Foreclosure in 48128>Question Details

Brokeinmich, Home Owner in 48128

We are current on our house pymnt but 40k underwater. If we stop paying now how long would we be able to stay in the house?

Asked by Brokeinmich, 48128 Sat Apr 2, 2011

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Banks vary on when they will foreclose after payments are missed. 3 months is not uncommon though. Then after that there is a 6 month redemption period, assuming you don't live on acreage. After that the bank will either have to evict you or they will offer you cash for keys. So about 9 months or more, total.

You might call the bank first and see if they will negotiate any principle reduction to save your credit and not have to move. I would also recommend you consult an attorney about the ramifications of foreclosure.
1 vote Thank Flag Link Sun Apr 3, 2011
Maureen Fran…, Real Estate Pro in Birmingham, MI
MVP'08
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Sorry about your troubles. It can take some time for the bank to foreclose, but the amount of time will vary state by state and by lender. I would recommend that you contact your lender and ask them if they can help you. They may be able to modify your loan if you can show that you are having a hardship. If that doesn't work, I would seriously consider a short sale over doing nothing and letting the bank foreclose. A local distressed property expert real estate agent can help you list your home as a short sale. Check out this website for more information and other resources that may be available to you:

http://www.makinghomeaffordable.gov
Web Reference: http://teamlefebvre.net
0 votes Thank Flag Link Sat Apr 2, 2011
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