How long do I have

[in2deep]

HI, sorry if I missed this info somewhere. My home loan is with BOA and I am currently 30 days past due. I will be making a payment before the 60 day mark, but will they start the forclosure process before then?

[justbroke]

The foreclosure process usually doesn't "start" until you are 91 days late. Then you enter the "cure" period, where the lender would send you a Notice of Default (aka NOD) giving you 30 or more days to "cure" the arrearage in payments. After the last day to pay listed in the NOD, the lender "may" accelerate your Note and foreclose. However, there is nothing that says that they must foreclose, or even send you the NOD.

Also, foreclosures take time. It's probably an average of 120 days from your NOD in most States to actually have the foreclosure completed. Some States are enjoying -- if that's what you can call it -- 200+ or more days. I'm still awaiting one of my lenders to foreclose on my rental home. Yes, it has been 18 months, and counting.

[in2deep]

Thanks so much for your fast response. I may be able to sleep alot better tonight!

[ameangreenbe]

Mine was with Countrywide now BOA. The last payment I made was 10/08. I was served with the Foreclosure Complaint yesterday. That's nine months after I stopped paying. Hope this helps.

[DeadManCrawling]

We have not paid since January, in Florida.

Also with CW/BoA.

No lis pendens filed yet, no real communication with the lender, though we did inquire about mods a couple times in the first few months of nonpayment.

Foreclosure speed really varies so much that no one can give you a good idea. Some folks onthis board have been waiting longer than two years. Though they are still the exception, this is becoming more common.

Lenders have so many houses to foreeclose on that the process can be very slow.

They also save money by not foreclosing too quickly, since the homeowner remains on the hook for HOA fees, vacancy insurance in some cases, and other expenses that transfer to the lender after the deed changes.

I read a report last week suggesting a default rate higher than 50% nationwide within the next two years. If this turns out to be an accurate prediction, lenders are in more trouble--and so is our economy--than any of us can probably imagine.

[hnhlvr]

I read a report last week suggesting a default rate higher than 50% nationwide within the next two years. If this turns out to be an accurate prediction, lenders are in more trouble--and so is our economy--than any of us can probably imagine.

Hi,
Where did you read about the 50%+ default rate happening? I'd like to read that report.

Thanks.

[hnhlvr]

HI, sorry if I missed this info somewhere. My home loan is with BOA and I am currently 30 days past due. I will be making a payment before the 60 day mark, but will they start the forclosure process before then?

No, they won't start the foreclosure before then. For the first three months, you're in "preforclosure," and it's after the 90-day point that foreclosure begins.

[DeadManCrawling]

Hi,
Where did you read about the 50%+ default rate happening? I'd like to read that report.

Thanks.

I must admit to a mistake. I think.

I read this originally in a blog, then had further confirmation from several other sources, none of which are reliable after I looked at them again.

It was attributed to NAR (Realtors) and RealtyTrac. I think it was taken out of context and exaggerated, which I carried further, unwittingly.

This incredible figure seems to be terribly misquoted, and I must apologize.

The REAL story, apparently, is this:

A default rate that will be fifty percent higher than 2008 is expected in 2011-2012.

There is a vast difference between these two numbers, as anyone will know.

Others here also confirmed my original (and seemingly incorrect) story. If anyone has firm evidence of the 50% default rate of ALL US homes in 2011-2012, please do share.

Again, please accept my apology. I should have looked more closely at this. I have been citing this figure to friends and family and will now loook, deservedly, like a total fool.

-dmc

[ursula]

I am in So Cal, and have a loan through Aurora Loan Services. I made my last payment in Jan'09 and filed ch7 in Feb '09, which was discharged June '09. I received a Notice of Trustee Sale today (Nov.16) with a sale date of Dec 7 '09. So far that is my timeline, but was wondering if any one with experience in Cali knows how much time I have to live in my house from the date of sale? I am trying to get through the holidays, and I am crossing my fingers that I will be able to!