I dont need to, just sort of curious what the fall out would be.
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| Not paying your mortgage https://mail.chicagofanatics.com/viewtopic.php?f=47&t=82453 |
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| Author: | Hank Scorpio [ Wed Oct 16, 2013 11:21 am ] |
| Post subject: | Not paying your mortgage |
Sort of a serious question. With so many foreclosure and everything, how long would it take for the mortgage company to kick you out of your house if you just stopped paying? Could I get a year of not paying before they dropped the hammer? How long would that screw up my credit? I would still pay all my other bills... |
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| Author: | The Original Kid Cairo [ Wed Oct 16, 2013 11:24 am ] |
| Post subject: | Re: Not paying your mortgage |
Be careful of some of the bullshit that is sure to come your way shortly. I would have saved this for a PM. |
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| Author: | Hank Scorpio [ Wed Oct 16, 2013 11:29 am ] |
| Post subject: | Re: Not paying your mortgage |
| I dont need to, just sort of curious what the fall out would be.
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| Author: | spadaesq1 [ Wed Oct 16, 2013 11:31 am ] |
| Post subject: | Re: Not paying your mortgage |
Typically 18 months. Credit will be affected. |
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| Author: | beni hanna [ Wed Oct 16, 2013 11:33 am ] |
| Post subject: | Re: Not paying your mortgage |
Pretty sure it takes longer in the litigious state of Illinois. Not so sure for Indiana. May want to toss that out for the lawers to best help your friend. |
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| Author: | mike the tuba player [ Wed Oct 16, 2013 11:34 am ] |
| Post subject: | Re: Not paying your mortgage |
Citibank went 6 months before i got the foreclosure notice, another 3 to get to court, and I received a notice saying my house was going to be sold at auction about 6 months later. So I got about 15 months. You can file Bankruptcy up until the day before it goes to auction to put a stop to it and buy yourself more time while you figure out what you are going to do. |
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| Author: | Nas [ Wed Oct 16, 2013 11:35 am ] |
| Post subject: | Re: Not paying your mortgage |
I think it depends on the area you live in and how aggressive you try to fight it. Some people may be out in 9 months and others may last 6 years. |
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| Author: | Don Tiny [ Wed Oct 16, 2013 11:37 am ] |
| Post subject: | Re: Not paying your mortgage |
mike the tuba player wrote: Citibank went 6 months before i got the foreclosure notice, another 3 to get to court, and I received a notice saying my house was going to be sold at auction about 6 months later. So I got about 15 months. You can file Bankruptcy up until the day before it goes to auction to put a stop to it and buy yourself more time while you figure out what you are going to do. My unlearned, non-legal opinion is that - along w/ David's 18months - this is a good, but VERY rough, estimative overview. |
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| Author: | badrogue17 [ Wed Oct 16, 2013 11:38 am ] |
| Post subject: | Re: Not paying your mortgage |
In Indiana it doesnt take as long cuz all they have to do is come to the double wide with a couple of can openers and you're out. |
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| Author: | jimmypasta [ Wed Oct 16, 2013 11:39 am ] |
| Post subject: | Re: Not paying your mortgage |
To save your credit score, burn it to the ground might be a better option. |
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| Author: | Brick [ Wed Oct 16, 2013 11:39 am ] |
| Post subject: | Re: Not paying your mortgage |
3 days. Start packing now. |
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| Author: | jimmypasta [ Wed Oct 16, 2013 11:44 am ] |
| Post subject: | Re: Not paying your mortgage |
Hey , want to move in with me? 
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| Author: | Hank Scorpio [ Wed Oct 16, 2013 11:45 am ] |
| Post subject: | Re: Not paying your mortgage |
mike the tuba player wrote: Citibank went 6 months before i got the foreclosure notice, another 3 to get to court, and I received a notice saying my house was going to be sold at auction about 6 months later. So I got about 15 months. You can file Bankruptcy up until the day before it goes to auction to put a stop to it and buy yourself more time while you figure out what you are going to do. That's a lot of money you can bank. Any idea how long it jacks up your credit? |
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| Author: | The Original Kid Cairo [ Wed Oct 16, 2013 11:46 am ] |
| Post subject: | Re: Not paying your mortgage |
Yikes... Jimmy is in a class by himself. Take that however you wish. |
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| Author: | Frank Coztansa [ Wed Oct 16, 2013 11:46 am ] |
| Post subject: | Re: Not paying your mortgage |
badrogue17 wrote: In Indiana it doesnt take as long cuz all they have to do is come to the double wide with a couple of can openers and you're out.
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| Author: | Brick [ Wed Oct 16, 2013 11:46 am ] |
| Post subject: | Re: Not paying your mortgage |
Also, and I may be wrong, I believe the best strategy is sometimes to miss 2 or 3 payments and then call your bank and say how you can't afford it and need help. You actually get more relief for not paying them as the bank would prefer you stay in the house and actually make payment. That is what I've read. I would obviously talk to a real lawyer first. |
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| Author: | jimmypasta [ Wed Oct 16, 2013 11:47 am ] |
| Post subject: | Re: Not paying your mortgage |
The Original Kid Cairo wrote: Yikes... Jimmy is in a class by himself. Take that however you wish. Ferguson Jenkins got ripped once for saying that about himself. |
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| Author: | IkeSouth [ Wed Oct 16, 2013 11:53 am ] |
| Post subject: | Re: Not paying your mortgage |
Hank Scorpio wrote: Sort of a serious question. With so many foreclosure and everything, how long would it take for the mortgage company to kick you out of your house if you just stopped paying? Could I get a year of not paying before they dropped the hammer? How long would that screw up my credit? I would still pay all my other bills... YES. the biggest mistake of my life was moving before the bank took my house away. I stopped paying the mortgage and left, when I should have just stopped paying my mortgage and stayed. it took 1.5 years before they took the house. i would have saved roughly $10k if i just did that... either way your credit is taking a hit- might as well get what you can. |
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| Author: | IkeSouth [ Wed Oct 16, 2013 11:54 am ] |
| Post subject: | Re: Not paying your mortgage |
Boilermaker Rick wrote: Also, and I may be wrong, I believe the best strategy is sometimes to miss 2 or 3 payments and then call your bank and say how you can't afford it and need help. You actually get more relief for not paying them as the bank would prefer you stay in the house and actually make payment. That is what I've read. I would obviously talk to a real lawyer first. True. its sad but it is very true that missing payments is the best way to get discounts. |
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| Author: | IkeSouth [ Wed Oct 16, 2013 11:56 am ] |
| Post subject: | Re: Not paying your mortgage |
jimmypasta wrote: To save your credit score, burn it to the ground might be a better option. credit scores are a joke. nothing can permanently ruin your credit. bankruptcy solves everything, and as soon as you have money in the bank your credit goes right back up. learn from corporations, they are people too. |
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| Author: | rogers park bryan [ Wed Oct 16, 2013 11:57 am ] |
| Post subject: | Re: Not paying your mortgage |
Now I see why Hank is all over the free chicken contest. |
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| Author: | Don Tiny [ Wed Oct 16, 2013 12:00 pm ] |
| Post subject: | Re: Not paying your mortgage |
rogers park bryan wrote: Now I see why Hank is all over the free chicken contest. |
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| Author: | badrogue17 [ Wed Oct 16, 2013 12:07 pm ] |
| Post subject: | Re: Not paying your mortgage |
IkeSouth wrote: Hank Scorpio wrote: Sort of a serious question. With so many foreclosure and everything, how long would it take for the mortgage company to kick you out of your house if you just stopped paying? Could I get a year of not paying before they dropped the hammer? How long would that screw up my credit? I would still pay all my other bills... YES. the biggest mistake of my life was moving before the bank took my house away. I stopped paying the mortgage and left, when I should have just stopped paying my mortgage and stayed. it took 1.5 years before they took the house. i would have saved roughly $10k if i just did that... either way your credit is taking a hit- might as well get what you can. 10k would buy a lot of merino wool socks for sure |
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| Author: | NearWessSideHussra [ Wed Oct 16, 2013 12:08 pm ] |
| Post subject: | Re: Not paying your mortgage |
Hank Scorpio wrote: Sort of a serious question. With so many foreclosure and everything, how long would it take for the mortgage company to kick you out of your house if you just stopped paying? I'll give you $70 cash for $100 worth of groceries on your EBT/link card. |
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| Author: | NearWessSideHussra [ Wed Oct 16, 2013 12:13 pm ] |
| Post subject: | Re: Not paying your mortgage |
IkeSouth wrote: YES. the biggest mistake of my life was moving before the bank took my house away. you're young, you still have time to marry the wrong woman, have her shit out a few kids, buy a house, furniture, couple of cars and then lose it all in a divorce and have to pay rent for a studio apt and a mortgage on a house occupied not by you but by your ex-wife, her new guy of the month, your kids and maybe a couple of her relatives. |
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| Author: | T-Bone [ Wed Oct 16, 2013 12:14 pm ] |
| Post subject: | Re: Not paying your mortgage |
When I had to do this for a while I was told it would mess up my credit and ability to buy a new house for 3 years. Pretty sure my realtor told me that. |
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| Author: | rogers park bryan [ Wed Oct 16, 2013 12:18 pm ] |
| Post subject: | Re: Not paying your mortgage |
NearWessSideHussra wrote: IkeSouth wrote: YES. the biggest mistake of my life was moving before the bank took my house away. you're young, you still have time to marry the wrong woman, have her shit out a few kids, buy a house, furniture, couple of cars and then lose it all in a divorce and have to pay rent for a studio apt and a mortgage on a house occupied not by you but by your ex-wife, her new guy of the month, your kids and maybe a couple of her relatives. Is that word for word from Carolla? Or just a tribute? |
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| Author: | Mini Ditka [ Wed Oct 16, 2013 12:21 pm ] |
| Post subject: | Re: Not paying your mortgage |
You can try to do a short sale. A short sale is a better option than a foreclosure if you are underwater on your house and you can't make the payments. A short sale is better for your credit too. The other thing that some people do is they manage to get a loan modification, which sets them back on getting equity in the house and could possibly lengthen the years on the loan, but if approved people do pay a lower monthly payment. Definitely try to short sale your house if possible. Giving up the house and taking the hit on the credit score should be a last resort. |
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| Author: | Ugueth Will Shiv You [ Wed Oct 16, 2013 12:23 pm ] |
| Post subject: | Re: Not paying your mortgage |
Not paying your mortgage is not only a wonderful idea, but when combined with a shit-ton of food stamps every month, you can afford a new Cadillac and an iPhone 5S! |
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| Author: | Mini Ditka [ Wed Oct 16, 2013 12:26 pm ] |
| Post subject: | Re: Not paying your mortgage |
Ugueth Will Shiv You wrote: Not paying your mortgage is not only a wonderful idea It's not a wonderful idea. It's only a last resort if you can't afford it. To make a debt and not repay it when you have the money is immoral. |
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