Upcoming Foreclosures

How long does the foreclosure process last and what are the stages? Is court first or are u just evicted?

i am about to be 4 months late on a Fannie Mae loan in Florida. I have already received a certified letter stating they can accelerate the loan if I don't pay in full in 30 days!

Public Comments

1. If you're 4 months delinquent and it's Fannie Mae, then chances are your property is not yet in Foreclosure - what is your intent regarding the home? The plans put into play by President Obama are specifically for Fannie Mae and Freddie Mac loans. Have you called your servicer to apply for the help or to see if you're qualified for the help? You can go to http://www.hud.gov/recovery/ to read about the programs offered. You may qualify for a modification and be able to save your house, if that's what you want. If you choose to call your loan servicer (loss mitigation department) be prepared to provide them with your income/expenses. You may want to review this before you call to make sure that you are at least breaking even, have a small surplus or a deficit that isn't greater than $500. You'll want to have a contribution to apply towards your delinquency and it should be at least one payment or more. If you're intent on letting your home go to foreclosure make sure you educate yourself. You can google foreclosure laws + florida + fannie mae and come up with websites that will give you time frames from the intial delinquency, when the property and your credit will start to reflect foreclosure reporting, length of time between the initial foreclosure code to foreclosure auction and check to see if there is redemption in Florida. Also, once your account is officially coded Foreclosure an attorney will be assigned (you can get the information from the servicer) who will be able to go over what you can expect from coding to auction to eviction as well as the information you'll want to know about the 1099 and what you can expect to pay in taxes if the foreclosure takes place. Education is the key when making a decision like this - especially if you could possibly get your loan modified into something you might be able to afford. You won't know if you qualify unless you try. Good Luck