I have not missed a payment yet, but am heading that direction. How long do I have until they kick me out if I can't no longer pay? Do I vacate now and get an apartment while my credit is still good or do I wait until I get the boot? I have so many questions and am seriously freaking out.

I bought my house in June of 2005 for $154,500 and currently have a 1st and a 2nd mortgage. I called my 1st mortgage company and they said that they couldn't help me at this time, but are sending me the hardship packet in the mail. My house is now worth half of what I still owe on it. Do I call my 2nd mortgage company and inform them as well? I have never been in this position before.

The other properties that are exactly like mine are now selling for $76,500 as of 8/18/09. I have a 5 year interest only arm that is up in June 2010 and am unsure of what my payments will be. My roommate bailed on me and now I am living beyond my means. Any advice would be greatly appreciated.

two neighbors dragged it out for nearly a yr by filing BK. a 3rd got about 6 months, no BK. Scarey part is two of the 3 bought about the same time we did (but one overpaid - we looked at that house and its identical to ours but a smaller lot - they paid 15K more in Sept 2007. They made it about 1 yr before going late).

First thing you should research is whether your state requires "judicial foreclosure" process or not.

the "how long till you have" questions will depend a lot on answer to the above.

If foreclosures in your state are the "non-judicial" type, then the lender can foreclose at any time after you begin to miss payments.

If foreclosures are the "judicial" type then the lender has to wait for the court process to start and end with the "judgment in favor of bank". Then after that either be required to sell the house first before they can begin process to evict you or begin process of eviction right away after judgment.

Regardless of which process takes place in your state, eviction procedures must be followed. Eviction process vary by state.

Thank you for your responses. I live in Minnesota and found out that it is a non-judicial foreclosure state.