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What happens when you can't pay your mortage?

post #1 of 8
2/17/11 at 5:57pm
Thread Starter 
I know someone since October that could no longer make house payments and I wonder if anyone can walk me through the process. Sounds like working with the lender to greatly lower monthly payments didnt work and some denial letter came. Anyone know how long you have to work with? My concern is the two large dogs they have and how much time they would have to find homes or come up with something. No apartment would take dogs of this size and person isnt going be the same losing the last thing they have, they stated this many times. Actually I cant even get the person to answer my calls I had to find this out from a family member.
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post #2 of 8
2/17/11 at 6:18pm
http://www.searchlightcrusade.net/20..._cant_mak.html

That link might help give you some insight.

This link gives step by step information

http://www.banking.state.ny.us/hetpwhwy.pdf
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post #3 of 8
2/17/11 at 7:49pm
there are alot of good info online, it depends on your state forclosure law. has your friend tried shortsale, this way you sell the house for less than what you owe but has to be approved by the mortgage company.. check online about shortsale.. this can save the credit some if can be done!! need find a good agent who has experience in short sale.
if did not work out and has to rent a apartment, your friend might have to rent a house instead of apartment, the owners might be more flexible.
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post #4 of 8
2/18/11 at 3:40am
Quote:
Originally Posted by madara View Post
I know someone since October that could no longer make house payments and I wonder if anyone can walk me through the process.
October? I am very surprised the bank has been so lenient to allow it to go on so long.

In Texas at least you get about 2 weeks grace to pay, and are hit will penalties up the wazoo. Within a month, the home is up on foreclosure sale, it cannot be stopped, and your credit score is shot for the next seven years. Banks are eager for foreclosure, as its actually more profitable than the interest.

Had someone at work up in a storm about it, when we told her that was far too much home for her to afford from day one. Lost her car too. Talk about learning the hard way.

Best bet is to check out foreclosurelaw.org and read the specifics, but I'm quite confident the time is long since up already.
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post #5 of 8
2/18/11 at 5:31am
I am sorry for whoever it is that is in this predicament. I can't really add anything about the time line, but I hope the dogs get some good homes and the people too.
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post #6 of 8
2/18/11 at 8:15am
It definitely depends on foreclosure laws, which vary by state. I am currently going through a foreclosure on my condo, as I was unemployed for an extended period of time and just couldn't make the payments. This started about a year ago. I worked with the lender to have lowered payments for a few months, but when that period was up I still didn't have a job.

It took my lender nearly 6 months to go to a public auction date, which was in December. The bank bought my condo back, and I was given 75 days from that date to completely vacate, which doesn't end until the middle of March.

I'm sorry that your friend has to go through this, it's unfortunately quite common in this economy. I though about trying to do a short sale, but after missing so many payments and having fees pile up, it's like I paid on the thing for 8 years and have nothing to show for it. My credit is going to take a hit for sure, but I'm finding that right now, it's quite possible to rent a place even with bad credit. Luckily I've only got my one cat, which most places don't mind.
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post #7 of 8
2/19/11 at 9:23pm
I went through a foreclosure over 3 yrs ago. I was way behind on my mortgage and the association dues. Neither would work with me. The association could also foreclose but the bank took precedence over them. I was able to rent an apartment but I had to put double the deposit down.

Now I am slowly building my credit back up. I am hoping to move to a 2 br apartment in the same complex. I talked to the new manager, and because of my excellent rental history with them, they are going to work with me concerning the new deposit. That is because I won't get this one back until after I vacate and of course the girls have done some damage to the blinds. They cannot be repaired. Sigh.

But looking back, the foreclosure was the best thing to happen to us. I got out of a place that was in such disrepair and gloomy to a cute, bright sunny place. DH is much happier here and so am I.
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post #8 of 8
2/20/11 at 11:50am
Quote:
Originally Posted by madara View Post
I know someone since October that could no longer make house payments and I wonder if anyone can walk me through the process. Sounds like working with the lender to greatly lower monthly payments didnt work and some denial letter came. Anyone know how long you have to work with? My concern is the two large dogs they have and how much time they would have to find homes or come up with something. No apartment would take dogs of this size and person isnt going be the same losing the last thing they have, they stated this many times. Actually I cant even get the person to answer my calls I had to find this out from a family member.
I know little about foreclosure laws, the process, etc., but I do have a suggestion that may be affordable, and allow them to keep the dogs: rent a trailer. I know many people aren't crazy about living in them, but I believe you can have pets (now, if they are big dogs, space may be a problem). It may be cheaper than an apartment, and even just be a temporary stop until they can get a better situation. Also, are there any family or friend who could keep the dogs for the short-term, as long as your friend pays for their food, medical care, etc.?

Also, can they rent out room from a relative for the short-term?
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