Upcoming Foreclosures

How long after you stop making your house payments until you get kicked out?

A friend of mine lives in Michigan and told me they stopped making thier house payments 4 months ago and the bank hasn't even started the foreclosure. They also tell me that once they get the notice they have 6-8 months before they actually have to vacate the house. Is that true? Can they really live there for free for a year?

Public Comments

1. Yes that it possible.
2. It depends on the type of mortgage, whether or not it has FHA or VA backing or not, what state you are in, the policies of the bank, the backlog at the forclosure department of the government, etc. I suggest if you can that you have a consult with an attorney specializing in real estate law.
3. Every situation is different, & banks only foreclose if there's no other way to work something out. There is federal legislation that was just signed into law yesterday that is supposed to help those in foreclosure. Maybe that was what the bank was waiting for. I guessing too that any equity that your friend has built up, is going to be also lost. Additionally, your credit rating will be in the toilet for years.
4. Is this "friend in Michigan" actually you by chance?
5. Your friend is very stupid. No matter what pay your mortgage. Let them take your car, turn off your lights whatever. Always pay your mortgage. Think about it if you dont pay on something you own, like your house, why would you pay rent. So after they forclose on the house, no one will rent to you. Just a guess but I bet you friend drives a $100,000 car. Priorities eh.