foreclosure?
my friends house is being foreclosed. they said it would be foreclosed july 15th. i called her today and they said there would be a grace period. i assume this is because the band doesnt want yet another foreclosure to deal with at the moment. how long are these "Grace periods" ? what will happen when they are foreclosed? what can i do for my friend? we are best friends, and i want to be as big of a help as possible but i understand this is hard and embarrasing for her and i dont want to be in the way. any advice would be helpful.
i meant bank not band
they owe about 250,000
i realize she needs to move but i cant just walk in the door and start packing boxes since they arent.
they arent really making attempt.
i am a friends first and mover second.
Hello, I believe the grace period is up to one year. If she won’t be able to pay the monthly due on the house (one year due : 1000/month will be 12,000.00 for a year) then the bank will take over. She will never get her right to the house. Her credit will be very bad and she may not be able to buy a house again for a long time until her credit will be good again. She could talk to her bank and negotiate if it’s still in the early time. She can borrow money from friends and family to pay for the months that she defaulted plus the interest. You can not do anything for your friend because she is the one who missed payments. Maybe you can help her move out or find an apartment first. Forclosure is an embarrashing situation even if generally not her fault. It is also heart breaking because of the effort, and money that is being lost. This is almost equal to having death in the family or having divorce or knowing a person is having a terminal ill. But inspite of that, this is way better compare to those, because the person can still recuperate from it and start over. If I were you, you sounds so sincere and very caring person, I will just listen and really make her feel that i understand, I will not tell her what to do or suggest that she should do this or that, because she knows what she should do, only she has to recuperate from it. But definitely, i will listen to her and understand her and maybe not mention about it unless she want to talk about it.
March 5th, 2010 at 9:51 am
You can’t do anything other than help her move.
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March 5th, 2010 at 10:11 am
The grace period is up to the bank and usually depends on just how big the arrearage is and whether or not in their judgment your friend has the ability to catch up and whether or not they are making an honest attempt to do so.
You want to help? Give her lots of money!!
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March 5th, 2010 at 10:29 am
Your friend needs to get out, she had a set date. The bank will send a person over from a compnay that does repo’s. They show up, change the locks, disconnect all utilities and call for shut off. They will not wait for her to pack or move stuff, once they show up, it is all over. They do not call or set an appointment or mail you a letter.
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March 5th, 2010 at 11:03 am
Typically you’ll get 3 days notice! Most banks will start the eviction process immediatly after the foreclosure process but the FHA and VA are slower. If you need more time than given, contact your lending institution immediatly to ask for an extension.
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March 5th, 2010 at 11:26 am
Hello, I believe the grace period is up to one year. If she won’t be able to pay the monthly due on the house (one year due : 1000/month will be 12,000.00 for a year) then the bank will take over. She will never get her right to the house. Her credit will be very bad and she may not be able to buy a house again for a long time until her credit will be good again. She could talk to her bank and negotiate if it’s still in the early time. She can borrow money from friends and family to pay for the months that she defaulted plus the interest. You can not do anything for your friend because she is the one who missed payments. Maybe you can help her move out or find an apartment first. Forclosure is an embarrashing situation even if generally not her fault. It is also heart breaking because of the effort, and money that is being lost. This is almost equal to having death in the family or having divorce or knowing a person is having a terminal ill. But inspite of that, this is way better compare to those, because the person can still recuperate from it and start over. If I were you, you sounds so sincere and very caring person, I will just listen and really make her feel that i understand, I will not tell her what to do or suggest that she should do this or that, because she knows what she should do, only she has to recuperate from it. But definitely, i will listen to her and understand her and maybe not mention about it unless she want to talk about it.
References :