Question I recieved a default / breach letter with a due date. Questions

[Mark80]

I filed a few years ago and my mortgage was not reaffirmed. So from a credit standpoint I am not worried. However from a roof over my head situation I am freaked out. What kind of sucks about it also is that I am finally through the rough patch, and financially things look good going into the future. If only I could have made it awhile longer...

This breach curing is due this Sunday. And I won't have the money to pay it in full until next Friday. I tried calling my sketchy mortgage company and can't get through to a "human". Which isn't helping things.

So my main questions are; how long does it take from a deadline like this to enter the foreclosure process? Do you guys think I will have an extra five days before anything happens? And if something else does happen, can I stop it right away via paying the company? And lastly does not being affirmed make this situation more sketchy, or does this type of thing still follow the same "rules"?

Thanks for any help, this forum is the only place I could think of to ask the question. And I don't see anywhere else to post outside of "before the discharge".

[justbroke]

I filed a few years ago and my mortgage was not reaffirmed. So from a credit standpoint I am not worried. However from a roof over my head situation I am freaked out. What kind of sucks about it also is that I am finally through the rough patch, and financially things look good going into the future. If only I could have made it awhile longer...

Sorry to be reading this. Let's see if I can answer some of your questions.

This breach curing is due this Sunday. And I won't have the money to pay it in full until next Friday. I tried calling my sketchy mortgage company and can't get through to a "human". Which isn't helping things.

You'll just need to be persistent. You may need to speak with their insolvency/bankruptcy department.

So my main questions are; how long does it take from a deadline like this to enter the foreclosure process?

No one can answer that question but your lender. They must decide to turn your "folder" over to an attorney to start the process. It will also depend on the State where the property is located, so that makes it even more difficult to answer.

Do you guys think I will have an extra five days before anything happens?

Absolutely no way to tell. You'll need to speak with your lender.

And if something else does happen, can I stop it right away via paying the company?

It depends on what the terms are to "stop" the process. You could incur additional fees if the "folder" was sent on to an attorney's office to foreclose.

And lastly does not being affirmed make this situation more sketchy, or does this type of thing still follow the same "rules"?

No. The lender must still follow the State's non-bankruptcy rules which means everything must be by the book.

Thanks for any help, this forum is the only place I could think of to ask the question. And I don't see anywhere else to post outside of "before the discharge".

It's fine.

[Mark80]

Thanks for answering everything Justbroke, you actually over the years have helped me out a ton. I am going to keep trying today, I am hoping if I give them half now they will let me pay the second half next week.

[flashoflight]

I hope you didn't drop the partial payment in the mail already.

When you call them for anything, always ask for the bankruptcy department. You need to know their hours, which might not be the same as the rest of the lender. Don't even say hello or ask the phone agent how she is doing. Ask for the BK department even if it's just a simple balance inquiry. If your folder goes to the law firm, your arrears will multiply fast and the cost of keeping the roof over your head is so high that you might need a 13.

You also need to ask them about what method of payment will be accepted and if you can wire them. Usually this late in the game, your bank billpay or paper check is no good even with a full payment. And they can reject anything less than a full payment. If you send a partial or even full payment via bank billpay or a check on Monday, they may reject it after mailing time and the lender thinking about it. If you send the full payment via Western Union or certified funds or wire on Friday, then it's probably ok. Next day air lately hasn't been next day, so I'd rather do Western Union or wire. Of course this assumes they didn't send your account to the law firm.

[Mark80]

Ugh I never got an email notification and forgot all about this. Thank you for responding back then! I luckily was able to borrow it, pay it in full and things got back on track for me (even paid the borrowed amount back). So things ended up OK. It was such a stressful time though.