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J. Warren
J. Warren, Lawyer
Category: Real Estate Law
Satisfied Customers: 1118
Experience:  Experience in residential real estate and commercial leases.
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My wife and I who have been divorcing for almost 4 years, entered

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My wife and I who have been divorcing for almost 4 years, entered into an informal agreement whereby she could continue to occupy the marital home on an exclusive basis in exchange for paying the mortgage. This was to continue until our property division was settled. She has mental problems which her attorney refuses to acknowledge, which have caused most of the delay in finalizing our divorce. - - Recently I discovered she has abandoned the home and has not paid the mortgage in what will be 90 days Nov. 1st. Additionally she has handed out keys to virtual strangers to come and go in the home as they wish. The home is filled with all of the joint property items acquired over 20 years of marriage; many of which are very valuable. I have today filed an ex parte hearing request, citing the impending possibility of foreclosure and necessity of protecting the contents. I have further found that her brother has been in contact with the mortgage lender, attempting to encourage foreclosure with some idea he will scoop up the home for a bargain price. I am not concerned about the latter as I have asked the judge to impose a restriction on the sale to include an arm's length transaction. (will that work regardless of a foreclosure sale?)
Finally, my question: Is there a length of time the mortgage goes past due when the lender will typically foreclose? (This mortgage has been paid on time for 17 years without fail.) Since I do not have enough resources to pay the mortgage as I have to maintain the separate quarters where I reside now, can you advise me on the amount of time one might typically have before foreclosure? Sorry to be so long winded. I am 71 years old and desperate for some wiggle room.
Thank you
Bill
Submitted: 8 months ago.
Category: Real Estate Law
Expert:  J. Warren replied 8 months ago.

Hello Bill, my name is XXXXX XXXXX X look forward to helping you today.

 

Sorry you are dealing with this situation. First, any attempt by the brother to purchase the house because he is a related party to an owner would unlikely be considered arms length and he could find himself defending a criminal and/or civil suit for mortgage fraud.

 

As to the time line for foreclosure. Typically 6 to 9 months from the date the first payment is missed. Even though there are not as many foreclosures today as a couple years ago, it is not that uncommon to see a foreclosure take up to almost a year.

 

One thing you can do is attempt to sell the house and work out a short sale with the bank whereby they agree to take an offer that may be less than what is owed. This helps the lender keep down their foreclosed inventory and safe their costs of foreclosure. It also help delay the foreclosure is a Realtor can get some activity on the house.

 

All my best & encouragement.

Please note that you are asked to rate my courtesy and professionalism, and not whether the answer supports your legal position. If for any reason you feel that a 2 or 1 rating is appropriate, please first give me the opportunity to address your concerns.

All states have intricacies in their laws and any information given is simply information only and specifically is not intended to be, nor does it constitute, legal advice. This communication does not establish an attorney-client relationship with you.

J. Warren, Lawyer
Category: Real Estate Law
Satisfied Customers: 1118
Experience: Experience in residential real estate and commercial leases.
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