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Debt Relief – Insolvency – Bankruptcy Information » Foreclosure Help » How long is the foreclosure process if I have already modified my mortgage once?

How long is the foreclosure process if I have already modified my mortgage once?

I modified my mortgage a few months ago and still struggling. I owe $315 and it’s worth about $200. So, after thinking about it I am considering just letting it go into foreclosure. Since I have already been thru this process with them and re-negotiated my mortgage, is the foreclosure process quicker? Will they start the forclosure process after I have missed only one payment? How long do I have to try and save money and find somewhere to live? Has anyone been thru this?


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5 Responses to "How long is the foreclosure process if I have already modified my mortgage once?"

  1. Daniel says:
    you signed a document or two when you modified. I’d get started on reading the paperwork the answer you seek is in there. But from what I know about it is once u r given a modification u are not allowed a third chance. i beleive the process is expedited because of the modification. I m not sure of the amount of time though but Im sure its in your paperwork
  2. Ed Atun says:
    They will start the process apx 30-90 days after you miss your next payment. The process takes about 90 days after they send that notice.
    Once the bank owns the house, it is wise to vacate. If you remain in the house, you can wait another 30 days but you will have a foreclosure and an eviction on your credit record. Don’t make them evict you.
    One interesting twist is that some banks have “delayed” the foreclosure at the very last minute. Which means that you still own the house. And if the house were vandalized , you would be responsible (in theory). So move your stuff out but keep a mattress and a tv and a frig and keep living there until the very last minute.
  3. Becky says:
    Okay – real answer: You’ve modified your loan and that brought it to current. Now you start the process over before it goes to Foreclosure: 30, 60, 90, 120 150 days past due, pre-foreclosure, foreclosure and eviction. It’s all investor driven.

    You can possibly expedite by vacating the property, calling the servicer to let them know that you’ve moved out and left the keys somewhere on the property. They’ll go in and change the locks.

    My curiosity is: Why aren’t you listing the property for sale? Why not get rid of it the right way as opposed to letting the investor eat the entire loss? You should be able to list it for fair market value. If you can get an offer at fair market value you can present to your investor and request a Short Sale. This would show as a ‘settlement’ on your credit vs. a foreclosure. The negative impact wouldn’t be nearly as great.

    Also consider that if you let the property go to foreclosure and say it auctions off in November, is sold back to the lender and not a 3rd party – in January you will get a 1099 and have to claim the investor/bank loss as your income and pay taxes on all of it? You’re saying your loan is $315K? Can you really afford to pay taxes on that amount of money? At least with a short sale you would only be paying taxes on the difference.

    You really need to look at all your options and not just the ‘easy’ one. If you let the property go not only will you have to pay taxes on it, your credit will be impacted by 200-300 points, your car insurance is likely to go up, when your credit card companies pull your FICO your interest is likely to go up. If you ever lose your job and the next job you apply for pulls your credit – it will be there for all to see. If you need a new car, you won’t be eligible. You won’t be able to buy another house for a minimum of 2 years unless you can come up with 20%+ down.

    Again – I suggest you review all your options and think long term. Do not just do what you think it easiest because the reality is – it’s not as easy as you think.

  4. Meg D says:
    Foreclosure isn’t the easiest thing to go through. There are two possible consequences you have to consider:

    * Taxable cancellation of debt income.
    * A reportable gain from the disposition of the home (because foreclosures are treated like sales for tax purposes).(Note: Often some or all of the gain from the sale of a personal residence qualifies for exclusion from income.)

  5. mullson says:
    You can do a ” deed in lieu of foreclosure” which looks better on your credit report (although not a ton better but still better).

    You call the mtg company and tell them stuff has come up and you can’t afford the mortgage and would like to do the deed in lieu of foreclosure. They will ask you how long you need to move etc. You make your arrangements to leave and move and you make arrangements with them for them to have you sign over the deed.

    It’s better than having the sheriff and a realtor evict you on behalf of the bank and less embarrassing too.

    Get a clean start, and before you let it go, if your credit isn’t too bad yet, apply for that other loan, unless you plan to rent.

    Once you turn over the deed it will be a lot harder to get a loan for a smaller property elsewhere………


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