how long do you usually have until foreclosure?

[okiemom2008]

We are selling our house. Have not made the Dec. Or Jan payment. It is vacant. We have some people interested..

Dh does not want to pay it but I am thinking that we need to atleast make that December payment just to keep the bank of our backs and not risk a foreclosure.

Thanks!

[TEW]

If cna take a long time to foreclose on the house. In PA over 6 months
Have to filed BK?

[okiemom2008]

If cna take a long time to foreclose on the house. In PA over 6 months
Have to filed BK?

cna? We are filing in Feb or March

[dingdong]

I think he meant "It can" not "if cna"

[brokenbuthealed]

Do you have equity? Will you make any money on the sale? If not, and the house is vacant, why does it matter if it goes into foreclosure?

[SubPrimeME]

We are selling our house. Have not made the Dec. Or Jan payment. It is vacant. We have some people interested..

Dh does not want to pay it but I am thinking that we need to atleast make that December payment just to keep the bank of our backs and not risk a foreclosure.

Thanks!

Mine was 6 months of no payment, but in MN we have 6 months to 'catch-up' so about a year total after first payment missed.

[okiemom2008]

Do you have equity? Will you make any money on the sale? If not, and the house is vacant, why does it matter if it goes into foreclosure?

Yes it has equity. It has 15equity that we just put down on it in June when we bought it. The money was our retirement money so we want that money back to put into IRA's

[okiemom2008]

Mine was 6 months of no payment, but in MN we have 6 months to 'catch-up' so about a year total after first payment missed.

Ok, Great. I just did not know since it is a small town bank. I figured they might do it sooner or maybe later..who knows

[brokenbuthealed]

Yes it has equity. It has 15equity that we just put down on it in June when we bought it. The money was our retirement money so we want that money back to put into IRA's

Ok. It would probably be a good idea to go ahead and make the payment then. The foreclosure process itself can take a long time before it's complete, but if you're going to sell the house try to avoid having extra atty fees & court costs added to the amounts you owe. It would also be a good idea to discuss with your atty how the $ that you get back from the sale will be considered in light of filing bk. That could potentially count as income to be included that might affect your means test.