Safe to say I would have until August 1st?

[kimba251]

We are letting our house we included in bk/7 go back to bank. Last time we were late with 2 payments we got the N.O.D. but were able to repay after taking money from retirement account.

What happened then was we missed April 1st and Mat 1st payment. We got the NOD around May 18th. Two days after our second missed payment grace period. It said we had 30 days to pay or they would start foreclosure proceedings. (which would be pay by June 18th)

Is this how it will work when we miss April 1st payment again? Is it safe to safe we will be abale to stay until August 1st? We have a new place for August 1st but the last thing I want with young kids is to be homeless for a day or weeks.

THey couldn't auction off the house before all the above takes place right? THen they have to go to court for permission to foreclose right? (we do have power of sale in mortgage) We live in Mass which is judicial and non judicial. I think we would fall under non judicial because of power of sale correct?

Any help or opinions would be appreciated.

[monkatom]

depends on your states foreclosure rules. I know here in California it takes awhile. Also are you sure you got the officla NOD? i thought I received one as it said we needed to pay within 30 days etc or they would accelerate the note. i have checked my county recorders office and nothing yet so it appears i have not received the official notice as I belive they have to record it before even sending out to us.

Hopefully someone with more experience can help.

[kimba251]

HOw do you know if it's official or just a pay in 30 days? I still have the letter from last year. It was just on their letterhead and stated they would proceed with foreclosure if I didn't pay in 30 days.

[monkatom]

someone correct me if I am wrong but I belive you can check your countys recorders office and it will show if you have an official NOD?

[hnhlvr]

It's most likely safe to say that you'll be able to stay in the home until August 1st. We missed our last payment May of 2008 and even after the NOD three months later, our house was in pre-forclosure until Dec. when it was to be auctioned off. That ended up being post-poned two times and even after the house was finally auctioned, we had an additional 20 days to move out.

That said, we moved out the month after we missed a payment and the house sat empty for around 10 months! It took THAT long before we had to move, but like you, we have small kids and wanted to get on with our lives, not have notices taped to our door for them to see.

And, like mentioned, everything is recorded and you can poke around on your county website and find everything available. Anyone who is savvy enough with public records can find out every detail about your mortgage, find out how much it's for, all see your NOD and foreclosure info. You can easily find it.