Foreclosure on Rental property

[mintz]

We own rental property in another state. Some months we get rent and others we don't, so we had to pay it out of our savings. Now that our savings is at 0 dollars we have not made our Jan or Feb payment. I received a letter from the bank and I am ignoring it.

What is the process that a foreclosure takes? This is NOT my primary residence. We will more than likely file for a chapter 7 ion about 6 months to a year

Do I need an attorney for this or will it all just follow in a process? Do I just ignore all the letters from the bank?

[FU2MI]

What state?

Generally a house that is rented/not your primary residence will have a shorter foreclosure proceeding. Here in MI the redemption period is 1 month vs 6 months for a primary residence... 30, 60, 90 days and then foreclosure begins. Sheriff sale is scheduled (usually adding another month) and than a 6 month redemption period after that. Finally when that expires they have to evict you...30-60 days

Youll have to look into the proceedings for your state...or post your info and perhaps someone will know..

You dont need a lawyer, it will just play itself out. Get ready for tons of mail and some phone calls (mortgage company, PMI insurer, etc).

Good luck!

[mintz]

I live in Texas and my rental property is in Arkansas