Every mortgage company is different in the time they take to file a foreclosure notice on your property. So it would be tough to say how long you would be able to remain without making a payment.
If you are falling behind on mortgage payments and unable to bring your loan up to date, I would recommend a short sale. If you'd like to discuss this or other matters involved please call me. I work with Keller Williams in Atlantic County and have experience with short sales in the area.
Keller Williams Atlantic Shore
Although every case is different as is every bank's timely filing of foreclosure papers, the process can take up to 250+ days from the initial default. Typcially the bank will start the foreclosure paperwork once you are 90 days behind on your payment. Have you been served yet with the Foreclosure Complaint or have you just recently defaulted on your loan?
Setting aside your original question I just want to make sure that you are of aware that the impact of foreclosure can and will be very detrimental to your credit. Have you considered a short sale or even know the benefits a short sale can have? Depending on your financial status, have you considered working out a loan modification with your bank? Many banks are willing to renegotiate the terms of the original loan and may either lower the interest rate and/or change the terms of the life of the loan, etc. Even if the bank has filed papers with the court, the bank can still work out a repayment plan with you. Also the New Jersey Courts are also offering a foreclosure mediation program. The program will provide mediators to help homeowners and lenders negotiate with one another and try to work out agreements to avoid foreclosures. I am by no means attempting to construe legal advice by my response but am just making suggestions as to what other means of help may be available to you if you are facing foreclosure.
Gina Chirico, Sales Associate
Prudential NJ Properties
973-992-6363 ext 116
First: Your credit will take a terrible hit.
Second: The process is somewhat indeterminate, depending on court dates court loads, sheriff's load, the allowed time to react to various motions etc. During that time you will be living on pins and needles, unless you have a mind like a steel trap.
Third: You may miss the opportunity to be proactive and determine your own fate. Laura Gianottta has explained that a short sale is possible and is willing to advise you in more detail. Another course of action is to surrender the title to the property in Lieu of Foreclosure. This helps the lender by avoiding court and legal costs and "the laws delay." It can help you because you will not have a foreclosure on your credit record. If you are a good bargainer, or have an advocate such as a Realtor or attorney, you might get additional concessions from the lender, such as time to find suitable housing.
My advice is to contact Ms. Gianotti to pursue exactly what she can offer. She has had several other good pieces of advice on this site. I don't back off from new clients myself but in this case, she's in the area. I am not. We both are associated with the same national franchise, (The best I know of. That's why I am there.) However, we actually work at different independent brokerages, so I'm not just pushing my organization.
Side note that has nothing to do with this situation: The only thing that I will claim to be better at than Ms. Gianotti is my knowledge of the Chambersburg Section of Trenton. I've lived in or near there longer and live closer than she does now.