When to worry

[sal]

Havent paid second in a month and wont pay first or second this month.
Countrywide(2nd) is calling every day.
When do i need to worry about them coming after me?
Thanks

[justbroke]

Havent paid second in a month and wont pay first or second this month.
Countrywide(2nd) is calling every day.
When do i need to worry about them coming after me?
Thanks

Well, there's a timeline for foreclosures.

First, they will need to send you an official Notice of Default (NOD). The NOD will contain a date by which you must bring the account current. It's usually 30 days in the future from the date of the NOD.

If you don't cure the default by the date on the NOD... then they will (may) start foreclosure proceedings. This will be in the form of a summons in which you have 20-30 days to Answer (the amount of time depends on your State).

If you don't answer, then they will ask for a default judgment in about 20-30 days from the Answer date. Once they get the default judgment, they can then proceed with the foreclosure sale.

How long the whole thing takes is based on several factors, including whether your state allows Power of Sale (non-judicial sale) or go strictly by Judicial Sales (sheriff-sale).

There are resources on the Internet which can help you find the average time to foreclose in your State. There are also things you can do to slow it down even longer.

[justbroke]

Let me add this. If they are calling... trust me... they are trying to work something out with you. Maybe you want to consider working out a repayment or maybe even get a modification.

If you just want to let the house go.. .then you need not talk to them. If you're trying to extend your stay as long as you can... you'll need to find ways to delay the foreclosure.