Angie,

It is just matter of time before you hear from your bank. I've heard of clients getting what the bank refer's to as "accelerated foreclosure" and they start moving on the process rather rapidly.

You should consider doing a short sale which is better than a foreclosure and can include IRS forgiveness on the debt.

Your mortgage firm doesn't want the house back, plain and simple.

Mortgage/note holders are dealing with so many foreclosures right now they can't handle any more. anecdotes of non-paying homeowners being in houses for 1-2 years now are everywhere. note holders have a 1-6 rule right now, they have 1 house on the market for every 6 they have in toxic assets.

In Clark County, 70% of the homes on the open market are foreclosures, pre-foreclosures or REO. they can't absorb/dispose of any more and will let you stay there for as long as you keep the property up.

Hi Angie,

Contact a Mortgage Counselor to get the facts http://www.dfi.wa.gov/consumers/homeownership/

After that you should know to sell is the best solution.

Well, my husband lost his job and we are seperated right now anyways because of dv. So I don't see us staying in the house, and to be quite honest, yes we are just living rent free right now and spending what money we do have on other things. I know it sounds bad but basically I just want to know how long I have till they kick me out? and answer to the one question, my address is 14902 ne 5th st vancouver, wa 98684

well your mortgage note got paid off already at closing by an undisclosed third party. it was a big institutional investor who is probably not concerned with your house because they had credit default swap insurance in case of default. i'd immediately get a forensic mortgage audit done to find violations against your house and also find an attorney to file a quiet title to extinguish the liens. if you foreclose on the bank they can't foreclose on you.

translation its a blessing in disguise. Do you have all your mortgage documents from closing to do an audit.
i know of a firm that will take your case on contingency, challenge the lien holders standing and deal with the bank as well long as you pay for the audit. Are you looking to get a loan modification.

I think you all have the right answers. I think we have all researched this issue. And point of the matter is that a mortgage is a promise to pay and if we can't pay for any reason including job losses, lack of income etc it should be our responsibility to contact the bank/lender and bring them up to speed and be honest and upfront with them. Maybe they can't do much for some homeowners, but we don't know until we try right?
Best to be honest and upfront.

Angie
I would take the high road.
Write the lender a letter explaining your situation.

If your goal is to have them foreclose because of......
then let the lender know. It sounds to me as though you are just trying to live rent free. That may not be the case, however doesn't it make sense to try to have some clear communication? After all, a mortgage is PROMISE to pay.

If someone made a promise to you, what would you expect them to do?

Regardless of your reasons you definately should have recieved a Notice of Default by now which would advise you of the lenders intent to move forward. I imagine due to current circumstances the lender may be backlogged but it might be wise for you to contact them. If there are any means that you could begin to make payments again, even if a reduced amount you could modify your loan. The Making Home Affordable program launched in recent weeks is still working out the bugs but loans held by Fannie and Freddie are suspended from foreclosure until a borrower review can be done. Visit this website for more info on the refinance or modification options http://www.financialstability.gov/makinghomeaffordable/

Also visit http://www.hopenow.com/ for HUD approved counseling services... These services are free, NEVER pay anyone to provide you with "foreclosure rescue" or sign off on your deed, no matter what they tell you!

Good Luck! Feel free to contact me if I can be of any further assistance I am local mortgage consultant here in Oregon and Washington.

WOW you need to take action before they do. Not stick you head in the ground. Lenders would work with you in most instances.

Foreclosures we consult with many across the country on tips and tricks on how to work with lenders. If we can be of any assistance contact my office.

Lynn911
~ National Featured Realtor and Consultant, Lecturer regarding Credit Repair, Mortgage Loan Officer

Hi Angie,
There are alot of great websites you can get good info on. I spoke with an attorney regarding this very same thing. It seems there are regulations per state. Here are some for Washington State
Keep in mind, some of the banks are holding back from foreclosing right now, moretorium because they are waiting for the stimulous package to see where they need to go from here. I highly recommend you consult a good real estate attorney. Also talk with your bank. At least they can help you understand your options. And you may try the homeowners assistance programs.
Here you go
Judicial Foreclosure Available: Yes



- Non-Judicial Foreclosure Available: Yes



- Primary Security Instruments: Deed of Trust, Mortgage



- Timeline: Typically 120 days



- Right of Redemption: Yes, but may be precluded.



- Deficiency Judgments Allowed: Yes



In Washington, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.



Judicial Foreclosure



The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, the property will be auctioned off to the highest bidder.



Non-Judicial Foreclosure



The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".



Power of Sale Foreclosure Guidelines



If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:



The notice of sale must be transmitted both by regular mail and by certified mail, return receipt requested, to the borrower at their last known address, and by regular mail to the attorney of record for the borrower, if any, not less than thirty (30) days prior to the day of sale.

The sheriff must publish a notice of the sale once a week, consecutively, for four (4) weeks, in any daily or weekly legal newspaper of of general circulation published in the county in which the property is located. Additionally, the sheriff must also post the notice in two public places, one of which must be the courthouse door, in the county where the sale is to take place for a period of not less than four weeks prior to the day of sale.

Said notice must contain the time and place of the foreclosure sale, the names of the parties to the deed, the date of the deed, recording information, a property description, the terms of the sale, and the borrowers rights (or lack of) redemption.

The borrower has up to eleven (11) days before the sale stop the foreclosure process by paying the past due payments, plus expenses, including trustee and attorney fees.

The sale must be made by auction between 9:00 am in the morning and 4:00 am in the afternoon at the courthouse door on Friday unless Friday is a legal holiday and then the sale must be held on the next following regular business day. The sale may not be conducted less than 190 days from the date of default and the highest bidder will receive a certificate of sale.

The sheriff may postpone the sale (not exceeding one (1) week next after the day appointed) by giving notice and by posting written notices of the adjournment under the notices of sale originally posted.


Unless redemption rights have been precluded, the borrower may, within eight (8) months after the date of the sale, redeem the property by paying the amount of the highest bid at the foreclosure, plus interest.



If the non-judicial foreclosure process is used by the lender, then it cannot sue for a deficiency judgment. On judicial foreclosure sales, the borrower can be sued for a deficiency, unless the property is found to be abandoned for six (6) months before the decree of foreclosure.

Hi Angie,

I can find out if a foreclosure date has been set and what that day is, as well as, any public notices the lender has posted about the property. I will need the property address.

There is help and options available and it may not be too late for you. At the very least, we may be able to buy you some more time.

Just last week Obama put a new program into place to keep home owner's in there homes...lenders are encouraged to lower your home payment to 31% of your monthly income. He has also encouraged lenders to cooperate with short sales (which would help protect your credit) and to halt foreclosure proceedings to see if the home-owner qualifies for his new program.

You took the most important step by asking this question! Keep up the good work and ask some more.

I am going to be working from the Starbucks on the corner of Mill Plain and Chaklov tonight. Stop by if you would like to chat. I am always up for a new girlfriend!

Katie

Hi Angie--

It is pretty surprising that you haven't heard from your mortgage lender or loan servicer yet!
After you receive notice of a foreclosure, you have approximately 120 days before you would
be "kicked out" by the bank. If you would like to have the hit to your credit be not as bad, I'd
be happy to talk to you about a short sale, where the lender agrees to accept less than the
loan amount because the value of the house has gone down and you are unable to make
the payments.

I'd be happy to meet with you and your husband anytime to see if I can help, and if you
authorize it in writing to the lender, they will let us talk to them instead of you having to do it.

We have helped many people this year in your situation and would be happy to answer
any questions.

Janine

Why have you stopped paying?