How does a forecloser work?

[eli4625]

What is the name of your state (only U.S. law)? Indiana

Presently we are current on our home loan, and in the 5 years we have had the loan have only been late 1 time. But with layoffs and lesser paying jobs, we are going to miss our June payment. So can they foreclose on a missed payment? How many misses before forecloser can start? What happens once it starts?

We have spoken with the lending company and we don't qualify for any help because we are to good and not missing any payments.

[FlyingRon]

Usually it's until the payment after the missed one is due that they start the ball rolling. If they run right out and file with the court on the foreclosure the minute that you're in default, it still takes at least three months notice before the sale can happen (it varies in Indiana based on what year the loan was taken out).

[longsally111]

Not that you asked this but.....Miss the payment if you have to and then with each payment after that, add an extra amount like 20 or 30.00. Whatever you can afford and send it in with a note that this is to be applied to your missed payment. Also, if you call your mortgage lender and explain the situation, sometimes, they can defer a payment, like put one payment to the end of the loan. It shows good on your credit and you can miss the payment with their blessing!!!!

[nextwife]

Originally Posted by FlyingRon

Usually it's until the payment after the missed one is due that they start the ball rolling. If they run right out and file with the court on the foreclosure the minute that you're in default, it still takes at least three months notice before the sale can happen (it varies in Indiana based on what year the loan was taken out).

That's all? Here is WI, it's APROX two months before judgment, then anywhere from six months to one year before Sheriff.s Sale (depending on accreage and whether deficiency is reserved, and whether the place is vacant). Once one has Sheriff's Sale, it then takes anywhere from two to eight weeks before one has Confirmation of Sheriff's Sale. Sometimes SS is postponed one to two times before one gets confirmation. THEN, if tenent occupied, the tenants will have two additional months of occupancy. That's why we found the calls for a 6 mopnth "moratorium" so amusing, as the owner has already often had nearly double or more that amount of time from last payment to vacancy, thus adding yet another six months is lunacy..

[eli4625]

I plan on sending extra each month to make up the missed payment, but BOA doesn't seem to open to that idea and may reject the extra money.