Comments on: foreclosure?

By: yahoooo!

yahoooo! — Fri, 05 Mar 2010 16:26:59 +0000

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.
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By: kdsmm

kdsmm — Fri, 05 Mar 2010 16:03:59 +0000

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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By: loved1

loved1 — Fri, 05 Mar 2010 15:29:59 +0000

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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By: frak1a12345

frak1a12345 — Fri, 05 Mar 2010 15:11:59 +0000

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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By: src50

src50 — Fri, 05 Mar 2010 14:51:59 +0000

You can’t do anything other than help her move.
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