How long until it goes to foreclosure, and then what?

[Rate2high]

This was the first month I missed a payment with Citi mortgage. How long will it take until I get a foreclosure notice and then lose the house? This is in Southern CA. Mortgage balance = $395K, similar homes on the market for $260K, I've been paying without one late payment for 8 years but can no longer afford it so this is a difficult situation.

They haven't given a modification so now I feel like I'm giving up, feel like the gov has lied about all the help the mortgage companies who got the hundreds of billions of TARP taxpayer dollars were supposedly supposed to help us out. So anyways, what is the timetable like on a foreclosure? I am too angry to call Citi because they never give a straight answer about anything anyways.

[Needanewjob]

F/C proceedings can start after 4 months delinquent, you will probably get a demand letter during the 3rd month.. After 4 months your account can go in foreclosure status.. At that point Citi will not accept any payments on your account unless it's payment in full, plus attorney fee's and costs... To actually lose your house it takes quite awhile, i've seen accounts that have been in foreclosure for years without being sold. All depends on the investor and the specific situation. But nothing will happen until your 120 days late..

[davephx]

What I am the most upset about with CitiMortgage is I applied in March, was approved in May but never contacted yet I was calling them almost weekly and always told "your documents look good wait for a processor" than in July shipped to the Hardwick? law firm in Ga and told the same thing to be patient. Than got a foreclosure notice with sale date 10/26. Never any paperwork other than foreclosure with about 12 trying to be helpful nice loss mit reps punching in computer to send.

The managers unit person said they put a no sales date hold vs the 90 day date she first tried since she said it would be better since would have to renotifiy of sales date per various State laws..90 days in AZ.

But CR Title says no, can't really do that only delay 30 days and redo every 30 days so I now have a 11/30 sale date. But then another CR Title Rep said they can do 90 or total with draw but need direct contact with CitiMortgage to do that. Trying to reach my manager unit person who has been trying to be helpful but no luck yet.

Now paid 3rd trial but they say today very very very backlogged at least 30 days just to get any paperwork and then may be months more to get approval it seems.

[davephx]

BTW all the mod folks at Citi are easy to get to and very friendly and try to be helpful. Much better than what we hear about many other servicers. But its the system overload that is the problem and faxed in documents that get lost even after repeated faxing.

[Needanewjob]

Originally Posted by davephx

BTW all the mod folks at Citi are easy to get to and very friendly and try to be helpful. Much better than what we hear about many other servicers. But its the system overload that is the problem and faxed in documents that get lost even after repeated faxing.

Dave, Citi is a mess and this whole process is a total mess. People are nice but are entry level and have very little training, you need to keep following up with them and keep faxing those documents. It's crazy. If you are in F/C status and then you started on your loan modification that have to request a reinstatement fee from the attorney's before placing the f/c on hold... Sometimes they will wait till a sale date is only a couple days away before they will call and get you set up. THe important thing is to get on the trial period, that will hold and sale dates.

It's easy to find someone over that that is friendly, but finding someone who really cares and is knowledgable is the hard part. A lot of people care more about there average call time then whether or not they gave you correct information. It's sad but true