Foreclosure

Legally they can foreclose at any time, even if you have made all payments on time.

In practice however, they normally don't foreclose until you have missed several payments; the exact policies will vary depending on your lending institution.

yes,but it would only add to your problems as it is your responsibility to ensure you have a sound unit for the security of the loan. It is your issue to ensure the unit is sound and worth what you are paying. The bank is not the babysitter here and is possibly left holding something that is not of value due to a negligence on your part.

You basically get kicked out onto the streets...

Some areas of the country have been hit much more severely than others. We haven't hit the bottom yet because mortgages that are in default have been piling up behind the floodgates.

There are thousands of properties whose owners are in default and the lenders haven't yet taken possession of those properties. Banks don't take always take possession of properties that are in default as soon as the owners stop making payments because there are too many for them to take on all at once. They often wait until they have a buyer or take a few at a time in any one region, market and sell them.


The market is extremely depressed in many areas of the country. It is more difficult to qualify for a loan. Many people who would qualify under normal conditions are reluctant to take that step because of the instability in the work force. Young working couples who might have purchased their first home around this time find themselves working in industries that are downsizing due to the poor economy. They see their employers laying off or terminating employees by the hundreds and don't know if their notice will come next. They don't dare take advantage of the first time homebuyers perks.


Some cities have huge numbers of foreclosed properties that aren't selling. Many of those properties have been allowed to fall into disrepair since the owners couldn't afford them in the first place. They drag down the property values of other properties in the area.


Although the conditions vary around the country region by region, we haven't hit the bottom yet.

You can take all your posessions except the things that are "nailed down" like the washer and dryer. If I were you I would take those too because no one (the bank) is really interested in taking you to small claims court over something like that. You can even claim that they were purchased by yourself and so they belonged to you. It's kind of a gray area. If you call the bank before then they will probably tell you that you can't take the nailed-down items, so my advice is don't call them.

Sure, just go to your local ACORN office.

After a foreclosure, the mortgage company or bank will send you a 1099-like form showing forgiveness of the balance due on the mortgage, including the costs of foreclosure. This is income to you and you will have to pay income taxes on that amount unless you file bankruptcy. You can also remove any unsecured debt that would otherwise make it harder to start over.

I;m new to this but I'd say when they changed the locks on the house...

You should contact a Realtor who specializes in Short Sales so they can negotiate your situation with your bank to stop the foreclosure.

Yes, you need/should keep paying for the insurance until you are not on the title anymore.

Yes, by paying the back payments. Also, filing bankruptcy prior to the foreclosure will normally put a hold on the foreclosure proceedings.

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Not sure how many mortgage companies there are but as a Texas mortgage broker we work with over 150 lenders so we are able to provide the best rates and payment you want.

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They take the loan to purchace the house.
Not many people have $400,000 + in their bank..
Thus they borrow it from the bank.

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In most cases MIP will take the hit on the loss, or they will apply for some stimulus money...

Only banks that had portfolio loans really take the hit, now rules have changed banks will be more responsible for their loans because of a loss share agreements that have been put in place.

It is a security agreement used as eveidence of debt secured by real property and a promise to repay the debt at certain terms agreed to by both the lender and borrower.

It does yes, but only for seven years after it happened. This is because the FCRA (Fair Credit Reporting Act) specifies that anything on your credit report can only be on it for seven years after inactivity. Inactivity means that you have not had anything to do with it. For example, lets say you had a delinquent credit debt and did nothing with it for seven years, it would fall off your credit report. But even if you paid 1 dollar to this debt 6 years and 364 days after it's date, it would be on for another seven years.

Yes as long as you mid score is at least a 620 but you better hurry. I know of several lenders that have have increased the credit score requirement to 640+ for <A href="http://www.fhamortgagesdoneright.com">FHA loans</A>

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