BEST ANSWER
FIRST ANSWER
Chances are the lender will not start any proceedings until you are 60 days late. For all the law on this go to: California Civil Code, Section 2924. If they DO file a Notice of Default the timeline is approximately 120 days to the sale on the courtsteps of your house. They would normally NOT file a NOD or start foreclosure proceedings for being late 30 days. Sounds like your loan representative is beating their chest! Was this someone who called you once the late had been reported? These call-centers have their scripts!!
Have you sought any loan modification? This could be a good opportunty to plead a "hardship" to get your loan modified. You seem to fit the bill. Chances are you loan is MORE than your homes current value, have job issues and may be close to insolvency--not enough money at the end of the month. I don't know who your lender is but I would certainly open up conversations with them NOW!
And remember, October 11th new bills were signed by the govenor making "advanced fees" to loan modifiers illegal! Don't let the sharks take a bite out of your wallet! You can do it yourself! Check out my radio show blog at the site below. Good luck! Don't despair but don't stick your head in the sand either.
Sun Nov 8 2009, 21:06
Fair Housing and Equal Opportunity