What exactly am I looking for

[B12]

so I know when I have to file?

I have not paid mortgage in two months now, can't file until as late as January.

So, what exactly will mortgage company send me to let me know they are foreclosing so I know that I need to file BK.

I have seen threads on this, but still confused and I see that it is better to have FC and BK at same time.

[nc73]

so I know when I have to file?

I have not paid mortgage in two months now, can't file until as late as January.

So, what exactly will mortgage company send me to let me know they are foreclosing so I know that I need to file BK.

I have seen threads on this, but still confused and I see that it is better to have FC and BK at same time.

eh don't worry you should be fine in that time frame. I think you have to go to court first before they can actually sell your place. You could postpone the sale for a lil while.

[SinkingFast]

Generally speaking,...............

First, the Mortgage Lender will send you a letter in the mail. A Notice of Default and Acceleration. Basically it's an opportunity, while your acct is still in regular Customer Servicing, to bring your acct current. A "Pay up or else!" letter.

The NOD will state how long you have to bring your acct current before other action begins. Ours was 30 days.

From there, what happens really depends on the State you live in. If you have a "Right to Sale" clause in your mortgage or if you live in a Judicial Foreclosure State.

How quickly the Lender may move depends on lots of factors.

The Investor backing your loan.

How much REO or Foreclosed properties the Lender is currently carrying on the books. Lots of REO properties does not make a Lender look good to prospective investors.

The overall market in your area. If the Lender Forecloses, how likely are they to sell your house for what's owed plus costs.

As far as timing showing as 1 or 2 negatives,............ If the Foreclosure and the BK fall within a short period of time of each other, prospective lenders will view the 2 as 1 event anyway. Even if you Foreclose first and then file. As long as the 2 are within a few months of each other, Lenders will view the 2 as 1 event.