House Forclosure question?

PO69 · Feb 25, 2009

The other thread is good information with the "show me the note" idea.

And NO my house is not in forclosure, we have never even missed 1 payment. No second mortage or any equity loans on the house either.

But how many payments do people generally miss before the loan company starts forclosure? Is it 2 payments? More than that?

I feel sorry for the people who are losing their homes, but if you lost your job and will never make near the same amount of money, then you need another house. I saw a story on a lady yesterday who lost her $80,000 a year job and hasnt worked in 5 months. Well MAYBE she does need to lose her house! She even admitted that she was lucky to have that job since she never even graduated high school. If you cant afford to pay for the house, then dont fight for it.

But how many payments have these people generally missed before the bank wants the house? Is it 2 payments? Is it 5 payments?

joeyfitzclick · Feb 25, 2009

I think it goes something like this...........

1 payment - phone calls
2 payments - many phone calls
3 payments - nasty letters
4 payments - nasty letters from third party lawyer
5 payments - eveiction/foreclosure process begins
6 payments - restructure of loan and forgiveness of late fees if you agree to modification.

ProPokerPlayer · Feb 25, 2009

The lady with the 8 kids or watever hasnt paid hers since last May and is just now about to be evicted.. It varies but mainly right now the bank cant do much with it either so y not give you every chance......or wait for the Democrats to buy it for you.

Kruser6 · Feb 25, 2009

Just like PPP said, just wait for the Dems to buy it for you.

Rewards for bad actions.

If it's a legitimate case that they can't afford it after losing their job and they are making every effort to keep it then that's different. Chances are that these people are going to spend their tax returns on a new plasma TV instead of a missed house payment.

TheRightSide · Feb 25, 2009

joeyfitzclick said:
I think it goes something like this...........

1 payment - phone calls
2 payments - many phone calls
3 payments - nasty letters
4 payments - nasty letters from third party lawyer
5 payments - eveiction/foreclosure process begins
6 payments - restructure of loan and forgiveness of late fees if you agree to modification.

Does the morgage company that holds the note have the ability to see how much someone has in the bank. Like I have 20k in the bank but the wife lost her job we would be fucked. Would they think I would spend every cent I had even though the results would be the same in the end.

Wow 6 months without paying. that would be crazy.

sean1 · Feb 25, 2009

Unless they get a judgement against you and seize your bank account, they can not legally see what you have in your account.

What they can see is your credit report. They can tell by your other credit cards, car, etc what shape your finances are in...

TheRightSide · Feb 25, 2009

So if it gets to that point which, I am not planning on it getting to that point. At some point I would start to filter out money from my accounts.

LOL I can just say I lost it at the casino.

joeyfitzclick · Feb 25, 2009

If you want to ultimately keep the property you will agree to the loan modification they offer you pre foreclosure and that requires faxing them your finances, including copies of your bank statements.