my mother passed on dec.30 2008. her house is currently under foreclosure. i recently went in front of a judge to ask for a second extention. the sherriff sale is for jan. 29. im in the process of becoming excecutor of estate due to my fathers’ health condition. i still need a surety bond before the surrogates office can finalize the whole thing. my question is, will the surety bond stop the foreclosure? i want to reinstate the mortgage. my credit is not in good standing, i have unpaid credit cards and a repo. i have to save my house for my fathers well being. thanks in advance for your help!

It may give you a short reprieve, but if you cannot show a likelihood that you will be able to repay the mortgage, either by refinancing, or getting the money some other way, there is no guarantee (if you get a nice judge he may rule in your favour just to be nice - in many areas there is an implicit moratorium (not legally imposed) on enforcing foreclosures and I hope this situation applies to you if nothing else helps.
Unfortunately, there is more bad news.
You cannot re-instate the mortgage if your mother’s name was on it. check the title to the house — if she held it as a joint tenant with your father, then he now owns here share (if she held it alone or as a tenant in common it is in the estate)
With the change in ownership the bank will require you to refinance — pay off the mortgage with money from a new mortgage, and if your father now holds full title, the new mortgage will have to be in his name (you can help him pay it as a co-signor (this is unlikely to help if you have bad credit yourself), but you can’t be on the mortgage if you are not an owner). Refinancing will therefore require that his credit is good enough to get a loan in the required amount.
He can transfer the house to someone who has good enough credit, but this will likely involve some very steep transaction costs. The bank should allow this so long as it gets its money (the person receiving the transfer can pay or get a new mortgage to pay off the old mortgage)
Best of luck.

in my home? I doubt I’ll get my deposits back anyway, as he has been lying to me about the foreclosure, and I can’t afford to move right now. So, how long would it take him to evict me if I just don’t pay?

Thank you!
In response to David S - I do not feel in any way like I’m kicking the man while he’s down. I have a lease that is good until March 31st, but he is forcing me to move now. I will have to pay to move because he didn’t use my payments to pay his mortgage. He is denying that the house is in foreclosure, but I’ve learned he’s lying from his bank. He has already refused to let me out of my lease and tells me that he will not refund my deposits so I can seek other residence. Since I have prepaid my last month and security deposit, I am hoping that I will break even in this mess that he has caused by staying on rent free for two months. I am the victim here! My landlord made a hundred thousand dollars riding the market, spent that on himself, and now that the market is dead, he filed for bankruptcy and unloaded his properties on the bank, which will just end up costing people like you and me more in the future. In the meantime, he lives in a paid for house and drives a porsche.

If he gave the property to the bank, HE can’t evict you, the BANK has to evict you. It also isn’t an overnight process so don’t think you will leave for work one day and come home to find the locks changed (unless you disregard prior notices left).

Your best bet is to contact the lender he gave the home back to and discuss the matter with them.

Oh and an eviction does NOT show up on your credit report unless they take you to small claims court for some reason.

We have been getting letters from "foreclosure savers" but they have been scams and they want us to pay 1300.00 for there service if we had that much we would have paid the mortgage. We can pay now but not all the back money.
We are looking for anyway to save my God Sons credit please any help is good, we are also willing to sell but don’t know how to go about it.
The property is in Rochester NY we live in Georgia thank you for your help I am going to follow up on every answer

you can not stop foreclosure. you went about buying an investment the wrong way. and this unfortunately is the outcome.
you need to talk to the bank and file the hard ship paperwork.

talk to acorn people, h.u.d. sponsors that non profit program. they can give you counseling.
only b of a and citi bank deal with acorn loans.
i would go with citi bank.
google acorn loan program they’re nonprofit across the u.s.

good luck

yes i did ruin my credit badly i bought the house when i was 25 with over 700 credit score i was load off my job shortly after and struggled, had past dues 30s and 60s, i was barely making it.i decided to move out of state and decided to keep the house, my new salary was barely covering my rent and my mortgage along with the new expenses, so i decided to rent it out, bad idea, bad renters, destroyed it, never paid. i fell behind more and more. believe it or not, there has been a breakthrough in my career with my potentional salary be doubled, the only problem is it wont take in effect till the following few months unfortuantely for me i couldnt stop the foreclosure sale on my house and the mortgage company would not stop or postpone the sale even after providing most of the past dues.the sale went thru this morning. i am devastated yet relieved their redemption perion is for the full payoff amount.now my credit is at rock bottom.no creditcard debt tho, how long will my credit be shot?
"i was laid off work" (typo)
forgot to mention, for those wondering, yes i did list it for 9 months with 2 or 3 offers both in which i have to bring like 20,000 to closing, i do not have a second mortgage when i bought it it was from a bank, so it was already reduced, and had a 5.5% interest fixed for 30 years. home values went down in that area… and if ur wondering what state, you guessed it.. michigan.
first i need to be secured in the new job position.. but say in 12-18 months i want to buy a 300-400k house and DID have the 20% down seasoned, even tho with a recent foreclosure, i may still get qualified for a loan at say a decent rate…?
sorry to bother you all again…alright i just spoke to the mortgage company and the lawyers, the house did NOT sell to a third party,how would that affect me? and the mortgage company would NOT give me another chance at it to reinstate the loan. they told me i have a 6 moth redemption…do u think its worth it?

I have to admit, I didn’t read your whole story, but if you work hard to repair your credit, in 3 years time, you may be able to purchase another home. Please don’t beat yourself up over this. It can happen to the best of us. It’s happened, it’s over and now it’s time for you to work on the future and improve your credit history. Good Luck! HUGS

My friend purchased a home for her brother he stopped making payments, and now she is in the process of selling via short sale is this bad on her credit? He stopped making payment 6 months ago. All her credit cards are paid on time her auto loans are current she has no bad credit history except for the lates on the house! Is she doomed?????? Please help with your advice!!!!
Markmywords- this questio is for you what type of statement should she put on the reports?

Here’s the problem, when you go 120 days down on a mortgage, lenders consider this the same as a foreclosure, even if she does a short sale. If she is a cosigner on the mortgage, it’s on her credit as such. No way of getting around it and her credit is dinged bad.

However, if that is the only blemish and not consistent with the rest of her credit profile, this will be considered in some instances. But, since many credit decisions (credit cards in particular) are based on credit score, it will take 3-6 months for her score to start rising again. She may want to contact the three credit rating agencies, experian, transunion and equifax, to add a statement to her file.

At least until I can get the funds to catch up on the payments….

Here is a pretty good website about avoiding foreclosure. It has info about foreclosure lending scams, foreclosure timeline, some step-by-step things you can do to stop foreclosure, and some advice on how to delay the eviction process after a foreclosure sale:

how2avoidforeclosure.blogspot.com

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I am 6 payments behind,for various reasons. Have called the mortgage company several times during these past 6 months explaining my situation. Had to leave town on a family emergency,when I got back the mortgage co. had send me a "letter of intent to foreclose,which expired while I was out of town. Called them as soon as I got back. It has already gone into foreclosure. This is what they told me……I "may" qualify for a loan modification,I will find out Monday when they run the income numbers.If not,they want 6 months and legal fees to stop the foreclosure and re-instate the loan. If I do the modification,I still have to come up with 3 months and sign the modification papers. I am "terrified" about this. Does anyone know what kind of lawyer fees are involved? Is it for inspection,appraisal fees,etc? This first lady I spoke to basically said I have no option other that to pay the 6 months and legal fees. Then I called back again to give them some extra income that I hadn’t worked into my monthly expenses and she’s the one who said I could possibly do it with the 3 months of payments and then they would modify the loan. The first lady also said I could contact HUD…what would they do for me? Bottom line is……..am I still ok as far as saving my home,since I have been given two options to come up with? Obviously,doing the 3 months of payments would be a lot easier. I asked if any other paperwork had been mailed to me regarding any of this and she said she doesn’t see anything going out. What should I do? And will the loan modifications lower my payments or will they be higher? Any help would be appreciated…I’m panicking!

Don’t know enough here to know what you should do. You find yourself here "for various reasons" which we don’t know what they are. Are they one time issues or recurring ones which might lead you to the realization that you cannot afford this home. If you ultimately cannot afford this home, the sooner you get out the better. Good luck.

Alright well I currently own 2 houses which is really hard to pay now so I tryed selling one but they wont let me so my only option is to stop paying rent and let the house go into foreclosure. Now Im worried that if I do that, would the bank take my second house too? I mean even though I pay rent would they try to take it away in order to pay for the loss of my first house? If now would they try taking any cars away cause I owe money in 1 and still doing payment and plan to cause I really like this car.
So if I stop paying my home mortgage will they take my second home away?

Foreclosure on one home will not affect the other mortgage, as long as you are current on your payments. If they foreclose and obtain a deficiency judgment, that’s the difference between what you owe and what the bank sells the property for, it attaches to anything you own.

realtor.sailor

You may be able to delay by asking for them to produce the note. But the only way to stop a foreclosure is to bring the note current or to work out something with your mortgage lender.

Here’s a link on how to request the lender to produce the note: http://www.consumerwarningnetwork.com/2008/06/19/produce-the-note-how-to/

**not legal advice. only an attorney can give legal advice.

You may be able to delay by asking for them to produce the note. But the only way to stop a foreclosure is to bring the note current or to work out something with your mortgage lender.

Here’s a link on how to request the lender to produce the note: http://www.consumerwarningnetwork.com/2008/06/19/produce-the-note-how-to/

**not legal advice. only an attorney can give legal advice.