Day Zero

Day 0! We've taken the big first step today! Steering the ship towards Scylla, not Charybdis.
                               
Here's what the next year or more of our lives will be measured by:       
                               
March 2    Day 1                           
    Missed payment                       
    Loan officially in default                   
April 1    Day 31 (or any date later)                   
    Notice of Default from the bank                   
    May not be less than 30 days from "initial contact", where they try to get me to pay
May 1    Day 61 (or  actual date of "Day 31" + at least 30 days)           
    Notice of Trustee Sale posted on our door               
    May not be less than 90 days before the date of the sale       
Aug 3    Day 151 (or actual date of "Day 61" + between 90 and 210 days)       
    Foreclosure sale, must be a Friday               
    Bank must publish sale in a local paper once 4-5 weeks before sale and once 1-2 weeks before sale
Aug 23    Day 171 (or actual date of "Day 151" + exactly 20 days)       
    We have to be out of the condo, and ownership transfers       
    Foreclosure officially done!                   
                               
However, CNN Money reported today that 1 in 4 homes sold in 2011 was in some state of foreclosure. And that short sales were averaging 308 days to close last year; foreclosures averaged considerably longer. Our foreclosure will definitely take longer than the 171 minimum above. The lawyer estimated a minimum of 8 months, and said he's got a client sitting at 22 months now.


- Jane