I have missed Oct and Nov payments. I am in AZ, and I know that afte the 3rd missed payment, I have 90 days.

Asked by Kimberly, Scottsdale, AZ Tue Nov 25, 2008

Then the foreclosure starts. What happens in March? Will I have another month maybe to stay in the house if it does not sale at auction or will I have to get out when the bank owns the house? I just dont want to have to move with only one month left in school, its going to be very hard to move out of state and make my son leave his school one month before summer, and make him start a new school. Does it usually take longer than 90 days? Will they rent back to me for one month?

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Roberto Ribas, , Scottsdale, AZ
Thu Jan 15, 2009
well, since nobody else will anwer your question I will:

The house will sell at auction. If nobody else buys it, the bank will.

YOU own the home, you will not have to leave until after the bank forecloses on it, which cannot happen until 90 days after they file a NTR (notice of trustee sale) Even then, they would have to formally evict you.

In reality, most banks are not that efficient, and sometimes they take alot longer.

Of course you can contact your bank and try to get a loan workout, as other realtors suggested. But that really wasn't your question, was it?
1 vote
Bill Eckler, Agent, Venice, FL
Wed Jan 7, 2009

It's impossible to put a number on this process. At this point we can only guess that the process will be slowed because of the ever increasing stream of short sale and foreclosure activity banks are having to deal with.

Your best chance for information to possibly extend this process is undoubtedly to involve an attorney ASAP. If it can be done they will be able to advise you of how to proceed.

Good luck
0 votes
Michelle Qua…, Agent, Scottsdale, AZ
Wed Jan 7, 2009

I know times are tough! You have several options, one is and I know this one is tough but, call your lender, lenders today don't want the house back and are willing to work with you. They will provide you several ways to go. Two, try refinancing, depending on the loan amount and appraisal there is a FHA loan available for refinancing even if you are behind on payments. Three, if you don't want to stay in the property you can do a short sale, if you have no equity in the home, this will drop your FICO score, but is better than doing a foreclosure, less damage to your FICO score. If you have equity and don't want to stay then sale, late payments and money in your pocket is better than a foreclosure. If you have any questions please feel free to contact me.

Good Luck,

Michelle Quackenbush
Re/Max Fine Properties
0 votes
Christine Lo…, , 85248
Tue Nov 25, 2008
Kimberly, Call your mortgage lender and tell them your situation. Many lenders are working out plans with homeowners right now. Instead of all of this unnecessary worry, find out the facts from your lender and you will know your time frames exactly. Good luck!
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