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How many months unpaid before a bank can start the foreclosure procedure.

Brockton, MA |

wells fargo holds my mortgage and i have asked them twice to help me lower my payments. i have recieved a special forebearance letter doesn't help me with lowering my mortgage at all. i am two months behind. i make payments that usually brings me 1 month behind but by the time i make the next payment it goes back to two months. i thought the government issued a system that helps people like me lower my payments. i think they are taking advatage of my situation because i do not have professional representation.

Attorney Answers 3

  1. Normally the bank doesn't foreclose until you are 3 or more months behind. You're right that entering into the forbearance agreement that you are describing will not bring you current, but probably forestall the foreclosure. Whether or not that’s worth it is up to you. I would recommend applying for a loan modification HAMP (Making Home Affordable Program) if you haven't already. If your servicer participates in HAMP, they are supposed to consider your eligibility for a loan modification before referring your loan to foreclosure.

    The information in this answer is not intended as legal advice nor do I intend to create an attorney-client relationship with any reader simply by answering this question or contributing as a member of AVVO.

  2. I assume that your property is in Massachusetts, so my answer applies to property in Massac,husetts. My practice is focused on short sales, loan modifications, and predatory lending. I would like to know if your home is an FHA loan because that may be an easy fix. It is my opinion that most lenders do not want to do loan modifications, so having representation is a good idea. In Massachusetts, no one can get paid to represent you in a loan modification unless they succeed.

    If you are two to three months behind, the lender may send you a default letter that starts the 150-day "right-to-cure" period. After that period, the lender will need to adhere to the Servicemens' Civil Relief Act, which entails advertising your home as a foreclosure for three weeks. After filing with the Land Court, the lender can proceed with the foreclosure. Because Land Court has been backed up, it may take 12-15 months of non-payment before they foreclose.

    I am not a fan of the forbearance agreement because it does not stop the foreclosure process. There are other options to consider, such as bankruptcy. If you want to discuss this over the phone, I can evaluate your situation and see if I can help you. Although I am in Andover, we can use emails and faxes to accomplish what we need to accomplish.

  3. I would urge you to contact an attorney in your area who can help you wade through this problem and see what rights you may have.

    The state of foreclosure law is in an extreme state of flux presently, so a knowledgeable attorney in this area could possibly save your house or at least scare the note holder to back off and make a payment plan.

    I practice in this area, and find that often good negotiation can really help in these cases.

    Best of Luck,

    Mike Cupoli

    The Law Office of Michael T. Cupoli III

    This is not legal advice and is not intended to create an attorney-client relationship. You should speak to an attorney for further information. This Web site is a public resource for general information only. No information in this Web site should be used by the reader as a sole source of legal advice. For specific legal advice contact an attorney directly. In accordance with rules established by the Supreme Judicial Court of Massachusetts, this web site must be labeled “advertising.”

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