+ Reply to Thread
Results 1 to 8 of 8
  1. #1
    paramom is offline Junior Member
    Join Date
    Jun 2008
    Posts
    5

    How long does a foreclosure take?

    What is the name of your state? Kansas

    I currently live in a home where on June 1st our 3rd missed payment occurred. I was just wondering how long before a lender decides to start foreclosure and then how long do we have to move? Do they have to give us any notice?

    We are wanting to move as the house has problems way beyond what we are able to repair and we just recently found out that our ARM is jumping to 11%.

    Thanks in advance.
  2. #2
    nextwife is offline Senior Member
    Join Date
    Jan 2003
    Posts
    24,357
    What are you doing to avoid FC? LIke listing/marketing the property, short sale, talking to the lender? If you don't intend to pay, are you doing anything to reduce the loss you are causing your lender by being proactive? Or are you just asking how long you can live there for free?
  3. #3
    paramom is offline Junior Member
    Join Date
    Jun 2008
    Posts
    5
    From what I understand we will not get anything for free. I believe we will have to pay whatever is left after the sell of our home by the lender, correct? I am just wondering about a timeline on how things work.
    But yes we are trying to sell the home.
  4. #4
    FlyingRon is offline Senior Member
    Join Date
    Feb 2007
    Posts
    16,422
    When it starts depends on the patience of the bank.

    It takes a (approximately) 120 days from the time the bank files the papers.
  5. #5
    longsally111 is offline Member
    Join Date
    Jan 2005
    Posts
    832
    you can write the bank a letter asking them for a rate adjustment. Lots of people do that. I have had friends that stayed in their homes by promising checks and then they bounced, etc. One friend stayed ONE ENTIRE YEAR without paying on it. Contact the loss mitigation department. With so many forclosures, they are trying to avoid them.
  6. #6
    nbaisfantastic is offline Junior Member
    Join Date
    Jun 2008
    Posts
    6
    From my personal experience with CitiMortgage, the process takes about 6 months...I had one property that I stopped paying in Nov. '07 and they finally scheduled an auction date in May. I have another property with Citi which I stopped paying in Dec. (I am in the middle of a short sale) and this one has a scheduled auction in early July. The auction date is when you truly lose the home.
    Also, one property had a 2nd mortgage with Chase and their process is to "charge off" the debt after 180 days.

    If your property is on the market - I would suggest you find out what similar properties are selling for and drop your price by 10%. Citi needed to have an offer of 88% of the appraised value in order to approve the short sale; however there is some flexibility as they ultimately came down to around 85-86% and still approved. But that is what they net - meaning you need to back out closing costs, agent fees, etc.
  7. #7
    nbaisfantastic is offline Junior Member
    Join Date
    Jun 2008
    Posts
    6
    One more comment since you mentioned having to pay the deficiency. From my experience with a current short sale - Citi is not coming after me for any deficiency whatsoever, they are only going to be about $20K short of what I owed, but I have in writing they are satisified with the debt. However, I believe I can still receive a 1099 for the forgiven amount.

    Anyone know how to avoid that?
  8. #8
    paramom is offline Junior Member
    Join Date
    Jun 2008
    Posts
    5

    Thanks

    Thanks for the information. Also do you know if they wait to get a judgement against you until after the house is auctioned or do they do that right away? Or do they do that at all?

Similar Threads

  1. How long to keep insurance during foreclosure
    By tmbatts in forum Homeowners Insurance
    Replies: 5
    Last Post: 12-19-2010, 01:39 PM
  2. How Long Does Foreclosure Take?
    By siennamorrison in forum Mortgages, Refinancing & Foreclosure
    Replies: 1
    Last Post: 05-12-2010, 08:28 AM
  3. How Long After Foreclosure Until Eviction? HELP PLEASE
    By leggie63 in forum Mortgages, Refinancing & Foreclosure
    Replies: 2
    Last Post: 05-02-2010, 08:46 AM
  4. How long before foreclosure??
    By lb11 in forum Mortgages, Refinancing & Foreclosure
    Replies: 3
    Last Post: 07-20-2008, 07:30 PM
  5. How long does foreclosure take?
    By hat in forum Consumer Bankruptcy
    Replies: 2
    Last Post: 10-24-2004, 01:55 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

© 1995-2012 Advice Company, All Rights Reserved

FreeAdvice® has been providing millions of consumers with outstanding advice, free, since 1995. While not a substitute for personal advice from a licensed professional, it is available AS IS, subject to our Disclaimer and Terms & Conditions Of Use.