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Posted by Ray on February 23, 2005 at 15:04:26:
In Reply to: How much time before the bank will foreclose posted by Kim on February 23, 2005 at 09:14:32:
: I have a house in CO that I owe 337,000. It has been on the market for 6 months. we moved to NC and purchased another house. After 6 months of paying two mortgages, we can simply not afford to continue the payment on the CO house. How long do I have to not make any payments until the bank starts foreclosure proceedures? And is it best if I just call and volunteer foreclosure?
Does the loan company know where you work so they can garnish your earnings? You need to turn it over to a realty company who checks the credit of those who rent and let them get you a good renter. The realty companies will take out their part and send you the remainder to pay off the house payments. It could bring in more in rent in some cases that the payments.
The realty companies takes care of all the business. If someone else rents and pays you it will be clear someday and you will still own the property. You ask the question how long will it be before the bank forecloses. I understand in about 3 months after they stop recieving money for payments.
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