how many payments behind

[junker]

in todays market, with all the troubles with arm loans, does anyone have a idea how long a mortgage company will let you get behind on payments before starting the foreclosure process? i am with Homecomings, and was suckered into a arm loan also. is 3 payments behind about right or are they letting you get farther behind in hopes you will sell or get caught up? thanks

[lrprn]

in todays market, with all the troubles with arm loans, does anyone have a idea how long a mortgage company will let you get behind on payments before starting the foreclosure process?

Depends mostly on the foreclosure laws in your state. What state are you in, junker?

[junker]

i am in florida, and someone posted about a 6 month timefrrame for foreclosures here, but what i was wondering, does that include missed payments or does it start when you get the papers, and has anyone had experience with this in todays market, i had called my mortgage co about re doing the loan and he mentioned something about being able to be 5 months behind, but i am wondering if they would start the foreclosure long before that

[lrprn]

i am in florida, and someone posted about a 6 month timefrrame for foreclosures here, but what i was wondering, does that include missed payments or does it start when you get the papers, and has anyone had experience with this in todays market, i had called my mortgage co about re doing the loan and he mentioned something about being able to be 5 months behind, but i am wondering if they would start the foreclosure long before that

Here's a quick summary of how foreclosures work in Florida from http://www.realtytrac.com/foreclosur...rState=Florida -

"Florida carries out foreclosures through court proceedings. The foreclosure process in Florida takes about five months.

Pre-foreclosure Period
A foreclosure in Florida begins when a lender files court action and records a notice of a pending lawsuit (Lis Pendens) against the borrower. The lender notifies the borrower and any other affected parties in person or in some cases by mail or publication. If the borrower does not respond to the court action within a specified amount of time, the county clerk can find the borrower in default and the lender can ask the court to make a final ruling. If the court rules against the borrower, the ruling will include the total amount owed to the lender and the foreclosure sale date.

The lender is not required by state law to notify the borrower before initiating the foreclosure process, but individual mortgages or deeds of trust might call for this. The borrower can stop the foreclosure up until the date of the sale by paying the total amount owed to the lender.

Notice of Sale / Auction
The sale date is typically 20-35 days after the court ruling, but this may vary depending on the individual court. The clerk of court issues a notice of sale containing the location, date, and time of the sale. The notice is published once a week for two weeks, with the second notice appearing at least five days before the sale.

The clerk usually oversees the sale, which ordinarily occurs at the county courthouse at 11:00 a.m. on the sale date. The winning bidder must provide a 5 percent deposit and pay the remaining balance by the end of the day or a new sale is scheduled a minimum of 20 days later. After a successful sale, the clerk gives a certificate of sale to the winning bidder

Within 10 days of the sale, the clerk transfers ownership to the winning bidder if no one disputes the sale. In most instances, a borrower has no right of redemption after the certificate of sale is issued."

[junker]

so i as i understand, however long they let you go before starting the process is just added to the forecloseure timeframe. if you get 3 payments behind before they start proceedings then add the 5 months you mentioned for foreclosure to the 3 missed payments and go from there. i assume you have to be out when ownership is transferred to winning bidder

[lrprn]

so i as i understand, however long they let you go before starting the process is just added to the forecloseure timeframe. if you get 3 payments behind before they start proceedings then add the 5 months you mentioned for foreclosure to the 3 missed payments and go from there. i assume you have to be out when ownership is transferred to winning bidder

Yes on all counts.

[robivi3]

I am with Homecomings also. They do have a hardship deal on their website. I tried with no success to get a loan Mod. with them. I have never been behind on a Mortgage so I don't know the whole deal as far as foreclosure. Why not try the hardship deal they have on the website?

http://www.homecomings.com

As far as requesting a loan modification I tried by phone but got nowhere, they have Indian Customer Service and about a thimble full of knowledge. I am refinancing right now and got a 30 year fixed with a lousy 7.875 rate. My credit score has not changed much since BK, I have never done any cleanup as far my credit. My payments will be $700 lower still. I had a WHOPPER first increase of 3.0%. with a max at 11%. Thought at first I was getting a fixed, no dice.

my payments will be about what they were pre-BK, don't ask, it's complicated. Losing the home is drastic, if you can save it try to.

Save your home if you can, I was fortunate, never behind on house or cars. I am also a Floridian.

[emaretta]

Save your home if you can, I was fortunate, never behind on house or cars. I am also a Floridian.

You say save your home if you can, but what if I want to move anyways...the problem is I'm upside down in the home (re-fied when the market was hot, now it's dropped dramatically) So I'd have to short sell it, and then I'd have to the pay taxes on the difference owed and not sure if that would work under a chapter 7. I am up to date on payments (on deferred interest option however) So I'll stop making payments when I file and let it go into foreclosure...any other options you think? (i'm in florida too)

[Boscoe]

The property I let go in my bk is as follows:

-Last payment made: Jan 07
-First payment missed: Feb 07; 30 days past due Mar 07
-Served with notice to foreclose: Jun 07
-Filed BK: Jul 07, so all foreclosing activites had to stop
-2 weeks after filing Bank requested release of stay in order to foreclose - late Jul 07

Now is October 1st and have not heard anything on the actual foreclosure. If 5 months is the right time frame, that would be December. However, with the massive # of foreclosures in Florida, I doubt it will be that short.

Anyone who knows differently, please advise....I would like to not be the owner of this property come Xmas, but I know I will probably need to wait longer.

[wingnut]

Disputes buy time in Judicial FC states!

Hey,

Long story short, I'm going through foreclosure / etc. right now. Due to a typo in my foreclosure filing, I disputed it. As it states below, you have the option of responding to the court action.

Believe it or not, my FC was filed against me in March. I disputed it, and the attorney for the mortgagor didn't even ask for the judgment until June. The "Document Hearing"/etc. was scheduled for August. Never happened! According to clerks / officials, until the court approves the filing, the foreclosure process doesn't begin! So, I'll still have at least 90 days until the sale, AFTER they finally rule on it.

Although my case has a legitimate typo, either way I would have gained the period between mid-March (dispute deadline) and August (when the hearing should've occured). Because of due process, even if your dispute is baseless and/or irrelevant, you will probably gain MONTHS simply by initiating the process. For more details, search my username on this site, there's a more lengthly post about this from me.

Even though I'm in INdiana, the situation in FL is probably quite similar. Clogged courts, along with the mandated response times / opportunities can extend the time well. Just file PRO SE, basically a business letter with your case #, name, plaintiff name, and that you dispute it. The reason doesn't have to be relevant, just get the ball rolling!

BEST OF LUCK!

WINGNUT

I AM NOT A LAWYER. I DON'T EVEN PLAY ONE ON TELEVISION. ONLY LAWYERS CAN GIVE YOU LEGAL ADVICE. ETC., ETC!

"Florida carries out foreclosures through court proceedings. The foreclosure process in Florida takes about five months.

Pre-foreclosure Period
A foreclosure in Florida begins when a lender files court action and records a notice of a pending lawsuit (Lis Pendens) against the borrower. The lender notifies the borrower and any other affected parties in person or in some cases by mail or publication. If the borrower does not respond to the court action within a specified amount of time, the county clerk can find the borrower in default and the lender can ask the court to make a final ruling. If the court rules against the borrower, the ruling will include the total amount owed to the lender and the foreclosure sale date.

The lender is not required by state law to notify the borrower before initiating the foreclosure process, but individual mortgages or deeds of trust might call for this. The borrower can stop the foreclosure up until the date of the sale by paying the total amount owed to the lender.

[B12]

Fl here, too. Sept. was the first month I did not pay the mortgage.

Boscoe, are you still living in the house?

How long do all of you plan to stay in the house?

[dscurlock]

Fl here, too. Sept. was the first month I did not pay the mortgage.

Boscoe, are you still living in the house?

How long do all of you plan to stay in the house?

He probablly could stay in the house until someone issues an eviction notice with the court to remove anyone that is in the house, that would be his notice to leave or be removed

[ChaserRu]

I've worked with Homecomings on 3 seperate short sales, and they were definitely the best to work with. If you have negative equity, or no equity, speak with them about preparing for a short sale. The guy negotiated immediately over the phone, didn't have to jump through a ton of hoops to get everything approved. Great experience. Now this was 1-1.5 years ago, though, may have changed now but my guy was named Adam, can't think of his last name.

Thanks
Chase