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  1. #1
    Join Date
    Mar 2012
    Posts
    1

    Default How Long Will It Take to Foreclose After a Default

    My question involves bankruptcy in the state of: New Mexico.

    I went through BK 11 years ago. I never reaffirmed my debt with my mortgage company Green Tree. Do to unemployment, I was able to pay February's payment of $189.00. So they defaulted my loan for $208.00 stating that I did not pay $19.00 in January. I made arrangements to pay the $19.00 and told them I would not be able to make Feb. or March payment till April first for a total of $360.00. Well, they would not work with me and have threaten to make me vacate. My default is up on 3-24-12

    I received a notice on my door from them on 3/16 that states:

    THIS IS NOT AN ATTEMPT TO COLLECT A DEBT. YOUR PERSONAL OBLIGATION TO PAY THIS DEBT WAS DISCHARGED IN THE BANKRUPTCY AND YOU THEREFORE HAVE NOT PERSONAL OBLIGATION TO PAY GREEN TREE ON THIS ACCOUNT. YOU HAVE STATED AN INTENT TO MAKE VOLUNTARY PAYMENTS IN ORDER TO RETAIN THE COLLATERAL SECURING THE DEBT. YOU ARE NOT OBLIGATED TO MAKES PAYMENTS AND ANY AMOUNT YOU DO PAY GREEN TREE ARE AT YOUR DISCRETION. THIS IS SIMPLY TO NOTIFY YOU OF THE TERMS ACCEPTABLE TO GREEN TREE TO FORBEAR FROM PURSUING ITS RIGHT TO THE COLLATERAL.

    At this point, I am ready to move to another city. So I will let come and take it. I am tired of fighting with them all the time. So my questions are:

    1.) What should I expect to happen next after the default?

    2) How much time do you think I will to vacate if they proceed with the default?

    3) If they foreclose, my debt has already been discharged, what will happen?

    Any answers will be greatly appreciated!

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: How Long Will It Take to Foreclose After a Default

    How long will it take? That's entirely up to the bank. Some institutions move quickly, others slowly, others like glaciers. There's not necessarily consistency from case to case.

    It would be sensible for you to make plans to move such that if the bank acts quickly you won't face a major inconvenience, but nobody here can give you a time table.

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