Enhanced Properties LLC
How long can I stay in my house when I’m behind on payments?
No one wants to be in a situation of uncertainty. The feeling is amplified greatly when that uncertainty is related to our basic needs. Nothing is more basic then the vary place we call home.
Have you missed a few house payments and now your unsure of your future and even getting foreclosure notices at the door of posted in the news paper.
Oregon and many other states have laws that are in favor of the borrower. If your really far back on payments you have a few options but one ting to remember is that you don’t need to fear anything at this point. Just because you got a foreclosure notice dose not mean you have to leave the house. The lender have a long legal process to follow in order to get your property auctioned off and to void out your mortgage contract.
Your mortgage company (Bank or lender) will not stop the foreclosure process once it is started, but it takes anywhere from 6 months to 2 years for the full process. Once you miss a payment they initiate things you may not even realize. For example, US Bank will actually pay someone to drive by and see if the property is currently occupied with only being late on one payment! If It’s not occupied they usually start the foreclosure process right then.
Most home owners have unique situations but over all there is a common thread. We just want know our options and if possible be given advice that makes a difference. I’m not a person that is going to hold back here for the truly in need of that advice. First, if you don’t see any why your going to be able to make all your late payments and fees and get back to even, Then don’t make another payment! Don’t feel bad for the bank, they are in the business of making money your in the business of living life and making it through life’s tough times. So, let them stress and worry about making money, all you need to do is tend to how you can best get through this tough time. Even bank top executives would tell you the same if it wasn’t there bottom line and some other banks. But, I digress. Again don’t make another payment. Take this time to do the personal things that will help you in the next 3 -6 months. For example, Save those would be house payments for other future cost like money that maybe needed for rent or rental deposit money. Also, While you have the space and if permitted in your area you can use the house for a garage sale for down sizing for a future move.
Third, make contact with an investor that will make you an offer on your house while its in the foreclosure process. Why, because at the end of the foreclosure process you get nothing not even some equity you may have in the house. These guys are usually long term investors specializing in renovating houses and contract details. They usually will get you some money at closing and something is better than nothing. Stay in your house as long as you can rent free, save additional money if possible and walk away with extra cash via last min investor sale. This is a great way to end a bad chapter and get a good start on the next one. While also, avoiding a foreclosure on your credit report.