Comments on: I just missed my first mortgage payment. How long do I have before the sherif sale? Will I get a deficiency? http://www.vegasbubble.net/i-just-missed-my-first-mortgage-payment-how-long-do-i-have-before-the-sherif-sale-will-i-get-a-deficiency Just another WordPress weblog Sat, 17 Jul 2010 17:36:24 +0000 hourly 1 http://wordpress.org/?v=3.0 By: godged http://www.vegasbubble.net/i-just-missed-my-first-mortgage-payment-how-long-do-i-have-before-the-sherif-sale-will-i-get-a-deficiency/comment-page-1#comment-2692 godged Tue, 09 Feb 2010 04:12:32 +0000 http://www.vegasbubble.net/i-just-missed-my-first-mortgage-payment-how-long-do-i-have-before-the-sherif-sale-will-i-get-a-deficiency#comment-2692 It will take about 6 months to go to Sheriff's sale. There will be a ton of notices, and they will start coming soon. You should never "be OK" with trashing your credit. You will pay more for everything based on credit score, such as insurance. This may effect your ability to get a job or an apartment. You seem to want to blame others for this, and are not overly concerned with the consequences, these are decisions you made. Taking an 80/20 loan was a terrible decision, but you are not the only one who got sucked into that scam. You also left a financially secure situation, which I understand, but again, a decision you made. You would do well to talk to your lender to see if there are options available to you, and then an attorney about what is about to occur. It will take about 6 months to go to Sheriff’s sale. There will be a ton of notices, and they will start coming soon.

You should never "be OK" with trashing your credit. You will pay more for everything based on credit score, such as insurance. This may effect your ability to get a job or an apartment.

You seem to want to blame others for this, and are not overly concerned with the consequences, these are decisions you made. Taking an 80/20 loan was a terrible decision, but you are not the only one who got sucked into that scam. You also left a financially secure situation, which I understand, but again, a decision you made.

You would do well to talk to your lender to see if there are options available to you, and then an attorney about what is about to occur.

]]> By: golferwhoworks http://www.vegasbubble.net/i-just-missed-my-first-mortgage-payment-how-long-do-i-have-before-the-sherif-sale-will-i-get-a-deficiency/comment-page-1#comment-2693 golferwhoworks Tue, 09 Feb 2010 04:12:32 +0000 http://www.vegasbubble.net/i-just-missed-my-first-mortgage-payment-how-long-do-i-have-before-the-sherif-sale-will-i-get-a-deficiency#comment-2693 ok so working a second job and honoring your commitments is not an option. then just wait all that you said is true and will come to pass ok so working a second job and honoring your commitments is not an option. then just wait all that you said is true and will come to pass

]]> By: Southern Gentleman http://www.vegasbubble.net/i-just-missed-my-first-mortgage-payment-how-long-do-i-have-before-the-sherif-sale-will-i-get-a-deficiency/comment-page-1#comment-2694 Southern Gentleman Tue, 09 Feb 2010 04:12:32 +0000 http://www.vegasbubble.net/i-just-missed-my-first-mortgage-payment-how-long-do-i-have-before-the-sherif-sale-will-i-get-a-deficiency#comment-2694 Talk to your mortgage companies, You may be able to voluntarily give up the house and not suffer that bad a hit on your credit. Hopefully you have learned to stay from these types of sucker loans. Talk to your mortgage companies, You may be able to voluntarily give up the house and not suffer that bad a hit on your credit. Hopefully you have learned to stay from these types of sucker loans.

]]> By: jpolster2008 http://www.vegasbubble.net/i-just-missed-my-first-mortgage-payment-how-long-do-i-have-before-the-sherif-sale-will-i-get-a-deficiency/comment-page-1#comment-2695 jpolster2008 Tue, 09 Feb 2010 04:12:32 +0000 http://www.vegasbubble.net/i-just-missed-my-first-mortgage-payment-how-long-do-i-have-before-the-sherif-sale-will-i-get-a-deficiency#comment-2695 This isnt your fault. Its the economy's, so blame George Bush. I would sell the house. if you cant sell it, see if you can give it back voluntarily. This isnt your fault. Its the economy’s, so blame George Bush. I would sell the house. if you cant sell it, see if you can give it back voluntarily.

]]> By: stumpu2 http://www.vegasbubble.net/i-just-missed-my-first-mortgage-payment-how-long-do-i-have-before-the-sherif-sale-will-i-get-a-deficiency/comment-page-1#comment-2696 stumpu2 Tue, 09 Feb 2010 04:12:32 +0000 http://www.vegasbubble.net/i-just-missed-my-first-mortgage-payment-how-long-do-i-have-before-the-sherif-sale-will-i-get-a-deficiency#comment-2696 Wow! And it's 10 years for a foreclosure. So you will be approaching your 40's by the time it clears. Because it will be 10 years from the time it's said and done and it will probably take up to 2 years to finalize which will make you 28 so 38 it will start to fade off! Wow! And it’s 10 years for a foreclosure. So you will be approaching your 40′s by the time it clears. Because it will be 10 years from the time it’s said and done and it will probably take up to 2 years to finalize which will make you 28 so 38 it will start to fade off!

]]> By: FreakyGeeky http://www.vegasbubble.net/i-just-missed-my-first-mortgage-payment-how-long-do-i-have-before-the-sherif-sale-will-i-get-a-deficiency/comment-page-1#comment-2697 FreakyGeeky Tue, 09 Feb 2010 04:12:32 +0000 http://www.vegasbubble.net/i-just-missed-my-first-mortgage-payment-how-long-do-i-have-before-the-sherif-sale-will-i-get-a-deficiency#comment-2697 F the guy saying to honor your commitments. If the banks weren't getting all this free money because THEY screwed up, he'd have a point. But until the gov't is knocking at my door to help bail me out, I could care less about "honoring my commitments" just as the bank does. To the OP, the exact same thing happened to me. I bought a forclosure in '06. At the time my husband and I both worked for a mortgage company in the appraisal department (doing HONEST WORK). We also had a side service business. Bought the house in 06 with plenty of money. I also bought the house because it was supposed to be an investment, supposed to appreciate (even modest appreciation was fine with me) and it was a foreclosure so I got it under market value. But of course, the day I bought it was the beginning of the downward trend. And the price continues to plumet daily. About 6 months after we bought the house, we were both laid off from our jobs (the same day as we worked for the same company). We held onto the side business, but because of the economy and no one buying, we also lost that too. We got new jobs paying MUCH less and eventually were laid off from those too. Now both of us have been unemployed for about 3 months and have stopped paying the mortgage. There are NO jobs out there. So we will just stick it out until they force us out and then use whatever cash we have left to get a rental. Plenty of rentals are saying bad credit is ok because lots of people have bad credit now. I would not sink every last dollar into that house unless you like not being able to put food on the table. Your best bet is bankruptcy. If they jsut foreclose, they will come after you for the difference. A bankruptcy would wipe it out. They WILL garnish your wages if they are short 100,000 on the sale of the house. It's a lot of money. F the guy saying to honor your commitments. If the banks weren’t getting all this free money because THEY screwed up, he’d have a point. But until the gov’t is knocking at my door to help bail me out, I could care less about "honoring my commitments" just as the bank does.

To the OP, the exact same thing happened to me. I bought a forclosure in ’06. At the time my husband and I both worked for a mortgage company in the appraisal department (doing HONEST WORK). We also had a side service business. Bought the house in 06 with plenty of money. I also bought the house because it was supposed to be an investment, supposed to appreciate (even modest appreciation was fine with me) and it was a foreclosure so I got it under market value. But of course, the day I bought it was the beginning of the downward trend. And the price continues to plumet daily. About 6 months after we bought the house, we were both laid off from our jobs (the same day as we worked for the same company). We held onto the side business, but because of the economy and no one buying, we also lost that too.

We got new jobs paying MUCH less and eventually were laid off from those too. Now both of us have been unemployed for about 3 months and have stopped paying the mortgage. There are NO jobs out there. So we will just stick it out until they force us out and then use whatever cash we have left to get a rental. Plenty of rentals are saying bad credit is ok because lots of people have bad credit now.

I would not sink every last dollar into that house unless you like not being able to put food on the table. Your best bet is bankruptcy. If they jsut foreclose, they will come after you for the difference. A bankruptcy would wipe it out. They WILL garnish your wages if they are short 100,000 on the sale of the house. It’s a lot of money.

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