The Real Estate Professional

21Oct/0620

Foreclosure Fears

Foreclosure Fears

Foreclosure Laws of Individual States

We are providing information about state foreclosure laws. This information is designed to help you understand the process in each state. However, legal information is not legal advice. We are not giving legal advice. The laws of every state are different and frequently change. If necessary, seek legal or professional advice according to your situation.

We have elected to summarize each state’s laws. For a more in-depth analysis of Foreclosure Laws of Individual States, please visit this website or call 800-437-2185for a free consultation on your foreclosure prevention options.

CAUTION: Information on the Internet for the most part is incorrect! Many sites that are publicizing Foreclosure Laws have incorrect information. We went through lengthy and timely research to bring you the most up- to-date and correct information available.

MORTGAGE AND DEED OF TRUST STATES

Below you will find each state according to whether they are Mortgage, Deed of Trust or both.

Mortgage States

Alabama Louisiana North Dakota Arkansas Maine Ohio Connecticut Massachusetts Oregon Delaware Michigan Pennsylvania Florida Minnesota Rhode Island Hawaii New Hampshire South Carolina Indiana New Jersey Vermont Kansas New Mexico Wisconsin New York

Deed of Trust States

Alaska Mississippi North Carolina Arizona Missouri Virginia California Nevada Washington, DC

States that use both Deeds of Trust and Mortgages

Colorado Montana Texas Idaho Nebraska Utah Illinois Oklahoma Wyoming Iowa Oregon Washington Maryland Tennessee Georgia West Virginia Kentucky

FORECLOSURE SUMMARIES

The following summaries give some information on individual state foreclosure laws. Timelines will vary depending on specific circumstances and each situation. The timelines noted within are based on uncontested actions and assume no delays. They give the time for the sale, then the running totals for various procedures, until the end, when the longest time possible for the entire foreclosure process ends . Often, these times are longer than normal in that redemption doesn’t often occur. However, delays do – so keep this in mind – every foreclosure is a unique situation, timelines will vary from foreclosure to foreclosure, and from state-to-state. All foreclosures must be conducted under GSE guidelines.

Alabama Foreclosure Laws

• Judicial Foreclosure Available: Yes (rare)

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 49-73 days – sale held; 30 - 60 days if NOD is not required.

• Right of Redemption: Yes (12 months)

• Deficiency Judgments Allowed: Yes

Alaska Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 105-108 days – sale held; 108-111 deed recorded

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Arizona Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 115 days (non- judicial)

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Arkansas Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes, most circumstances

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 90 days

• Right of Redemption: Ends at sale

• Deficiency Judgments Allowed: Yes

California Foreclosure Laws

• Judicial Foreclosure Available: Yes (rare)

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 120 days

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Colorado Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes (usual)

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 91 days – sale held; 166 redemption expires; 173 deed recorded

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Connecticut Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instruments: Mortgage

• Timeline: 90 days – default entered;180 redemption expires

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

D.C. (Washington District of Columbia)

• Judicial Foreclosure Available: No

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust

• Timeline: 47 days – sale held; 48 deed sent for recording;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Delaware Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instruments: Mortgage

• Timeline: 170-210 days – sale held; 200-300 confirmation of sale;

• Right of Redemption: No

• Deficiency Judgments Allowed: No

Florida Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instruments: Mortgage

• Timeline: 135 days – sale held; 150 certificate of title issued;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Georgia Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes (usual)

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 37 days sale held; 48 deed sent for recording;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

 Hawaii Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline (JF): 220 days – auction; 260 confirmation; 320 conveyance;

• Timeline (NJ): 160 days – auction; 195 conveyance;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Idaho Foreclosure Laws

• Judicial Foreclosure Available: No

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust

• Timeline: 150 days – sale held; deed recorded

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Illinois Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instrument: Mortgage

• Timeline: 300 days – sale held; 345 redemption period expires; deed recorded;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Indiana Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instruments: Mortgage

• Timeline: 251 days – sale held; 266 redemption period expires; deed recorded;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Iowa Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instrument: Mortgage

• Timeline: 160 days – sale held; 180 redemption period expires; deed recorded;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: No

Kansas Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instruments: Mortgage

• Timeline: 130 days – sale held; 210 – 495 redemption period expires; 230 – 515 file closed;

• Right of Redemption: Yes (3 to 12 months)

• Deficiency Judgments Allowed: Yes

Kentucky Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instrument: Mortgage

• Timeline: 147 days – sale held; 177 sale confirmation; 198 deed recorded;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Louisiana Foreclosure Laws

• Judicial Foreclosure Available: Yes (Executory and Ordinary Process)

• Non-Judicial Foreclosure Available: No

• Primary Security Instruments: Mortgage

• Timeline (EP): 180 days – sale held; 209 deed recorded;

• Timeline (OP): 240 days – sale held; 269 deed recorded;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Maine Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instruments: Mortgage

• Timeline: 240 days – sale held; 270 deed recorded;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Maryland Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 46 days – sale held;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Massachusetts Foreclosure Laws

• Judicial Foreclosure Available: No

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 75 days – sale held;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Michigan Foreclosure Laws

• Judicial Foreclosure Available: Yes (rare)

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of T rust, Mortgage

• Timeline: 60 days – sale held; 90 – 425 redemption expires, deed recorded;

• Right of Redemption: Yes (6 months is common)

• Deficiency Judgments Allowed: Yes

Minnesota Foreclosure Laws

• Judicial Foreclosure Available: No

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Mortgage

• Timeline: 90 – 100 days – sale held; 270-280 redemption expires;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Mississippi Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 90 days – sale held;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Missouri Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 60 days – sale held; 61-65 deed recorded;

• Right of Redemption: Yes (rare and difficult)

• Deficiency Judgments Allowed: Yes

Montana Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 150 days – sale held; 153 deed recorded; 163 possession transferred;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Nebraska Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Mortgage

• Timeline (JF): 142 days – sale held; 176 deed recorded;

• Timeline (NJ): 111 days – sale held; 121 deed recorded;

• Right of Redemption: Judicial 30 days; Non-judicial – no;

• Deficiency Judgments Allowed: Yes

Nevada Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline (NJ): 116 days – sale held; 118 trustee’s deed upon sale recorded;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

New Hampshire Foreclosure

• Judicial Foreclosure Available: Yes (rare)

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 59 days – sale held; 75 deed recorded;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

New Jersey Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instrument: Mortgage

• Timeline: 270 days – sale held; 280 deed recorded; 290

• Right of Redemption: Yes (10 days )

• Deficiency Judgments Allowed: Yes

New Mexico Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instruments: Mortgage

• Timeline: 180 days – sale held; 195 deed recorded; 225 redemption expires;

• Right of Redemption: Yes (30 days )

• Deficiency Judgments Allowed: Yes

New York Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline (New York City): 445 days – sale held;

• Timeline (Outside the City):335 days – sale held;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

 North Carolina Foreclosure Law

• Judicial Foreclosure Available: Yes (rare)

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 110 days – sale held; 120 deed recorded;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

North Dakota Foreclosure Law

• Judicial Foreclosure Available: Yes (usually)

• Non-Judicial Foreclosure Available: No

• Primary Security Instrument: Mortgage

• Timeline: 150 days – entry of judgment to sale;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Ohio Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instrument: Mortgage

• Timeline: 217 days – sale held; until redemption expires and deed is recorded depends on county;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Oklahoma Foreclosure Law

• Judicial Foreclosure Available: Yes (usually)

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 156 days – sale held; 186 sale confirmed; 201 deed recorded;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Oregon Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes (usually)

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 150 days – sale held; 160 trustee’s deed recorded;

• Right of Redemption: Rare

• Deficiency Judgments Allowed: Yes

Pennsylvania Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instrument: Mortgage

• Timeline: 270 days – sale held; 300 redemption expires and deed recorded;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Rhode Island Foreclosure Law

• Judicial Foreclosure Available: Yes (rare)

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 74 days – sale held;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

South Carolina Foreclosure

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instrument: Mortgage

• Timeline: 150 days – sale complete; 180 redemption expires and deed recorded;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

South Dakota Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes (Rare)

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 150 days – sale held; 340 redemption expires and deed recorded;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Tennessee Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes (very rare)

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 40-45 days – sale held; 50-55 deed recorded

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Texas Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Home Equity Loan

• Timeline: 97 days – sale held; 102 deed recorded;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Utah Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instrument: Deed of T rust, Mortgage

• Timeline: 138 days – sale held; 139 deed recorded;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Vermont Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 95 days – default judgment enters; 275 redemption expires and deed recorded;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Virginia Foreclosure Law

• Judicial Foreclosure Available: Yes (rare)

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of T rust, Mortgage

• Timeline: 45 days – sale held; 60 deed recorded;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Washington Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of T rust, Mortgage

• Timeline: 135 days – sale held; 140-150 deed recorded

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Washington D.C. Foreclosure Law

• Judicial Foreclosure Available: No

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust

• Timeline: 47 days – sale held; 48 deed sent for recording;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

West Virginia Foreclosure Law

• Judicial Foreclosure Available: No

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 60-90 days – sale held; 120 deed recorded;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Wisconsin Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instruments: Deed of T rust, Mortgage

• Timeline: 290 days – sale held; 300 confirmation of sale; 305 deed recorded; 315 final title;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Wyoming Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of T rust, Mortgage

• Timeline: 60 days – sale held;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: No

Watch the video related to Foreclosures

CNN's Open House addresses rising foreclosures discusses with RealtyTrac's Rick Sharga how homeowners in default can stop or avoid foreclosure.

Help answer the question about Foreclosures

What happen to the money for foreclosures?
What has happen to money to buy foreclosures going bad? Millions of us now are facing or soon will be facing foreclosure due to these big banks. I am in the 23rd year of my 30 year mortgage and now lost my job as well as my wife and no work to be found. EI checks is not enough to live on and pay for food, clothing, utilities let alone our mortgage payment and the Employment Insurance checks is about to stop. Our savings is now gone as well as our retirement fund we had to dip into to survive this past year.
Are we going to be forgotten?
Where is our help?

About Author

Peter is a leadding expert on the topic of loan modification. His firm The Loan Modification Network connects homeowners with a nationally recognized group of attorneys licensed in all fifty states to assist homeowners in forclosure preventioan strategies and loan modifications. Call 800-437-2185 or go to http://www.us-loan-modification.com to learn more.

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Comments (20) Trackbacks (0)
  1. nicoya31
    October 21st, 2006 - 16:24

    I keep hearing that people are “losing their houses”….I keep wondering how one can own something if one hasn’t fully paid for it? I just don’t get this mentality which is behind this over-consumption mindset because it’s all on credit, anyway….

  2. Keithurbanfanjjc13
    October 21st, 2006 - 17:00

    my dad works with rick i know him

  3. ciro9
    October 21st, 2006 - 17:17

    “We the People” who do not have high paying jobs should be granted the right to borrow a low interest home mortgage loan based on income directly from the Federal Reserve Bank which should be nationalized for the people of our nation who for to long have been enslaved by bank’s and lending institution’s by high interest rates on money that they receive from the Federal Reserve Bank. Why shouldn’t we & our families do the same?

  4. blackshellbowser
    October 21st, 2006 - 16:19

    Foreclosure laws are different from state to state. You should definately look to find out what strategies your state takes in pursuing FCL's.
    You should also call your lender. 1st call the loan officer your father used. Make sure your father lets the loan officer know b/c in some states if the client defaults on a loan with-in 6 months of a closing the deal, the loan officer, may have to give back his commission, and your loan officer wouldn't want that to happen. 2nd, call the bank who currently is servicing your fathers account. Be advise that banks do sell accounts to each other from time to time, so make sure he gets a hold of his most current bank that in charge of his mortgage or trust.
    It would also be wise to call the real estate agent your father used to help close his deal. The real estate agent is a highly educated individual who deals with these types of matters.
    Good Luck.

  5. TJL
    October 21st, 2006 - 17:14

    Your negative equity situation is not your lenders problem. They loaned you the money, you owe it, and they want their money back.

    This response isn't driven by fear, but reality.

    Your credit score will drop about 300 points, and the foreclosure status will remain on your credit report as such for 7 – 10 years.

    You do not have to make any major purchases to feel the pinch. You will pay more for everything based on credit score, your insurance, credit card interest rates, potential employers will check your credit, and your potential landlords.

    You are not alone, there are a ton of people in your situation, but you signed a contract to repay a certain amount of money, and that is what the lender is entitled to.

  6. P33J
    October 21st, 2006 - 17:59

    Foreclosure is not a fear of mine. I pay my bills, the only people who get foreclosed on made that choice themselves.

    My greatest fear when I make a purchase is that the neighbor will "go down" and I will loose money when I sell. I try to buy property that will both give me positive cash flow now and that I will make a decent profit on after I sell and pay the piper.

  7. burzumaske20
    October 22nd, 2006 - 02:22

    california has it easier though with lower tax’s compared to Chicago which is 10.5%.cali is easily what maybe 8.5%?Also people who live out in california make more money then people here in Illinois depending though,if it was chicago area,then those people are making double of what suburban people make here.

  8. burzumaske20
    October 22nd, 2006 - 05:43

    one guy I work for which I am a school bus driver,his son switched to a school district making 16 an hour and he gets time in half and since he is going through a divorce he is working 20 extra hours including that 40 hours,with him doing that he is making 25 an hour easily

  9. errrika
    October 22nd, 2006 - 07:07

    I would have a talk with the bank, because they don't want to foreclose on you. That means that they have to sell your condo and try to recoup their loss. You're going on the right track. However this is a buyers market, meaning that your going to have to give an incentive to buy your condo and it may not be in your best interest. Tell the mortgage company that you do not have the money to pay the next month's payment and tell them that you are trying to sell the condo so that they won't evict you. I'm sure they will try to help you as much as possible. I would really try to get the advice of an Attorney, they may be able to give you the best information on how to expedite the process.

  10. Anothercoilgun
    October 22nd, 2006 - 23:24

    All those tips of the day in the end of this clip are good tips but at the same time not only common sense but what everyone already wants to do. Employers are not paying employees enough so that they can save 6 months of bills even if the bills are the cheapest of housing, cars, food, and cloths.

  11. Anothercoilgun
    October 23rd, 2006 - 01:13

    Great advice but in the USA this is very unamerican and almost impossible except for the rich.

  12. Bennie S SFECU
    October 22nd, 2006 - 23:06

    I fear the future for america and americans, but Christians are told that they will suffer for Christ and to count it all joy, because it is what we are expected to do. Looks like we join the ranks of Canada, China and all islamic countries where it is illegal to share the Gospel of Jesus. Even so, come quickly Lord Jesus.

  13. AMERICANSTEW5
    October 23rd, 2006 - 11:04

    RON PAUL,
    HE TOLD YOU SO!

  14. Anothercoilgun
    October 24th, 2006 - 00:58

    The nation is dropping in employment. With that true statement, how are the people already being laid off going to increase their income? Or how can the majority of people increase income when there is no excess in jobs? Dopiate fool.

  15. quatarjh
    October 23rd, 2006 - 20:26

    No, not if she isn't on the loan.

    I work for one of the largest mortgage banks in the country. You and millions of others are facing foreclosure in the same situation. I suggest you call the bank and try to convert to a "fixed loan" Call the loan servicing department and tell them the situation. They're heard it a million times (literally) already. If they say no tell them you plan on filing for bankruptcy (they hate this because they can't kick you out of the house for a long time, usually 6 months minimum or longer if court grants automatic stay).

    You can also "short sell' you house. Properties are tough to sell in MI right now, lots of fraud recently as well. If they bank will take less than what is owed try calling a realtor to sell the house. Otherwise you'll have to make the payment or walk away.

  16. Patrick K
    October 23rd, 2006 - 23:04

    You have few options and they are all bad. You don't want to walk away. If you stop making payments, stay in the house until the last day. That way you protect the house. If it gets vandalized before the foreclosure auction, it is your problem. So take a video of the place on the day you move out with it all clean. The sheriff will arrive to make sure you are out and you can give him the key.
    Or you call the bank and say that you are signing a deed to them today. Why wait for the foreclosure. Why worry about vandals. My friend made this call 2 weeks ago. Wells Fargo is offering to allow him to skip 6 mortgage payments. Their first offer was to add the 6 to the end of the loan. He said no. They now said they will forgive the 6 payments and not add them. He has decided to stick it out. /

  17. Flower
    October 24th, 2006 - 00:04

    I can't believe i am saying this but i'd tell you to sign the deed to the bank today. In the old days i just told people to hang on. Houses always have gone up $50,000 if you just waited a couple years. Those days may be over. Sign the deed at a B of A branch and hand them the keys. Do not let the house sit empty. If it gets vandalized, it could cost you. Protect the house until you no longer own it. /

  18. ema j
    October 24th, 2006 - 11:50

    If you've been served notice, it may be too late unless you can refinance and come up with the past due balance and fee's and/or refinance the whole loan with a new company.

    You could hire an attorney to try to help mitigate your mortgage amount and monthly payments. Basically the attorney talks with their attorney and they work something out. It could cost you a few thousand dollars. But most of the people from the lenders company that call, can't do anything for you. NADA! They are just a pain in the ass.

    You could let them foreclose and sit out your redemption period then file bankruptcy just before it's over which forces the lender to halt eviction and maybe have another few months in the property before you have to leave.

    Just do us all a favor, don't trash the place. We are all paying for this anyway, and when you tear up the place it puts more financial burden on all of us. We end up paying it in taxes one way or the other.

  19. gregooglymoogly
    October 24th, 2006 - 14:59

    The short sale can be reported as a foreclosure but more often it is reported as "paid – settled". This is a definite ding on your credit, but not a severe one compared to multiple delinquencies, charge-offs, foreclosure or bankruptcy. It is a very good idea to do a short sale as compared to running out of savings and ruining your life just to maintain 50 points on a credit score.

    A homeowner who goes through a foreclosure typycally sees their credit score plunge about 200 to 300 points, whereas in a short sale, their credit score may drop 80 to 100 points. It can take from 3 to 5 years or more after a foreclosure before a mortgage lender will offer the homeowner an affordable interest rate, whereas in the event of a short sale, a homeowner can typically qualify for a new mortgage and buy a home in as little as 18 months with the establishment of new credit, and the interest rate and loan to value ratio will be much more favorable.

  20. LouieFrias
    October 24th, 2006 - 22:26

    Great information! Thank you for helping educate people. Here’s another resource to consider. FederalHomeLoanMods(dot)com


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