Steps In Forclosure

[LetsMakeADeal]

So my second mortgage just hung up the phone with me. She gave me the line (sadly, I am getting pretty good at this...though I am not 100% sure, that's why I am asking here)...

"You are now 90 days past due and the forclosure dept has started the process...let me see if they have done the appraisal."

I in turn tell them...

"Come get the house (no...I don't mean it) I am two months behind on my 1st (they don't need to know I am trying to do a mod), and the house is $100k underwater...if you want to forclose I am fairly certain the first will let you. BTW you do understand if you forclose...I will probably file bk and that's not good for you at all or me".

Keep in mind my second has pretty much played hardball with me refusing to do anything in the way of a mod...so let me ask you...what is the forclosure process...and if we want to keep the house, what's the latest we could "catch up" with the second to do so?

STEPS TO FORCLOSURE:
1. Miss 3 months...anytime after they will threaten to file...typically when? 6 months?

2. They send you notices that they are going to start forclosure. (This really does mean nothing right...threat?

*What are the next steps I need to know about...is there a playbook?

3. ???

4. ???

Whatever #? No turning back, you've lost your house.

[CaWalker]

This is how it happens in California:
You start missing payments.
Bank can file Notice of Default (NOD) after you are 60 days late (15th of 3rd month) -- This rule may have changed to 90. I'm not too sure.
After the NOD was filed, the bank has to wait 90 days before they can file the "Notice of Trustee's Sale" (NTS). The NTS will have a sale date (minimum 21 days from the notice date)
The house will be sold on the set sale date in a courthouse auction and you'll be asked to move out.

This is the best case (least time) scenario for the bank. Of course, it'll take them longer than usual. It also depends on where your house is and how swamped the bank is.

In my case, they promptly filed the NOD 90 days from the 1st missed payment (15th day of the 4th month).

You can get the house bank till a couple of days before the courthouse auction by paying the full amount.

If you are in talks with the bank and they file the NTS, the bank can always postpone the sale date if they feel they are about to reach some kind of a settlement.

[LetsMakeADeal]

This could be a really short thread...

Thank you so much...I just need to know how much time is on my side and you have shown me.