[Daddys///M3]

My foreclosure took over 2 years from first missed payment to completion of the trustee sale.

[homeowner2012]

Originally Posted by Daddys///M3

My foreclosure took over 2 years from first missed payment to completion of the trustee sale.

Wow. Thank you for the info. Let me gets this right, I can stay in my home for 2 years before they kick me out?? Hopefully we can find new gigs so we can avoid the forclosure. I don't think so but I am trying to think positive.

[homeowner2012]

Originally Posted by 007 license to sell

Unfortunately what your going through so many Nevadan's are going through and there is help out here.

The foreclosure timeframe was 330 days in December, 13 days shorter than November.

Since a Nevada a law took effect in October requiring lenders to prove they have authority to foreclose, default filings have hovered around 1,000 a month.

Once you have been served notice of default then you will also be notified of the trustee sale. It takes along time to foreclosure right now so take this time to figure out what your going to do.

In the mean time you are personally liable for anything that happens to the home so if you can't keep your insurance up and the house burns down it's going to be your liability. Don't just walk away either because as long as your name is on the deed your liable whether you live in the home or not.

Also there are the taxes and hoa's those may go with the home but if you can't pay the hoa's the hoa can foreclose on you. If you can't pay your Home owners insurance then you should talk to an attorney and find out what is best for you most first consultations are free.

There are options short sale you need to do it this year ,after this year anyone doing a short sale will have a 1099 from the lender and you will have to pay taxes on the loan amount they forgave.

other options are Deed in Leu of foreclosure, bankruptcy, there are attorneys that will help you. And the attorney's will help you while your trying to modify the loan and keep the collection agencies away from you if you are going to file bankruptcy after the modification.

But if you have no source of income you won't get a modification, however if you contact your bank and let them know what has happened they may work with you until you find a job.

This is a big deal and you need to figuire out what your going to do. You must be very proactive getting this taken care of. Best of luck

Thank you for your advice. Vegas is a great city but it's tough here to find a job.

[SouthernSarah]

Originally Posted by homeowner2012

Thank you for your advice. Vegas is a great city but it's tough here to find a job.

I have no idea how much your mortgage is but for a temporary stop gap you can always take a job as a telemarketer. It is boring but it provides at least some income while you are looking for a "real" job. What type of jobs did you both have? I wish you luck in getting things turned around!

[observer53]

Originally Posted by Daddys///M3

My foreclosure took over 2 years from first missed payment to completion of the trustee sale.

Originally Posted by homeowner2012

Wow. Thank you for the info. Let me gets this right, I can stay in my home for 2 years before they kick me out?? Hopefully we can find new gigs so we can avoid the forclosure. I don't think so but I am trying to think positive.

I wouldn't assume that you will have two years. It seems to vary a lot from bank to bank, with two years being toward the long end of what one could expect. I've heard of it happening, but I would not count on it. Good luck in your work search!

[von949]

Originally Posted by observer53

I wouldn't assume that you will have two years. It seems to vary a lot from bank to bank, with two years being toward the long end of what one could expect. I've heard of it happening, but I would not count on it. Good luck in your work search!

Not just from bank to bank either. The same bank can have two different foreclosure process time frames for two different homes. I have seen it happen multiple times. Its a mess out there.

[BBMW]

Given the whole MERS/robosigning scandel, the possibility that the bank has all the paperwork in place, correct, and legit is not a given. Lots of paperwork from mid-0's mortgages has been lost. It might be worth the money to make them prove all their ducks are in a row.

Originally Posted by WestieJeff

Almost indefinitely is QUITE a stretch. You only have a couple bullets to use. Bankruptcy is the easy one since it is automatic and always works, but only delays 3 months to a year tops and you just declared bankruptcy, so that's only useful if you wanted to do that anyways.

All other judicial methods require a temporary restraining order to be issued by the judge stopping the auction. Which means you have to convince a judge. All that costs money, think 10k+ and doesn't always work.

[ScoopLV]

Originally Posted by homeowner2012

Thank you for your advice. Vegas is a great city but it's tough here to find a job.

My advice? Lock the door, mail the keys to whoever holds your mortgage, and move to North Dakota, where jobs are plentiful. Their unemployment rate is around 3% -- the best in the country. Nevada's is hovering around 13% the worst in the country.

That's what I would do if I found myself in your position -- no job and an unpayable loan, and a massive hit about to happen on my credit score. The top three states for employment are the Dakotas and Nebraska. If you're lucky, you know someone in one of those states who can help you get back on your feet.

It's hard to make a fresh start when you're squatting in Las Vegas, waiting for the inevitable to happen. If you move quick, you might be able to land a decent job before your credit score takes the whack from foreclosure.

[Daddys///M3]

Originally Posted by observer53

I wouldn't assume that you will have two years. It seems to vary a lot from bank to bank, with two years being toward the long end of what one could expect. I've heard of it happening, but I would not count on it. Good luck in your work search!

Agreed. Bear in mind that although the foreclosure process took two years, I did not stay in the home. I moved out before I ever received the first trustee sale notice. The house went to a second trustee sale for some reason.

Originally Posted by ScoopLV

My advice? Lock the door, mail the keys to whoever holds your mortgage, and move to North Dakota, where jobs are plentiful. Their unemployment rate is around 3% -- the best in the country. Nevada's is hovering around 13% the worst in the country.

That's what I would do if I found myself in your position -- no job and an unpayable loan, and a massive hit about to happen on my credit score. The top three states for employment are the Dakotas and Nebraska. If you're lucky, you know someone in one of those states who can help you get back on your feet.

It's hard to make a fresh start when you're squatting in Las Vegas, waiting for the inevitable to happen. If you move quick, you might be able to land a decent job before your credit score takes the whack from foreclosure.

I agree with this post as well, although I don't necessarily know that I would advocate or limit the choices to the Dakotas. The oil business is doing well but that is a tough field to work in and truth be told the service industry in places like Dickinson and Minot that supports the AFB and the oil industry doesn't pay any better than out here although COL is probably lower up there. Bear in mind that it is a rugged climate as well and not everyone can handle that. ND is basically a bastion of oil jobs and Wal-Mart jobs to support the oil workers with a climate similar to the Arctic Circle.

The part of the post I do agree with is putting a plan of action together and moving forward with it immediately. When faced with the inevitable fact that I could not pay my bills I moved out of my house ASAP and filed Ch. 7 immediately. I can only imagine if I had not how hard it would be now after a couple of years of missed payments. As it stands I am currently rebuilding my credit and in 5 years or so should be fairly good again.

[JanND]

Originally Posted by homeowner2012

We lost our jobs here in Vegas. Nothing new. Unfortuately we had to stop paying our mortgage so we can eat. Does anyone know how long it takes for a home to get forclosed. We are new to this and hope that this not happen to anybody.

You have no plans for new jobs? You might be able to resolve your mortgage if you act quickly and talk to your mortgage co. Talk to a bankruptcy attorney soon, don't use your savings or retirement to pay credit or any bills you may discharge. At least confirm this w/ a local attorney asap so you can save your money. With the new programs to help folks stay in their homes check the fed govt website and find out if there is a program out there to help you, and apply right away.