, 2010 at 10:07 pm
They should be getting ready to start the long process. Even though, it is much easier for you to stop this because one step is that is about to happen is that they declare the full amount due and payable. Then you are really screwed because the only way you can resolve it is to refinance and you no longer have the credit rating. What you could do first is to contact the bank for an appointment and see what they can do for you. On my mortgage bill, they have a note saying if you have a problem, call this number so many of them will work with you . Be sure to explain the situation. I would advise against those companies that flood the radio stations with wipe out your debt commercials as I have not heard of one that wasn’t a rip off.
The second step is to see if you can arrange refinancing, possibly with some cash back (may not be possible) with the purpose of using it to make the payments for awhile.
Keep in mind a unusual truth here. The more you owe on the home (compared to its value), the MORE likely they will deal with you. If you owe a small amount compared to the house value, they are more likely to foreclose because they know they can recover their money but the fact that you have a large equity, the better credit rating you have.
May 23rd, 2010 at 12:20 am
one day some time ago I heard on the news a man back east had not paid anything on his home for a year and was not being evicted
it all depends on the banks holding your mortgage, if they have a lot of unsold inventory they may wait, or if they are really running short in their reserves, they might do it now