Quote:
Originally Posted by Homeslice
They foreclosed after only 1.5 months? That makes absolutely no sense. It's rare to find ANY bank that forecloses within the first 6 months after the borrower stops paying.
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After 30 days you are techinically in default, but you will not recieve a Notice of Default letter until 90 days. Then you have an additional 20 days which to settle the debt with the bank or they foreclose. And if you rent to someone, they have an additional 90 days. Remember, B of A stopped foreclosures because shit is so fucked up. I've heard they are doing more short sales and modifications instead. Short sale FTW!
I've known people to stay in their house 2 years before the sheiriff comes and gives you a 3-day notice.