Florida Foreclosure Duration?
Hmm, 3 months behind on my mtg, couldn't make a pmt last montht b/c bank said it was either all or nothing 
... Arbitration? company has it now to negotiate a deal. In my letter to them explaining the situation I recommended or requested the payments to be added to the end of the loan (unemployment casued this).
What is a typical resolution they come back with ? IS my request reasonable? How much time do I have should I decide to sell (have decent equity)?
thanks
???
You should be banned for soliciting business on the forum
Read the message.... not following instructions.... glad you are not my subordinate
Oops...let me try again...
Quote:
On 2004-03-01 08:45, yosshimura wrote:
Hmm,(you are) 3 months behind on my(your)mtg, (you)couldn't make a pmt last montht b/c (so your)bank said it was either all or nothing <IMG SRC="images/forum/smilies/icon_frown.gif"> ... Arbitration? company(you asked for help) has it now to negotiate a deal. In (your)my letter to them(your bank) explaining the situation I(you) recommended or requested the (your)payments to be added to the end of the (your)loan (unemployment casued this(sorry you got fired)).
What is a typical resolution they come back with ? IS my(your) request reasonable? How much time do I(you still) have should I(you) decide to sell(your property) (have decent equity(as everybody else in south florida))?
thanks
Geee...i only speak english...
Are you the homeowner? If so, they might not want to talk and if they do, the will send you documentation to sign and maybe you can work this out with them. MAYBE! If you are a disinterested party, they are more open to a Forebearance from you. But, you have to negotiate it with them and get it done in writing. Not sure about the timeframe you have, but I am sure it's not long. They are already out money, and they dont want to lose anymore..but, on the other hand, they will just add more fees to the loan and make it up there. So, it's a catch 22 situation. Not sure if this helps.
Quote:
On 2004-03-01 08:45, yosshimura wrote:
Hmm, 3 months behind on my mtg, couldn't make a pmt last montht b/c bank said it was either all or nothing <IMG SRC="images/forum/smilies/icon_frown.gif"> ... Arbitration? company has it now to negotiate a deal. In my letter to them explaining the situation I recommended or requested the payments to be added to the end of the loan (unemployment casued this).
What is a typical resolution they come back with ? IS my request reasonable? How much time do I have should I decide to sell (have decent equity)?
thanks
yossimira:
I take it from your post that although you are in default, the bank has not initiated foreclosure proceedings yet. It depends on the lender but arrearages of 3-6 months are not uncommon before a bank will file for foreclosure. Once they file you will have 30 days to respond. Failure to provide some sort of "answer" to the complaint will allow the lender to seek a default judgment which will greatly accelerate the schedule for the property to be sold. Not sure what your financial situation is but you might want to use Chapter 13 as leverage in your discussions with the bank in terms of allowing you a workout arrangement or forebearance plan. If you decide you want to sell, PM me as I know some folks down there that can help.