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?

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.