If you miss just one or two mortgage payments the bank will not take your property . Its a lengthy process which takes about 6 to 8 month. If you missed a mortgage I would suggest to be in contact with the bank and to let them know when you will make the missed payment.

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My mother passed away here in indiana in march of this year. (god bless her soul, she was a special-needs teacher her whole life and touched so many lives, mine especially) she had no insurance. we paid her medical bills from her heroic fight against breast cancer, but cannot pay off her mortgage. the house is worth 100k, and a second mortgage is currently on the home. my sister and i have let my brother move into the home as he lost his job, and did not have a place his children could come and stay with him (wife left him). he has been making the $350 per month mortgage payment since march, and paying the utilities. i have a grave concern, in that he reported to me the mortgage-holder came to the house and left a message for him to call them (he was named the executor of my mother's estate). in her will she gave everything to us equally... however, we were not on the title/ deed to the house, or on the second mortgage. the mortgage did not have an assumption provision, i know that, but it may have had a "due on death clause"... i cannot get a straight answer from my brother on that. 1. can the bank foreclose on the property if the payments are made, as well as all taxes and insurance? 2. if something were to happen to the house, like a tornado destroyed it, would the insurance company be able to deny the claim because the policy holder is dead? (this worries me even if they cannot foreclose) 3. my brother told me that the estate was closed in july. in indiana, i thought all of the debts had to be paid before that could happen. could he be telling the truth? how could the court have missed the second mortgage on the house? thank you so much in advance and god bless you.

First, speak to a lawyer. It's important to know the laws specific to your state, and some of your questions are specific legal questions. In my experience, banks never foreclosure when the mortgage is being paid on time. It just doesn't happen. But, do NOT ignore their attempts to contact you. Return their calls and work with them. They don't want another foreclosure on their books, but if they don't hear from you, they will take action. Do give the insurance company a call. You may have to update the policy with your names, but it shouldn't be a problem. Best of luck to your family.

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I own a 2nd mortage on a commercial property have not gotten payments for 60 days. wat will happen if i foreclose? the bank has 1st mortage and i dont know if the current owner is paying them or not. i have tried to talk to the current owner and he says he as no money at all, he did say he did not pay the back the last two months but just made a payment for this months. the bank sent him a letter of delinquency payment.

Usually, the 2nd mortgages are the ones that get screwed the most. You should consult with a real estate attorney in your area to see what actual powers you have. A lot depends on the loan agrrement and your state rules. In some states you can foreclose and sell the propety, then send the eviction letter. All without any court hearings. Also, a foreclosure move can make the "residents" go to a lawyer to review the contract and everything related. if they find a minor mistake, they can avoid your foreclosure and possibly your mortgage agreement. So get a good lawyer! Good Luck!

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Ok my hubby and i have been house searching for about 8 months now.. we was going up to 100,000 dollars not actually knowing the terms and conditions of our loan.. we thought we would be paying 550 dollars a month come to find out we have to pay the taxes and home owners insurance monthly bringing our 550 dollars a month payment up to 750 a month! and we didn't find out until after we put an offer in.. nothing is finalized yet and we can still back out if we want to.. the taxes on the home was 1600 last yr and it is a foreclosure so it has been empty the realitor said we can not file exemptions on it until after a yr and after we have been in it a yr and file exemptions our mortgage payment will then go down.. my question is how much will it go down? do we pay taxes annual instead of monthly after the first yr and how much would they be then? do we have to pay home owners insurance monthly for the life of the loan or would be to be able to pay those annually after 1 yr? based on our income we can barely afford this house.. (with the surprise increase in monthly payments) with a cushy bank account of 17600 dollars i feel a lil bit better but i want to keep saving not scraping pennies and getting into our savings each month.. this house is priced for about 50k less then its actually worth because it is a foreclosure and i am totally in love with it! but i am also not willing to be the next person foreclosing on it.. so any help on future payments is greatly appreciated! we could get through it for the first yr but i am not willing to do it for the entire life of the loan.. thanks for any help you can give me.

1. NEVER fall in love with a house. It will NOT love you back! If you do, walk away. 2. Foreclosures sell for close to market value. Many have reduced market value because of deterioration as they stood vacant for a long time or because of deferred maintenance by the former owner, or even deliberate damage by a former owner. 3. Property taxes are what they are. You MIGHT be able to appeal the value of the home for tax purposes. That only works if your home is overvalued compared to similar homes in the tax district. If everyone is equally over-valued, your appeal will usually fail. Some states, TX and CA for example, automatically reset the taxable value to the purchase price. Contact the local tax assessor's office for information on how the appeals process works. 4. Homeowner's insurance is mandatory for the life of the loan, to protect the lender's interest as well as yours. If you let it lapse, they'll put a policy in force that will protect them only. Those policies are usually grossly overpriced! 5. Most lenders will require escrowed payments of homeowner's insurance and property taxes on a monthly basis, added on to the P&I payment for the loan itself. If you have excellent credit, SOME lenders will allow you to manage your own property taxes and insurance. If you're a first time buyer that won't be likely for a few years at least though. 6. NEVER buy at the limit of what you can afford! That sets you up for disaster with the first minor emergency that comes along. If you're pre-qualified for a $125k mortgage, aim for $100k or less. I was pre-qualified for a $250k mortgage when I bought my current home 10 years ago. I bought one for $117k instead. I owe about $92k on it now and my payments are barely 11% of my monthly gross. When I lost my job last December I was able to survive on the unemployment benefits without tapping into savings. Had I gone with the $250k loan, I'd be in foreclosure now. You've done well building up a small nest egg. Don't blow it all now by buying foolishly!

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Landlord says he hasn't made payments tobank for 3 months--in over his head. should i tell him to use my security for january 1 rent so i won't lose my deposit? will bank give it to new owners if they foreclose and auction? i will need $ for new security deposit if i have to move.

He should have that in a seperate account, i dont know if bank can take it or not. post back your state so that any lawyers in that area can better answer you.

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I am married (although the house is only in my name), and i have a second mortgage. i am just going to foreclose on my home because we got into a risky mortgage that we totally cannot afford and payments are skyrocketing. as a result, we are living check to check, barely getting by and the principal balance is growing exponentially. luckily, the house is only in my name and i have a second mortgage as well. i am considering the following steps: 1. find a more affordable home (to rent) and sign a lease 2. skip my mortagage payments for a couple months to save money (which we are currently unable to do). 3. leave the home i am in and allow it foreclose 4. rebuild and improve my credit and build cash reserves over the next 3 years.

Depending on which state and which lender you have, Yes the likelihood that they will put a lien on a new dwelling you purchase in the future is reasonable to assume. You are riding a boat that you are not alone in and in many cities across this country you are going to be in competition for these rentals out there and rents are going up faster due to the recent supply and demand issues.... You need to save all the money that you can right now, you will need more money as security based on your poor credit and you may be at the bottom of the totum pole for anyone wanting to rent to you and you will be forced into renting(leasing) a dwelling with higher rent. I heard and I don't know if it is true some lenders will 1099 you at the end of the year all of the money that they did not recoup so you will have to pay taxes to the IRS on that lost money.

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I've been unemployed for almost 7mo now and haven't been paying my mortgage for this time either. i have gotten a notice for the bank to auction my house on feb.8th 2010. i have no job prospects at this time so it's not that i'll be able to get current on my mortgage any time soon. also, i haven't been able to pay my credit card payments and those have all run up one card is about 1800 and the other is about 5000 that i owe. since it's less than a month now before my house goes to auction, should i even bother trying to save it? these are the conclusions i've come to as to help of some of you folks answer my question. i don't particularly care for my house, the community or area anymore(it's a nice, new development, but the surrounding area is not. often times there is graffiti, empty shopping carts, broken locks on the pool gates and parties in the parks when i'm sure the ppl throwing them have not reserved the areas with the hoa which also leads me to believe that they don't live here either. so the combination of all this has not let the stress of foreclosure hit too hard. my original mortgage for a 1650sqft., 10x25ft back yard 2 car garage 3bd 2.5bath house is $1,517 plus 112/mo hoa fee. i bought my house for $195,000 and i believe is only worth maybe $120,000 now. typing this seems i've already answered my own question....if i called the bank on monday to see if i could do anything/if i could....to save my house (give me another month or two to find a job) should i? also, i was going to take a traveling job which paid me about 1000 more a month than i was originally making would they even have refinanced me? please help me to decide, i just don't know what to do anymore.

I don't think you could obtain a new mortgage if the property is worth less than what you currently owe. Very few banks will accept a short pay-off, and no one will underwrite a loan for more than the property is worth. If you have any type of income coming in you might qualify for the Making Home Affordable program. This would also depend on who your investor is. Fannie Mae and Freddie Mac as well as many of the large banks, i.e. Wells Farge, E-trade, and Citimortgage all participate in the program. This program will reduce your monthly payment to 31% of your gross income by lowering the interest rate down to 2% for at 5 years, extending the term of your mortgage to 40 years, and deferring a portion of the principal. After 5 years, the interest rate will begin to step up, 1% a year to the current market rate. If any principal is deferred, you would have a balloon payment due on maturity. This would give you a chance to save the home, re-build your credit, and hopefully buy you time to allow the housing market to re-build itself to previous levels. The program will allow you to use unemployment income as long as you can prove you will be receiving the unemployment for 9 months from the date of the final modification, so it would have to be 12 months from the date of application as you will have to complete a trial period of 3 months. A short sale might be your best answer if you can find a buyer. The bank might allow you to sell the property for what it is currently worth and accept that as satisfaction for the mortgage. Talk to a realtor who specilizes in short sales.

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Just calculated all my cc debt and i have a grand total of $2450 in debt. i also have to pay tuition next semester which will be another $2,000. so $4450 total. this cc debt is hanging over my head and annoying. i just want to get rid of it once and for all! i have been offered a loan of $8,000. my minimum balance per month would be $280. i would take the $8,000 to pay off the $4450 debt which leaves me with $3,550 in my bank account. with that $3,550 + my current bank account balance + work i will pay the $280 per month. ...then i will not rip up my cc cards (3 total) but i will just straight up not use them. actually my highest balance is on my best buy store card (bought a laptop, a desktop, and an hd canon over the last 6 months)..... so do you think it is a good idea to do this? i do because i will pay off and "consolidate" all my debt into one payment a month. instead of worrying about 4 due dates i'll just worry about 1....not to mention this loan will boost my credit score and report (which is good so far, not one missed payment or late payment, staying below 35-40% of my max credit limit at all times).... here is the good part. i recently was approved to buy a foreclosed home. i believe i can get (renting it out) $800 a month. the problem is i am waiting on the bank to get the paperwork together so i can use my money from my checking account (yes i have enough to pay off all my debt listed above + way more) but i want to use this money to pay for the house then later when the house is paid for + repairs worry about the $2,000 in debt. it has been a few weeks since the bank accepted my offer and i am hoping any day now they will have the paperwork ready so i can get a tenant in there. so the good news is (hopefully just before xmas) i will have an extra income of $800 a month which will by itself pay for more than the min. balance of the loan each month. since i said i would have roughly $3550 of the loan money left after i pay my debt i will use this + the first months rent + the deposit from my tenant to pay a large chunk of that $8,000 debt off (probably $6,000). then from that point i will go on with my life and business and only owe $2,000 on the $8,000 loan which i will pay off quickly. now i spoke with the lender and they said if i paid the loan early i would barely pay any interest whereas if i pay over the life of the loan i will pay the full interest. ...then several months down the road i will try to talk with my bank on getting a home equity loan (to use to buy a second foreclosed home)... what do you guys think?

Awesome! You seem to have a clear goal, rational- well thought out plans, and a good head on your shoulders. Go for it! Hope you get filthy rich & have fun doing it!

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The answer that was given was either misleading, uninformed or confused. the mortgage industury, which supports flipping of houses, has changed the law on the federal level where they can take your home with one missed payment. i do not who this 'expert' is. i lived through it with national city bank. i missed one (singular payment. although their 'loss mitigation dept' try to work with me, the repayment to get back on track was $1,000, next month $4000 and the next $9,000. in the meantime they hired a foreclosure attorney which sent me threatening letters, but years end, the so-called amount to right the loan was $64 thousand dollars. you see, in west jordan utah, house prices skyrocketed from $130k to $350k. national city bought the home back from themselves for $108k. i had short sale offers as high as $122k. instead i filed bankruptcy to stop the foreclosure on automatic stay. the fed bankruptcy court let the house go in may 2004 to the ncm, profteering.

Foreclosure proceedings will begin normally when you miss the 4th payment. It depends on the state you live in. However, if you read the mortgage and/or the mortgage NOTE, it states that the lender has the right to take make you pay the full delinquent amount.

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....or does the score vary on which company retrieves the score? for example, on 11/10 i found out my 3 scores through a transunion service. experian score was 668. then on 12/10 i signed up for a credit monitoring service (free trial) with bank of america and my experian score dropped to 645. then today i signed up for credit score analyzer with discover for $8 a month. i am going to stick with this service. they only use experian but they are the most difficult. and my score today was 659. is this type of fluctuation normal? look at how my score dropped with transunion from 713 on 11/10 to 672 on 12/10...seems odd. 11/10: http://i106.photobucket.com/albums/ m254/nathan_211/credit/creditscores nov102009.png 12/10: http://i106.photobucket.com/albums/ m254/nathan_211/credit/663avgcredit scoreswithbac.png i did just get a foreclosed home and was low on cash so i opened a home depot store card in november with a $5,000 limit and i used up over 50% of my limit ($2800/$5000). this was urgent so i had to do it!! i will be making a $2,000 payment next month...i suppose this could have brought my score from 713 to 672 but that seems like a big drop in a couple weeks!

This is normal. You can make you score go up by paying back the money that you owe on the Home Depot card.

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I have been told by chase that if i do not make two payments by february that i will owe three in march and the will accept no less. how do they expect me to prevent foreclosure when i can't make 1 payment to get off the chopping block i just want to make some effort to keep the account from getting to 90 days past due so i can prevent foreclosure. it seems that they are going above and beyond to foreclose. why would they not allow me to make an attempt to keep my house? they have told me that's how their investors have structured the program. i wonder how an investor would want to foreclose and spend up to $70,000 on legal fees, realtor fees and above all re-selling my house in this market.,,,especially when i'm only 3 month behind and i want to make an effort to give them some money. i paid 125,000 for the house and i'd be lucky to get 100,000 for it now. is it really to their benefit to foreclose over the $3000 i'm behind? especially when i contact them 2 times a week trying to work it out,

Let's be brutal and real. You're 3 months behind and you're trying to give them one month's worth of payments. You're trying. They're not. They want to get all three months at once or accept nothing from you at all. They even want their late fees right? Their paperwork is written this way and NO ONE at Chase can think outside the box OR they don't have the AUTHORITY to think outside the box. Doesn't make sense when you the consumer are trying to reach out and make this work. But what if you don't make it work according to their rules? Well, they will foreclose on you. They will consider it a loss. They will get a government bail-out. You will be homeless. That is the part that I don't understand. America is about to end up with a lot of homeless people....and a lot of empty houses that people had to move out of due to foreclosure . I say if the lenders get a bail out then we the consumers get a bail out too. If not, we will start finding a bunch of homeless people living in abandoned houses.