[Life Is Great Here]

Sad to say, one of my homes that I own is going to the process of foreclosure. I haven't paid on the home for 6 months now. The house is empty since the house needs repairs. Previous tenants trashed the place. I don't have 7500 in repairs to get the home renter ready. I pulled up the parcel number on Clark County. It listed the mortgage company with the word ASSIGNMENT. What does this mean???

[airics]

You realize that you are going to get hit with a whopping 1099 tax bill since its not your primary residence right.. I'd find the 7500.

[WestieJeff]

That's a standard first step in the foreclosure process.

The assignment assigns the rights to foreclose from the bank who actually services your loan to a third party foreclosure service (quality loan servicing, recontrust, etc.).

After the assignment, the third party foreclosure service can file documents and continue the foreclosure process.

Usually a Notice of Default or Breach will be filed next, although not required.

Notice of Trustee Sale will be recorded, usually a month or so (minimum of 21 days) prior to the auction that actually forecloses on the home and transfers ownership back to the bank or an investor owner.

Originally Posted by Life Is Great Here

Sad to say, one of my homes that I own is going to the process of foreclosure. I haven't paid on the home for 6 months now. The house is empty since the house needs repairs. Previous tenants trashed the place. I don't have 7500 in repairs to get the home renter ready. I pulled up the parcel number on Clark County. It listed the mortgage company with the word ASSIGNMENT. What does this mean???

[Life Is Great Here]

Originally Posted by WestieJeff

That's a standard first step in the foreclosure process.

The assignment assigns the rights to foreclose from the bank who actually services your loan to a third party foreclosure service (quality loan servicing, recontrust, etc.).

After the assignment, the third party foreclosure service can file documents and continue the foreclosure process.

Usually a Notice of Default or Breach will be filed next, although not required.

Notice of Trustee Sale will be recorded, usually a month or so (minimum of 21 days) prior to the auction that actually forecloses on the home and transfers ownership back to the bank or an investor owner.

Thank you for the information. This use to be our primary residence. Problem is that we bought another home. Rented it out to good people (we thought). Both my wife and I lost our jobs 3 months ago. I have found another job recently but it does not pay like my other gig. Since you know what your talking about, how long more do I have ie foreclosure process?

[Life Is Great Here]

What is the foreclosure process/timeframe?? Thanks guys!!

[WestieJeff]

No way to know the timeline. The minimum time would be approx 3 months from default and then 21 days. I've never seen one go that quickly. Usually ranges anywhere from 6 months to 2-3 years.

[Life Is Great Here]

Originally Posted by WestieJeff

No way to know the timeline. The minimum time would be approx 3 months from default and then 21 days. I've never seen one go that quickly. Usually ranges anywhere from 6 months to 2-3 years.

Thank you for the information.

[lng08]

Hey, sorry to hear your challenges. But there are still ways to get yourself out of the foreclosure, i.e., getting an investor buying your home or taking over your payments. It really depends on whether your property is way too underwater or it just needs fixing. Sometimes you may get quoted for $7500 but you could get it repaired for a lot less. If you could avoid foreclosure it could really savage your credit!