Foreclosure is coming. Whether by choice or circumstances, you know the bank will take the house.
Should you start packing immediately?
The way banks are currently operating, the answer is: not yet, not soon, not for a long time.
For one of my clients, the answer to how long was well more than 735 days. And they did nothing to delay the inevitable.
Here’s the foreclosure timeline for this California couple.
A year of missed payments
When they filed bankruptcy in June, 2013, they were 13 months behind on their mortgage. That’s 390 days without paying.
The house was waaaaay underwater and they decided upfront to let it go. And said so in the Chapter 13 plan.