Re: WILL 3RD MISSED PAYMENT GO TO FORCLOSURE?
Posted by John on February 04, 2009 at 04:41:35:
In Reply to: Re: WILL 3RD MISSED PAYMENT GO TO FORCLOSURE?
Posted by Jim V on February 03, 2009 at 23:38:07:The topic is quite interesting and Jim V tou bring out some good points.
1.In my opinion, a 1-3 year timeframe is more probable and it's highly unlikely. epending on the state that the property is located, with proper planning, 3 years nowadays is the minimum amout of time in a foreclosure action. Recently a homeowner stretched their foreclosure to over 10 years.
2.50% of the previous mortgage payment would be banked.
That would be up to the homeowneres own disipline. In any event, if the money is nor banked, they would have it to spend on other things. it would be like getting a tax free raise equal to the mortgage payment.
3.If the state where the property was located allowed deficiency judgments when the foreclosure was completed, then of course those banked "savings" could be attached.
Not neccessarly true. In the plannining stages, procedures can be implamented to avoid this. Any good attorney or financial planner can help to make these arrangements.
4.The legal system has it's benefits, but I'd be kind of cautious about stating "they may use the legal system to make a windfall for themselves". That kind of thing can come back to bite you, especially when it's put up on public message boards.
I am not clear on how following the law and using the legal system is harmful. This comment should be elaborated more.
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