What is the record for the longest time a borrower has gone without making a mortgage payment before foreclosure?
First Weber Group
Certified Distressed Property Expert
I do not know of any statute of limitations and I have had clients that were in pre-foreclosure for 4 years.
Buy a home after foreclosure, short sale deed-in-lieu-of expert
A home owner can delay or avoid foreclosure by simply calling your bank, asking for the home retention department and ask about a forebearance or loan modification.
Please see my blog on "Avoiding Foreclosure"
This depends on a few things:
1) is the owner working on a modificaiton?
2) Has the owner recently filed bankruptcy to stop the sale and there is now a Stay issued.
Lenders typically do not want to foreclose. If the owner has submitted all paperwork necessary for a modifciation the lender will "Suspend" the sale date but will not formally cancel it.
Depending on the scenario and lender sometimes I can get a modificaiton completed in two months sometimes longer. I have worked on modifications for up to 8 months and the lender continues to suspend the sale.
Volo Law Group