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After reading some of these answers, I thought I would ad to the pot. Depending on your state of residence, the lender typically waits 3 months before filing court action for foreclosure. During this time you will receive alot of mail. After the filing, the courts can take anywhere from 2mths - 1+ years to elect a sale date. Once your home is then sold by the courts, you will have to pay the difference from the sale price. Foreclosure will be reported on your credit and will make it impossible to purchase for at least 2yrs. You will always pay a higher interest rate from then on when you buy property. If you cannot afford the payments or simply don't want to pay, I suggest you sell the home, try to make a profit and then pay cash for your next house. As always, consult a Real Estate Attorney as state laws and processes do differ. Feel free to email me at [email protected] should you elect to sell!
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