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Wesley | How many months do most mortgage lenders allow you to miss payments before taking reporession actions ? |
Say you also put 120 000 deposit how much would you see of that back |
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Shawnta M
|
The time frame may vary depending on the mortgage lender and the state guidelines.
If the bank is going to foreclose on your property, the monies your put into your property is not relevant.
How far are you behind? Do you have a FHA mortgage?
If you are currently in a FHA loan, you can do a streamline refinance without checking your credit, income, employment, or mortgage history (as long as you do not have anything filed against your deed). |
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RED
 |
Get nothing back if they foreclose. (it means they repossess) They can work with you though, and rework your loan in many instances now. You don't want to get more than 2 or 3 months behind. Contact your bank and they normally will come up with something.. you don't want to lose your $120K, so get on the phone. |
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golferwhoworks
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state specific question some states a notice of default can happen in 60 days others 90 days or more and if you foreclose they sell the home and you get squat |
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Lily B Talus
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Some repossess immediately, some allow three months...you'll lose all of your deposit |
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CHRIS B
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In the first instance you should contact the mortgage providers and see what they can do for you. For instance adjust repayment figures or extend loan period. |
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src50
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Usually 90 days will bring a Notice of Default, which is the first step in foreclosure. If you lose the house to foreclosure, you get nothing back. |
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HelpMeEscrowStuff
 |
First and foremost.... do you owe more on your house than the house is worth??
If your answer to the above is "yes" then you get absolutely ZERO back and typically it's about 3 months of missed payments before the foreclosure process goes into place.
If your answer to the above is "NO" then the same 3 month rule applies. However, if/when the bank sells your home and they get enough to pay off the balance of the mortgage and any related costs, then the balance over and above that amount are refunded to you.
Example:
Say you bought a house for 500,000. You put down 120,000. House now valued at 300,000. You're in the hole for 80K (negative equity of 80K). The bank sells the house at 280,000 (always under real value in a foreclosure sale). Costs associated with selling the house are $10K (approximating), so 380K taken out on the mortgage by you and the bank recoups 270K. YOU still owe the bank 110K. They could opt to forgive you for the balance.
Now let's try the other way around. House bought at 500K. You put down 120,000. Current house value = $450K. Bank sells for 400K and costs are $10K. So, loan value is 380K from you, they get back 400K and costs are 10K meaning the bank recoups $390K. That leaves 10K to go back to you.
By the way, any foreclosure means that you are gonna be hit big time on your credit rating and will likely not be able to own a home for a long long time. In addition, you may find it difficult to rent a place too with such a low credit score resulting from such actions.
My personal recommendation, IF you have equity still, is to put your house up on the market and try to sell it *NOW* for more than you owe on your home. If you sell it, GREAT. If not, you pay the price. |
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shaz1234
 |
six mths.
nothing back |
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darkfury
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it varies i guess i dont think repossesions should be allowed not in the current economic climate this worlds a joke |
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