Q&A: Bought my house and business with contract for deed and have some questions.?

Question by DSYM2004: Bought my house and business with contract for deed and have some questions.?
I bought my house with a storage unit out front on contract for deed. I then switched the house to a loan and paid off the rest of the business. My mortgage payment went form 1800 to over 3600 a month and I just cant afford it anymore. I tried to refinance 3 different times but they wont let me. I am thinking I am just going to stop paying on the mortgage and let them foreclose on it, saving all my money until then for a down payment on a new house.

It seems unlikely that I would be able to outsmart Wells Fargo so just looking for some advice.
Would the bank be able to do anything to my business? It is a separate corporation but the actual land is still in my name.
If I stop paying my mortgage how long before they take action and seize the house? Would they give my adequate time to leave?
The business land also includes the front part of the driveway and all the land between the house and the highway, if the house was seized could I prevent anyone from using that section of the driveway?
Any advice, thoughts ect would be greatly appreciated.
Daniel

Best answer:

Answer by Steve
Wells Fargo has a mortgage on your real estate. If you stop paying they can do a foreclosure. The amount of time that it takes between the time you stop paying and the time you have to vacate depends on state law and how diligent they are in moving the foreclosure along. Generally speaking it takes 6 to 9 months. The fact that your business is located on the property is immaterial. When the foreclosure is over, you and your business will be in the street.

You need to figure out a way to either sell the property, refinance or somehow make the payments. Otherwise you will be thrown out and your credit will be ruined. Then good luck ever getting a loan again or renting from someone.

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