If I have defaulted on my mortgage and they want me out in 4 days, what are my options?

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If I have defaulted on my mortgage and they want me out in 4 days, what are my options?

I’m currently 4 months behind on my mortgage and want to catch it up over the 2 months. They’re telling me they have to have 3 months payments. I don’t have that much. I wanted to pay month and a half this week and month and a half in 2 weeks. They are telling me that I need to be out in 4 days. Is this possible?

Asked on August 1, 2011 Wisconsin

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

All states have requirements for a foreclosure proceeding as to a loan on one's home. Although you are delinquent in your monthly payments to the lending institution, it appears that there has yet to be a trustee's sale where title to your home has been lost and is no longer in your name.

If this is true, you have no reason or basis to leave your home because you still own it. The only way the lender can force you out is to serve you with an eviction order at this point issued by the court.

You should consult with a real estate lawyer to assist you in making up your deficient payments so you are not taken advantage of. You need to remember that you have interest and penalties accruing on the monthly payments that you have not made.

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

All states have requirements for a foreclosure proceeding as to a loan on one's home. Although you are delinquent in your monthly payments to the lending institution, it appears that there has yet to be a trustee's sale where title to your home has been lost and is no longer in your name.

If this is true, you have no reason or basis to leave your home because you still own it. The only way the lender can force you out is to serve you with an eviction order at this point issued by the court.

You should consult with a real estate lawyer to assist you in making up your deficient payments so you are not taken advantage of. You need to remember that you have interest and penalties accruing on the monthly payments that you have not made.


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