How long does it take for the bank to reposses my home?I have an upside mortgage and a line of credit with another bank?

Orlando, FL Viewed 32 times. Posted 23 days ago in Foreclosure

I am having problems in making payments. I own the bank 220K and the market value is $145K. + a credit line with another institution of 40K. If I have problems to make payments to both.... how fast can either of the bank repossess my house? Please advice,

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Answers (1)

Stephen Andrew Mosca

This attorney is licensed in Florida. Posted 22 days ago.

There's no way to know how long a bank will allow a loan to go delinquent before filing a foreclosure action. Once an action is filed, however, you have a very short timeframe to respond without defaulting on the claim and allowing the bank to request a default judgment against you. Don't let that happen! You can likely continue to live in the home without paying rent for a long time with proper legal representation.

There may be vaild defenses to stop the foreclosure but you will need to have a lawyer file an answer to the claim and proceed from there. With your debt/value ratio do not expect a modification - you will have to litigate. Get your documents together for a lawyer to analyze and start looking for one you can work with. Good luck.