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Home Foreclosure

Picture of a Home Foreclosure My home foreclosure process began when I could no longer pay for my monthly platinum American Express back in 2007. I had just closed down my trucking company, but still had a balance of around $7,000 on my card. I could not pay the debt and it was sent to their attorney and they proceeded to sue me that kind of got my attention, that’s never happened to me. They had a cop in uniform show up and serve them, I then contacted American Express and made arrangements to have three monthly payments withdrawn from my checking account.

Wrong move

When I made this agreement I was basically choosing to pay them over my mortgage payment. Knowing what I know now I would have just let them sue me and get a judgment or actually I would have filed bankruptcy back then while I still had the money to. So that put me three months behind with my mortgage payments, by now it’s the beginning of 08’ and a lot of people are missing mortgage payments and I was able to get a modification that basically threw all my late payments to the back of the loan and got me back on track again, at least for a while.

Giving up

It wasn’t too long after that I was behind again due to a cut back in hours at work, after missing three payments, that’s when the foreclosure process began again. Strangely enough when I contacted them again they mentioned in a few more months I would be eligible for another modification, you could only have one modification per year. Anyway, I couldn’t give them the money they were asking for so I said the hell with this and let the foreclosure process proceed and I’ll keep all my money, this will be an educational life experience.

Foreclosure proceeds

So every month I got the usual mortgage statement with higher amounts owed and late charges and also letters from their attorneys that were doing the foreclosure. They have to give so much notice to you for everything it takes a minimum of 6 months to get you out it’s crazy. They have the attorneys accelerate the mortgage loan and give you 30 days to basically come up with all the balance of your mortgage. So of course that didn’t happen, then next they have to post your home in the newspaper for 4 weeks to advertise the auction. Then either somebody purchases the home or the mortgage lender buys the home and resells it. I moved out of my home a few weeks before the auction, I should have stayed a little while longer. Then they give you like 30 after the auction to move out, if you’re a renter you get like 90 days to move out because you may have not been aware of the entire foreclosure process.