What is the typical amount of time it would take for the bank to begin the foreclosure process begins?
by Mortgage Rates on Wednesday, September 15th, 2010 | 3 Comments
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banks USUALLY won’t begin foreclosure until after the third missed payment, but that is just a ballpark time frame. With the housing crisis, it may be your landlord quit paying on his mortgage about the time you moved in, and personally, i’d tell him to use your deposit for the last month’s rent, and get the heck out of there–this owner is taking your money and yes, he can do with it what he chooses, but it is you who is at risk for housing. Technically, he does not have to return your deposit until after you vacate, but it sounds like he isn’t planning on returning anything to you. CYA–start looking elsewhere. Good luck.
The owner did not make any payments for at least 6 months. you can not ask for your money back but you can sue him (if it’s worth your time) for the loss that you will have by moving again, and if you signed a contract for a period of time and you know that he can’t fulfill it. Let’s hope he has not filed for creditor protection. I would say get out of there is you can not buy it. the benk might give you an offer.
My home originally went into foreclosure after I did not make the 3rd month’s payment. After that there is a whole string of procedures that the bank has to go through before they auction off the house.However, I would get out of there ASAP and stop paying the landlord. I would not wait past 8 months to move once the first month’s mortgage has not been paid. What is he going to do to you legally? Sue you?!! He can’t. Your landlord is scamming you and taking advantage of the situation.
You can sue him!! If I were in your situation I would NOT pay him another month’s rent and save up to make sure that you have enough money to get a new home. The house now belongs to the bank, not to your landlord.
Good Luck and Best Wishes!!!