How Long before AHMSI will Foreclose on me?

[Balboa]

I had to stop making payments on my rental property and am wondering how long I have before AHMSI will force a foreclosure? I am about to list it and am fearful they'll foreclose before I get an offer. I've hear some folks say it could take up to a year before they get around to it and others speculate it could happen in a few months.

Can anyone share some real-life data?

Thanks

[Moe Bedard]

It depends on the state. But for the most part you will have 90 days before a notice of default and that is when you will technically be in foreclosure.

For the most part, mortgage servicer are overwhelmed and these time frames seem to be extended. Yes, some have stayed in their homes up to a year plus without making a payment.

So worse case scenario you have 5 or 6 months, best case a year or so.

[acesfull]

Hi Balboa

Its does depend on your state. Whether your state is judicial or non judicial. Judicial states seem to take longer.

Judicial meaning you go thru the court system meaning loads of paper work and delays. Guessing it may take 3-4 months.

Non Judicial meaning a trustee may handle your file, depending on there case load. In the current market I am guessing you are ok for 90 days?

I know people in my state myself included, NJ. That have not made a payment for 4 even 8-9 months. They are just now getting the customary your home maybe foreclose letter.

Are you trying to get a mod? You can get lots of help and info here at loansafe. Keep reading and keep asking questions.
Best of luck.

acesfull