We were just served with foreclosure papers.

[jodi b]

We had already decided to sell the house.? How long does it take to foreclose? The letter said we had 20 days to respond. Then what happens? Before we got served we decided to put the house on the market. Do we have time to do that? Should I call the mortgage company and tell them I am selling? Please help

[kylekd4]

Depends on what state you are in and what bank it is- some move faster than others but its a good idea to try to sell it they should want to work with you because they would rather you sell than them pay a lawyer to foreclose on it and then pay a realtor to sell it.

[bmaca]

I would definitely contact your mortgage company immediately, because if they start the foreclosure process and get far enough into it, it will not be worthwhile for them to stop the process to give you time to sell the house. An option you can consider would be to contact a loss mitigation consultant such as Advantage Mitigation Services and talk to them. They will give you a lot of ideas on what your options are. They can also negotiate with the mortgage company for you, but of course at a cost(That's how they make money). Sometimes, they can even negotiate their fee with the bank/mortgage company so that you get refunded your money. It won't cost you anything to call and talk to them, though.