what happens when the bank forecloses on your home?

Asked by Debby Stpierre, Methuen, MA Mon Oct 15, 2007

i can;t afford my mortage due to illness and loss of job how long will it take for the bank to forclose and i'll have to move?

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Jim Armstrong, Agent, Salem, MA
Thu Oct 25, 2007
In Massachusetts you are looking at a minimum of around 4-5 months from your 1st missed payment until the bank auctions your home. In the meantime, contact the bank and see if you can work with them to keep your home. Banks do not want to foreclose on homes and most will do everything they can to avoid it (unless they think they are being lied to or taken advantage of - then watch out!). If the bank is unwilling to work with you, you may have to sell your home. Even if you owe more to the bank than it is currently worth in this market, you may still be able to get your bank to allow a "short sale". The bank will usually forgive the balance that you owe (though there may be some tax issues - talk with an accountant or tax attorney). You sound like a good canditate for a short sale - illness and job loss are compelling reason for a bank to allow it (gambling losses are not). It is usually better to let a third party handle the negotiations with the bank for you - either an attorney or a Realtor experience with short sales. You have an emotional tie with your home which can understandably interfer with the reality of the situation. Good luck. It is not an impossible situation you are in, just a tough one.
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Richard M. J…, , Sherman Oaks, CA
Tue Oct 16, 2007
This would depend on your state and county. I suggest you consult with a Realtor who specializes in pre-foreclosures in your area.
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Belinda Arro…, , 02038
Mon Oct 15, 2007
The length of time depends on where you live. The bank considers you in preforeclosure after 2 missed payments. Anytime after that they can begin foreclosure proceedings.If your situation is temporary call the bank. The bank doesn't want your home. Try to work out something with them. You could also sell your home. If you owe more than your home is worth,have your realtor discuss a short sale with the bank. That is where the bank is willing to take less for the home than it is worth.However the bank can still hold you responsilble for the balance.(There is a loop hole to that.)If the house is auctioned off by the bank you have a chance to get it back at significant cost.
Web Reference:  http://www.BelindaArroyo.com
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Jim Walker, Agent, Carmichael, CA
Mon Oct 15, 2007
Under the power of sale clause in your mortgage (Read your mortgage papers to see if that clause is there>) The lender must advertise for at least 3 weeks and make diligent efforts to contact you directly before they can
make the sale. After the property is sold, eviction proceedings can begin. Eviction has its own time line that is not concurrent with the forced sale. --

Some banks want to avoid foreclosure and will work with you to mitigate their losses in a process called "forbearance" You may be eligible for a forbearance workout due to your hardship circumstance. Look into it.
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