In Canada, speak with the bank and address this issue a front. They can tell you what is needed. Why are you late in payments ? If this is a temporary circumstance, email me and I will see if we can help you get back on your feet.

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Probably.

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The bank is calling and threatening me that they will put my property into foreclosure. i didn't no that after 3 months of no payment they can take your property. i just moved and got a job that makes $300 a week. i told them i am doing the best i can. my monthly mortgage payment is $670..i cant afford to make that. i am renting a home from my parents. i have told the bank that i don't want to loose the property and i am trying the best i can. i just put the property up for sale 3 weeks ago..what can i do to buy myself some time before the banks take it.

You didn't know that if you are not paying for something that you are supposed to be paying for that they would take it? Really? I would assume you're not 12, so how on earth did you NOT know that you have to make payments in order to keep your property? Trying the best you can does not pay the bank. If you cannot afford to keep the property, then you need to sell it or let it go.

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Property taxes included in mortgage payments should be a simple thing. how would 2 payments be taken out in the same year and the bank not catch it for 2 years! this leaves a person in a financial twist, because you as the consumer, i understand have to fix the error(paying the deficit & balance to date).

Another problem is that often the banks underestimate what your property taxes will be for the current year, and therefore don't take enough out to make the account balance at the end of the year. You end up in a shortfall, and then when they adjust again for the next year, it just snowballs. Best advice... get out of that as soon as you can and start paying the property taxes yourself. Banks don't reconcile your accounts. It is still up to you to keep an eye on things.

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I bought a lot, with the intention of building a house on it, back in 2006 near the peak of the market. now, lots in the same development are selling for... get this... 1/5 th of what i paid for mine. i can afford to keep making the payments, but now can't qualify for a loan to build a house on the lot, due to being $100,000 upside down on it... my wife wants to just stop making payments and let the bank take it back, reasoning that it's essentially useless to us... we can't build on it, can't sell it, and the value may never come back... i live in a state that allows banks to sue for deficiency judgments, so my point is - even if the bank takes it over, we not only screw our credit rating for years, but we may still owe the money anyway... our bank has already ruled out a short sale. what should i do with this piece of property? does it make sense to keep it? would i just be screwing myself to let the bank foreclose? are there any alternatives?

If the bank forecloses and liquidates it, you will still owe the outstanding loan amount minus what they sell the land for. You made a leveraged investment and lost money. You borrowed money to invest, and the investment decreased in value, so you lost money that you don't even have. The money you paid is what is called sunk cost. Nobody cares what you paid for the land (the bank cares about how much you borrowed, though). You have a very large loan. From an financial sense, it doesn't matter why you have that loan. You have a peice of property that you can buy for cheap (1/5 of what it was at the market peak). Would you buy it? If so, keep the land. If not, you can't actually sell it but you can let the bank foreclose. Considering the costs of foreclosure, keeping the land is probably your best option. If you thought it was a good investment at five times the price, you must think it is good now.

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If i rent out property, how will it effect my disability payments.? i was disabled in a car accident and have 100k in the bank from a lawsuit. i just was approved for disability for 650 a month. i want to know if i purchase a duplex and rent it out for 1000 a month or maybe one side for 500 a month, how would that effect my disability?

It will affect disability payments. Speak with Social Security to find out what you can make without altering your payment and rent it out for that. I am legally blind and get disability as loss of sight was a job related accident. I am able to make money to a certain point without affecting my disability. Social Security Office can give you how much you can make with your condition in your state.

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I am concerned. i am in the first stages of this situation and i called the bank the other day telling them i could no longer afford the payment. i would like to work out an afforable payment plan with them but i have my primary residence which has a quite a bit of equity and also another investment property which also has equity in it. i am concerned that they will want to secure the payment plan by possibly placing a lien or something on one of the properties and if i can not afford the pymnt in the future my biggest concern is them taking my own primary residence. also when i got the loan i think they are under the impression that the house that is going into foreclosure is my primary residence. i live in southern ca

I am not a real estate lawyer and I suggest you consult one for legal advice. I am also not a CPA and I suggest you contact one for the adverse effects of your particular situation. That said, I help people who are in foreclosure in Southern California. And to the best of my knowledge and expertise, No, they cannot touch your other properties or get a deficiency judgment against you. The worst thing they can do is to 1099 you for any loss. If you would like to short sale your property to avoid foreclosure, please let me know and I can help you. Regards EDIT: Brian G is incorrect. In California, we are a trust deed state and the loans on real property are secured by the trust deed only. If the lender loses money, then they will most likely issue a 1099 to the IRS against the borrower. If we had judicial foreclosures, then that statement would be correct.

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Hi, i own my house and the house payment is current. however, i owe property tax for about 1 and half year already. now, the lender (chase) sent me a letter ask me to pay the tax asap. my question is, if i still don't pay the tax. can or will the bank force me out (like foreclose my house) ? how long would this process take and usually how long before the bank will take such action, also how long can i actually owe tax from county.

If you do not pay your property tax, you are defaulting on your loan. The fact that a property tax lien can override any other lien is why your lender does not want to lose the property and what you owe them for a relatively small amount of delinquent taxes. At best they would require you to pay the back taxes and pay escrow in advance for future tax. At worst, they could foreclose on your property, so they can pay the tax before they lose everything. Some states do not give you much time. If you do not pay property taxes the year they are due in my county, they auction your taxes later that year or early the following year. Although, you have 2 years to pay back taxes with interest before you lose it entirely. How long does your county give you (check county treasurer or assessor website)?

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So here is the deal. i just lost my job due to down-sizing and my unemployment won't even cover my mortgage never mind my other bills. according the the real estate agent i'm working with i will likely not sell the house for enough to cover the mortgage and all related costs. so now i'm trying to decide if i should deplete my retirement funds (paying hefty taxes and fees) to continue making my payments until the house sells...again for less than i ultimately owe...or just bite the bullet and tell the bank to take it. i know the implications to my credit if the bank forcloses, but that may ultimately end up happening anyway. fyi - i am 10 months into a 15 year loan and still current on mortgage until the 15th of this month. any information you can share would be welcomed. thank you!

First, let the bank know what is going on. If you are trying to sell the property, put them in touch with your real estate agent. They don't want to own your property. They are in the lending business, not the home ownership business. They should be willing to work with your real estate agent. They may want their agent to take a look at the property and get his/her opinion of the sales price. Their agent will give them what is called a "BPO". If you are still current and get in touch with them quickly they may not completely ruin your credit. A short sale will hurt your credit less than a foreclosure. Also, they may not want to deal with you much because you are current. Don't expect things to be that easy. You will suffer tax consequences if you dig into retirement funds, so think about that before digging into it. You sound as though getting another job right away might not be feasible, so that needs to be taken into consideration. You are only just getting into the first stages, so you still have a lot of time before foreclosure starts. They will report you late if you go 30 days, but by contacting them and working with them you might get out pretty clean, even in a short sale. Good luck with your job search as well.