Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
So my wifes friend from work has in several months behind on mortgage and was served with a NOD two months ago. she is trying to get a second modification after getting one a year ago. She has probably $80k+ in equity. A series of bad decisions and a bum for a man/baby daddy a new car..the list goes on got her to here. So would be better to just sell herself and not wait to get foreclosed on because there will be fees eating up any equity or just wait to get foreclosed.
In CA, the Notice of Default doesn't even get issued until the owner is typically a minimum of 4 months delinquent.
Receiving that NOD suggests that her lender isn't buying her request for another modification.
If she got the NOD two months ago, she is well into the 111 day countdown to the Trustee Sale.
Shortly after day 90, she is likely to receive a Notice of (Trustee) Sale, which will specify the exact day the guillotine drops.
Five days before the event, her borrower's Right of Reinstatement expires.
Your wife's friend better get that house listed at a no BS price, real quick, in order to salvage any remaining equity...or she probably should consult with a bankruptcy attorney, who could stall out the process a little longer.
Either way, someone is going to have to come to grips with reality.
So my wifes friend from work has in several months behind on mortgage and was served with a NOD two months ago. she is trying to get a second modification after getting one a year ago. She has probably $80k+ in equity. A series of bad decisions and a bum for a man/baby daddy a new car..the list goes on got her to here. So would be better to just sell herself and not wait to get foreclosed on because there will be fees eating up any equity or just wait to get foreclosed.
2nd modification? 12 months of on time payments are required before a 2nd mod can be considered.
Waiting to foreclose will cost more in the long run. $80k+ in equity? Selling themselves is to best option.
If the property is foreclosure upon and there is a lot a equity. When the property does sell, (most) lenders will return any overage when the ROE property is sold and the existing loan is satisfied.
How long till foreclosure? That depends on whether the state is a Judicial or Non-Judicial State, and how fast the bank moves.
The modifications are tough because many people fall behind again once the relief terms are up. It's hard to say what is best for her without knowing all the details. Maybe speaking with a professional in your area would be most helpful.
The OP's profile states a zip code location of Livermore.
He says his wife's friend from work is the homeowner with the problem.
I don't think it's too far fetched to assume the property in question is in CA. - My $00.03
Good investigative work Harry.
I work with home owners facing foreclosure in 46 states. We have loss litigation legal network spanning across the country. There are similar guidelines from state to state. We stay out of California because of the state ruling - Senate Bill 94. Which makes it against the law even for attorneys to legally represent a home owner for a mortgage modification with their lender.
As stated above the best advise is for the OP's friend to sell the property and start over.
Yeah haven't checked this in a while. Wife's friend has a trustee sale next week. She saying she is gonna pay all the late payments and fees and reinstate loan and sell herself. I don't know if she accomplished this or not I think the final day to do so was a couple days ago. I have a feeling the bank is trying to squeeze some money out of her before they foreclose I doubt she has the $1000's probably 10's of thousands needed to get current.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
