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How many months behind on payments do you have to be for a bank to foreclose on your home?
Wiki User
∙ 16y ago
In California you need to miss 3 months payments before they can file a notice of default also known as an NOD. Once you have missed the three payments and they fiile the NOD which is recorded against your home and is made of public notice you will have a 25 day period and the bank will file a notice of trustee sale for auction. This public notice is also filed and recorded against the home and in many instances they will put the notice on the front door. Once filed it's at least 25 days before it actually goes to sale. In the current market place we find that this notice of trustee sale is routinely postponed for various reasons i.e. the seller has listed the home for sale and there is an offer which the seller has accepted but it needs to be subject to the lenders approval if the loans/liens against it exceed the value of the home thereby creating a short sale. In this instance the seller is seeking to obtain a certain amount of debt forgiven by the lender so that the sale of the home can close.
Currently in California first loans are delinquent 5 months on average and second loans and home equity lines of credit are delinquent 8 months before the lender files a Notice of default which officially kicks off the foreclosure process. Please note 24 hours prior to the trustee sale auction the residents should vacate the premises. The lender is within it's right to evict and physically remove the owner of record. However in this market what we are seeing is the lenders don't evict until after the trustee sale, they then take the property back since they usually don't have any bidders at the T.S. sale and they do prefer to have the property occupied rather than vacant. The reason being that a vacant property is very likely to be vandalized which simply incurrs additional expenses to the lender who is now the new owner.
Wiki User
∙ 16y ago
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Can a collection agency foreclose on your house?
No, if you ever hear of it, it is just a scare tactic that some debt collection agencies use. The only agency that can foreclose on your house is the bank or lending institution that holds your mortgage. And they can only foreclose if you are way behind in your payments.No, if you ever hear of it, it is just a scare tactic that some debt collection agencies use. The only agency that can foreclose on your house is the bank or lending institution that holds your mortgage. And they can only foreclose if you are way behind in your payments.No, if you ever hear of it, it is just a scare tactic that some debt collection agencies use. The only agency that can foreclose on your house is the bank or lending institution that holds your mortgage. And they can only foreclose if you are way behind in your payments.No, if you ever hear of it, it is just a scare tactic that some debt collection agencies use. The only agency that can foreclose on your house is the bank or lending institution that holds your mortgage. And they can only foreclose if you are way behind in your payments.No, if you ever hear of it, it is just a scare tactic that some debt collection agencies use. The only agency that can foreclose on your house is the bank or lending institution that holds your mortgage. And they can only foreclose if you are way behind in your payments.No, if you ever hear of it, it is just a scare tactic that some debt collection agencies use. The only agency that can foreclose on your house is the bank or lending institution that holds your mortgage. And they can only foreclose if you are way behind in your payments.No, if you ever hear of it, it is just a scare tactic that some debt collection agencies use. The only agency that can foreclose on your house is the bank or lending institution that holds your mortgage. And they can only foreclose if you are way behind in your payments.No, if you ever hear of it, it is just a scare tactic that some debt collection agencies use. The only agency that can foreclose on your house is the bank or lending institution that holds your mortgage. And they can only foreclose if you are way behind in your payments.No, if you ever hear of it, it is just a scare tactic that some debt collection agencies use. The only agency that can foreclose on your house is the bank or lending institution that holds your mortgage. And they can only foreclose if you are way behind in your payments.
When you do not include your house in a bankruptcy and then get a loan modification but still cannot pay the monthly payment can the bank take your house if you pay something on it every month?
Yes, if you are not making payments on your home, the bank can foreclose. Even if you are paying something, if you are not paying the amount agreed to in the loan modification or original contract, the bank can foreclose. If bankruptcy is active, they may need permission from the court but if payments are not being made in a timely fashion the court generally grants permission to foreclose. The moral of the story - make your payments or the bank can foreclose!
Can you have money in the bank and foreclose in Florida?
Yes. Foreclosure is not due to lack of money, but is due to failure to make payments on the debt in a timely manner.
What are the steps in a foeclosure in California before you get the boot out of your home?
The bank has to successfully file to foreclose your home. You still have a period to redeem your house by making payments before the sale.
In general how many months can a person fall behind in car payments before the car will be repossessed?
Typically a person is given three months or approximately 90 days to miss car payments before a car is subject to repossession. Usually the bank or credit union that issued the loan will call to try and arrange payments with the car owner.
If you own two homes can you foreclose on one and the bank not take the new one your living in?
The bank will only take the home they foreclose.
How can i get out of my mortgage?
You always have the option of simply ceasing to make payments. Of course, at some point the bank will foreclose. If you want to keep the house but you do not want to pay the mortgage, talk to your bank and see if they can offer any alternatives.
Who is legally responsible for a mortgage when the borrower's death was not reported but an adult child assumes mortgage payments and is 6 months behind?
I believe most mortgages have a due-on-death clause, so, legally, the bank can force a sale if it finds out the mortgage holder died. Regardless, if the mortgage payments are behind, the bank is going to try to get the mortgage holder to pay. Since that person died, I assume there is no one who is legally able to talk to the bank. The bank will foreclose eventually and clean out the house. If the sale price of the house is greater than the mortgage balance plus costs, the bank will want to pay someone that difference. If no one is legally appointed to represent the mortgage holder's estate, the bank will probably give the money to the state as 'unclaimed property'. unfortunately the bank is going to reposses your parent's property and kick you out. any net proceeds of the property will go to the estate and be divided up according to the will (if there is one) you need to contact an attourney immediately.
Can a bank foreclose if you dont pay on a second mortgage?
Yes. The bank could foreclose and take possession of the property subject to the first mortgage.
Can the bank foreclose on eighty year old person?
Yes, a bank can foreclose on an 80-year-old person if they fail to make mortgage payments. However, some jurisdictions have laws in place to protect elderly homeowners from foreclosure, so it's recommended to consult with a legal professional for specific advice in such a situation.
How many missed mortgage payments before you get repossessed?
Its usually 3 months when the bank starts the paperwork and harrassing you to make payments
Can a bank foreclose on a mortgage when the person on the loan dies leaving the home to the living trust where trustees are keeping the payments current?
You need a lawyer. As far as I can remember, as long as the loan payments are kept up to date that bank has no foreclosure recourse. What should happen is that the bank should transfer responsibility for the loan payments to the daughters after probate/reading of the will. If the daughters collectively do not meet the banks requirements for a loan in the amount remaining due it becomes a whole other can of worms. Do yourself a favor and get a lawyer.
