I have a second mortgage with gmac ,This mortgage is 100 percent underwater .Im going to stop paying it ,how long to forclose being that thers nothing to gain on ther part,How long can i stall them if they do forclose, I"m trying to buy time to get my tax returns back before filing bk , pleas reply with advice
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Hi,
Do you have two mortgages, a first and second? We made our last pmt in June and after three billing reminders from our second mortgage co., they sent us directly to collections and NEVER threatened forclosure.
For our FIRST mortgage, we began getting notices of default, trustee sales, etc. Our house is in preforcloser and should have been auctioned on 12/5, but the date has been postponed until 1/19.
Basically the first mortgage gets the $ from the foreclosure sale, and the 2nd is screwed - hence they will send you to collections.
ETA - you have months and months to live in your place before the foreclosure process is completed, if that is a concern to you. A neighbor of mine stayed in their home for an entire year!
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