I have been served foreclosure papers that state he has not made a payment on the house since 11/08. He insists he is completing loan modification on all these properties and I should not worry (to continue paying him). The lawyer says, "no, the foreclosure is live and i will only have a couple months to get out" Not sure what to do. Can you do loan modification on that many properties?
, | Jul 24th 2009
by jerryG
Answer
by loanmodpro
Are you renting from a landlord who is in foreclosure on his properties? If so, you should worry. There is no straight answer for his scenario, it really depends on if the banks see the light at the end of the tunnel for him. Chances are, he will probably foreclose on a few of his properties. If you are renting, my advice for you would be to start looking for backup options just in case. It doesn't take that much time to have a back up plan, and it's better to be proactive about your living situation. Hope this helps. Jul 25th 2009
by scott.tmms
It depends on what state you are in and if your landlord is really in contact with the lender. Each state has slight differences in foreclosure law and those differences would determine the impact to you. You may want to put the money in an escrow account and request that the funds are applied to the mortgage payment.ThanksScott Schneiderwww.scottschneider.info Oct 9th 2009 |
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