im 2 months late on my mortgage can i be foreclosed ?

Asked by Vsan1211, 07032 Tue Sep 15, 2009

Help the community by answering this question:

+ web reference
Web reference:

Answers

7
Paul Do Santos SFR, CNE’s answer
Paul Do Sant…, Agent, Secaucus, NJ
Tue Jan 26, 2010
You should call your lender. There are programs available to help you. The bank will start sending you letters and as the months pass the lender can foreclose on your property but most states have a long foreclosure process. Following a foreclosure you must go through an eviction hearing. Eventually you will be physically removed if you don't move out. Time can be on your side if you take action early and don’t waste the opportunities for stopping the house foreclosure. Without extending this answer much further...there's already a lot of helpful information posted here to help you. I wish you the best of luck.
0 votes
Donovan Stew…, Agent, CLIFFSIDE PARK, NJ
Tue Sep 15, 2009
The Foreclosure process starts after the 3rd month of missing your mortgage payment. However, your best approach should be to contact your Lender and talk with them about your situation. See what programs they may have to help you keep your home.

If you do not qualify for any of their programs, then you might want to consider selling. Selling would be a better alternative to having the house being foreclosed upon. For several reasons. But one being that if the house is foreclosed upon, you might not be able to buy another house before several years.

Good luck and if you need more information feel free to contact me with your questions.

Donovan Stewart
Broker/Salesperson
Century 21 Calabrese Realty
Office: 201-945-1070
Cell: 973-280-5987
1 vote
my lender won't to put foreclose on the house because i dont pay the full amount but I make arrangements at the tax office she tells me that the house will be In default I am paying but not like she wont me to i have 3 yrs on the house she said if I add another yr to the house she pay taxes an insurance so if i don't agree with her she will do foreclose on it always say she will talk to her lawyer she has really really stress me to the max
Flag Wed Oct 18, 2017
MY HUSBAND PASS AWAY ALMOST 2YEARS AGO AND HE WAS THE MORTGAGE AND TITLE. LEFT NO TRUST WILL ON THE PROPERTY. HE DIED UNEXPECTLY I HIS WIFE KEPT MAKING THE MORTGAGE PAYMENTS WITH MY INHERITANCE FROM MY HUSBAND USED IT UP AND NOW I AM LATE 2 MOS LATE TRYING TO SELL MY CARS BUT UNABLE TOO. SO CAN I DO ?
Flag Tue Sep 26, 2017
James Miner…, , Westfield, NJ
Sat Sep 19, 2009
The short answer is "yes". The mortgage lender can begin the foreclosure process. The question now becomes, what are you going to do about it?

The post from Andres Garcia, below, gives a nice summary of some options. You should speak with an attorney to go over all of your options, including the State foreclosure mediation process. If you cannot afford a lawyer, contact the State Legal Services office nearest you. They have a number of dedicated attorneys experienced in foreclosure defense.

Good luck.
Web Reference:  http://www.buyerslawyer.com
0 votes
Roger Cunha, Agent, Kearny, NJ
Wed Sep 16, 2009
Time is running out but their is still hope you can avoid foreclosure. The first thing you must do is contact your lender. Their might be programs available to you through the bank. If none are available, ask them what you other options are. I know you are under tremendous stress. Our job as Realtors is to aliviate some of that stress. Best of luck to you!
0 votes
Andres Garcia, Agent, Hoboken, NJ
Tue Sep 15, 2009
If you are currently 2 month late on your mortgage the foreclosure process has already started. Chances are your bank will soon file a Lis Pendens. A Lis Pendens in the first step in the foreclosure process where the bank officially files your default with the county clerk.

If you are falling behind on your mortgage you should speak to your bank and/or seek the help of a Realtor immediately.

The current US housing market and national financial crisis has caused untold stress and heartache for many American families. Foreclosure is one of the most devastating financial challenges that a family can face and one that many times can be avoided. The options for foreclosure are many; following is a brief explanation of these solutions.

REINSTATEMENT
A reinstatement is the simplest solution for a foreclosure however it is often the most difficult. The homeowner simply requests the total amount owed to the mortgage company to date and pays it. This solution does not require the lender’s approval and will ‘reinstate’ a mortgage up to the day before the final foreclosure sale.

FORBEARANCE OR REPAYMENT PLAN
A forbearance or repayment plan involves the homeowner negotiating with the mortgage company to allow them to repay back payments over a period of time. The homeowner typically makes their current mortgage payment in addition to a portion of the back payments they owe.

MORTGAGE MODIFICATION
A mortgage modification involves the reduction of one of the following: the interest rate on the loan, the principal balance of the loan the term of the loan or all or any of the above. This typically results in a lower payment to the homeowner and a more affordable mortgage.

RENT THE PROPERTY
A homeowner who has a mortgage payment low enough that market rent will allow it to be paid can convert their property to a rental and use the rental income to pay the mortgage.

DEED IN LIEU OF FORECLOSURE
Also known as a ‘friendly foreclosure’ a deed in lieu allows the homeowner to return the property to the lender rather than go through the foreclosure process. Deed in Lieu requires lender approval and requires the homeowner to vacate the property.

BANKRUPTCY
Bankruptcy has been marketed by many as a ‘foreclosure solution’ which in some states and situations it can be. If the homeowner has non-mortgage debts whose payments are causing them to fall short of paying their mortgage payments and a personal bankruptcy will eliminate these debts this may be a viable solution.

REFINANCE
If a homeowner has sufficient equity in their property and their credit is still in good standing they may be able to refinance their mortgage.

SERVICE MEMBERS CIVIL RELIEF ACT (MILITARY PERSONNEL ONLY)
If a member of the military is experiencing financial distress due to deployment and that person can show that their debt was entered into prior to deployment they may qualify for relief under the Servicemembers Civil Relief Act. The American Bar Association has a network of attorneys that will work with Servicemembers in relation to qualifying for this relief.

SELL THE PROPERTY
If a homeowner has sufficient equity in their property they can list the property with a qualified agent that understands the foreclosure process in their area and sell their property.

SHORT SALE
If a homeowner owes more on their property than it is currently worth then they can hire a qualified real estate agent to market and sell their property through the negotiation of a short sale with their lender. This typically requires the property to be on the market and the homeowner must have a financial hardship to qualify. Hardship can be simply defined as a material change in the financial stability of the homeowner between the date of home purchase and the date of the short sale negotiation. Acceptable hardships include but are not limited to: payment increase, job loss, divorce, excessive debt, forced or unplanned relocation and more.

As a Certified Distressed Property Expert (CDPE) I have the knowledge to assist homeowners facing the possibility of foreclosure. Please do not hesitate to contact me if I can be of any assistance.

Andres Garcia
Sales Associate, CDPE
RE/MAX Gold Coast Realty
56 Newark Street
Hoboken, NJ 07030
Direct: 201 795-5200 x340
Andres@MileSquareRealty.com
http://www.MileSquareRealty.com
0 votes
Minna Reid, Agent, Woodbridge, CT
Tue Sep 15, 2009
They will likely start foreclosure proceedings soon. Call your lender and have a chat. If you're trying to keep the house they may work with you.
Web Reference:  http://www.homesbyminna.com
0 votes
jesus, Other Pro, Mendota, CA
Tue Sep 15, 2009
there are many stages of foreclosure you best bet is to contant the leander and explain your sistuation, if you have consider gettin a roommate or rent your home out and last cosider seeling your home cut your losses and save your credit. contact me and i may have 7 ways to stop foreclosure good luck
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more