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How do forclosures work and what do banks do (step by step) when an owner cannot pay the mortgage.

Regarding foreclosures, what does the bank do to owners who cannot pay the mortgage (step by step contacts by bank / lawyers)?  I know about impacts to credit ratings but what other legal ramifications are there, such as, jobs, taking salary, taking savings, etc.  Could the owner go to jail or what MIGHT happen to the owner?  If the home owner vacates the property then what happens?  How long does it take before the bank leaves the owner alone after the owner tells the bank he cannot pay the mortgage?
  • December 18 2008 - Tampa
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Answers (5)

drdoman,

You can STOP the Calls right NOW.  You can Stop the sleepness nights also.  You need to NOT let the Bank take your home.

[content removed by moderator for being self promotional]
  • December 23 2008
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Read: Foreclosure Timeline
Forget loan modifications, Bloomberg and Congress have published their failure.
Do your own loan audit: From your most recent loan pull up the following documents:
1003 (Uniform Residential Loan Application)
1008 (Uniform Underwriting and Transmittal Summary) and
Appraisal Report.
Go through them and find any discrepancies. Make sure your income matches your IRS Form 1040 (the year before the loan was made).
* Read about False Stated Income Loan Fraud. and print this sample subprime underwriting guidelines for reference.
If you find any, send a Qualified Written Request to your lender outlining everything you have discovered. They have 20 days to respond and  60 days to resolve the matter. [content removed by moderator for being self promotional]
Validating your debt is the first step. Loans  originated with fraud and predatory lending open up a whole world of options to the borrower provided someone led them there.
Hope this helps. God bless your family.
Robert Tapia
  • December 23 2008
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Answer the question, someone needs help.

  • December 19 2008
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forensicloanauditor-

Please refrain from spamming. Continued violation of this policy is a ground for suspension of your Zillow account.

Thank you for understanding.
  • December 19 2008
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Umm, yeah Forensic loan person, chill on the spamming already.
  • December 18 2008
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