If your are on a trial period, can foreclosure be initiated?
How many months behind before the foreclosure begins?
Foreclosure laws very from state to state - do a search for Nevada Laws and you can gauge a time line.
It is with Citimortgage. The documents are Affordable Modification Trial Period plan (Step one of Step two Documentation process). State that I am in is Virginia.
How are Virginia mortgages foreclosed?
The primary method of foreclosure in Virginia involves what is known asnon-judicial foreclosure. This type of foreclosure does not involve court action but requires notice commonly called a sale under thepower of sale. When themortgage is initially signed, it will usually contain a provision called apower of sale clause, which upon default allows anattorney to foreclose on the property in order to satisfy the underlying defaulted loan, which is sometimes referred to as anote. Because this is a non-judicial remedy, there are very stringent notice requirements and the legal documents are required to contain thepower of sale language in order to use this type of foreclosure method.
Power of Sale Notice Requirements:
In Virginia, thelenders can also go to court in what is known as ajudicial foreclosure proceeding, where the court must issue a final judgment of foreclosure. The property is then sold as part of a publicly noticed sale by thesheriff. A complaint is filed in court along with what is known alis pendens. Alis pendens is a recorded document that provides public notice that the property is being foreclosed upon.
- Prior to initiating a foreclosure thenotice of foreclosure sale must be advertised at least one per day for three (3) days or once per week for two (2) two weeks in a newspaper of general circulation in the county in which the property is located. In Virginia, thedeed of trust usually contains the advertisement procedure; if no procedure is prescribed the advertisement must run for once a week for four (4) weeks. If the property is adjacent to a city it may be sufficient to advertise for five (5) consecutive days.
- Notice of foreclosure or a copy of the advertisement must be served on the defaulted borrower at least fourteen (14) days before the sale and must provide a description of the property being foreclosed upon, and provide the time, place and terms of the sale. The foreclosure sale cannot occur earlier than eight (8) days after the first advertisement of the foreclosure sale and no later than thirty (30) days after the last advertisement.
- The trustee or agent will auction the property to the highest bidder. Such bids are required to be writtenone-price bids, which are submitted at the sale and subject to inspection. A cash deposit of up to 10 percent of the bid price may be required unless the deed of trust requires a lower amount. The foreclosure sale may be postponed at the request of the trustee and advertisement of the postponement must take place in the same manner as the original sale.
As for your lender, Citi, I would guess that you are in their "in-house" plan, they are my lender as well, although I've chose to just let them foreclose on me as they haven't bothered to return my numerous calls - anywho, It's basically a wait and see what they will do. They tell you one thing and then do another is what I have been seeing time and again.
Please do not let this discourage you if you are hell bent on saving your home. You will need to arm yourself with all the information you can gather and continue to make phone call after phone call. don't give them a break and keep on them as best as you can.
So how many months were you behind before the foreclosure procedures started?
Well, I'm now going into my sixth month of no payment - and I've recieved NADA - course they continue to send me a monthly statement, emails that we should contact them as they have a "solution" for our situation.
I've been waiting for a Notice of Default, but yet nothing. So right now, its just a waiting game -
Currently here in Ohio its taking anywhere from 12 to 24 months for foreclosure and sheriff sale and if things continue they way they have been, it may very well be longer.
I am making the regular monthly payments, on a monthly basis. I am 3 months behind and getting ready to make a payment in november.