Anybody with Stay and Pay experience on mortgage without reaffirming

[okane]

Hi, I hope somebody had a experience with what I am about to do. I did not reaffirm mortgage but have been staying in the house and paying on it without being late, but now I want to get ready to move out and have not paid this month's (March) pmt so far. How soon will bank kick me out after I miss this pmt, since I did not reaffirm on it. Is it handled different than a regular forclosure process since it was included in my chapter 7 without reaffirmation? Kicked out real quick like soon after March 15 comes and pmt is not received?

[angles]

The foreclosure process is the same as if you had not filed for BK. The bank will move at its own pace, some banks are quick, most are not and can drag out a foreclosure for a year or more. Research foreclosure process for your state but typically after missing 3 months of payments you will receive a notice of default and then sometime later a date to sell your property (the bank will usually buy it). So in short, you have time and expect to receive notices as the process progresses.

[discouraged]

You can also check out the foreclosure thread and see what others have to say.

[tcreegan]

Hi okane,

They use the same foreclosure process as anyone else. Your lender will not start foreclosure until you are at least 1 payment behind, but 3 months is more common. Then they follow Utah foreclosure rules/law. This should be at least 3-4 months. Check out http://www.foreclosureuniversity.com...elaws/utah.php

You should have 4-6 months, maybe more, before you have to vacate. Stay as long as you can, putting the payments in the bank.

For motivation, take your payment and multiply by 6....imagine that in your bank account

Tom in Colo

ps: If you are real tenacious, don't leave and make them evict you...another month or two there

[tobee43]

i agree with tom on this....and save it if you can!!!!