Foreclosure University Forum

how to delay foreclosure in california

by mike92024 ⌂ @, Monday, June 08, 2009, 12:58 (3753 days ago) @ ronnyray

� Hi - my wife just left me and I cannot afford my mortgage with just one
� income. I am upside down and have resigned myself to letting wells fargo
� have the house. I will stop making payments on May 1 but need to stay in
� the home for at least 10 months until I will have another place to move
� to.
� Will listing my house for sale delay the bank from issuing a notice of
� default> If so, should I list it immediately, or wait until I receive
� notice> Which, if any, will buy me the most time>
� Thanks for any and all input.

Sorry to hear about your situation. Without knowing specifics of your loan scenario, here are a couple of items:

- List your home for sale right away. Maybe it will sell. Lenders in CA have been pretty cooperative with homes listed for sale. After all, if they foreclosed, guess what they need to do next...

- If you have a first and second with Wells, you might stop paying on the 2nd loan and then stop paying on the 1st a couple months later. That would put the 2nd 60 days ahead in the foreclosure process. They really can't or won't foreclose (the 2nd position lender) because they will receive nothing but a bill from their attorney. Some lenders are even writing of the seconds. That would certainly modify your loan terms!

- Try a loan modification. Lenders are willing to push back sale dates and such while they are negotiating a modification since they realize they are just too swamped.

Just try to work with your lender. You may get some good news, which would be good at a time like this.


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