[Isafjordur]

We all know that the global economy is terrible, and that housing market is horrible. My family sadly happens to be on of millions suffering. For the past year or so we've been in house problem. We barely able to pay our mortgage, we even did the loan modification twice, and we are still unable to pay our house. We've paid for the past four months, but it is doubtful we will be able to pay our mortgage this month. If we miss it, we will be foreclosed. We are in this problem because of my mum, I love her but she's the cause of our whole problem. She's an alcoholic, and she's been to rehab four times, and none of them worked, but we are still paying for it to this day. She spends about $300 a month on beer, she writes checks for the beer and she steals the checks from my dad. So my question is, what happens after you lose your house? Does the bank help you find temporary or long term housing? I really need to no, because I'm too young to live on my own, as I'm only 16. Any information will be appreciated.

[Just_Another_Lemming]

Sven, when I saw your post, I took the time to go back and read a bit more about you through your other posts. I am not completely clear on which country you are in, Iceland, Sweden, UK? I am in the U.S. and enjoy speaking with people from other countries.

Generally speaking, foreclosures don't happen overnight. They take quite a bit of time to get to the point where someone actually loses their house. So, if one month has been missed, it doesn't mean the foreclosure process will begin. I think you need to trust that your Dad is handling the family problems. I am positive he is not going to ever leave you stranded and force you to live on your own. You have an advantage over many other people your age. You have a father who takes his responsibility as a parent very seriously. If he didn't, you wouldn't have been diagnosed and treated for the medical conditions you have been living with. I am deeply sorry that you have been dealing with so many worries and concerns at your age. You should be having fun, not worrying about your health or family finances as you have been doing. I wish I could snap my fingers and take all your worries away from you. We both know that is not possible. However, what I can do is to keep telling you that you need to trust in your Dad and allow him to do what he needs to do for your family. You need to go to school, enjoy your friends, and find a way to find all the joy that life has to offer. The best way to do that is to spend time with good friends, stay on your medications, focus on your classes, and enjoy the process of figuring out what you think you would love to do with your life when you are an adult. Begin looking at the Universities that offer classes that will allow you to follow your dreams.

[Fr_Chuck]

First after they stop paying the bank, it can take 3 or 4, sometimes up to 12 months before the bank will actually foreclose. ( in the US) the truth is they don't want your house.

But at the point if they do, they will merely give notice for your family to move out. But no, they don't give any help to move out, that is up to your family.

If what you said is true, DAD needs to change how things work, take moms' ability to get the money away from her. Take her name off checks, and so on

[ScottGem]

As noted, a soreclosure doesn't happen so quickly. Generally, a lender has to be at least 90 days delinquent before the lender can even start foreclosure proceedings. From there it can take 6-12 months to finalize the foreclosure. In the US you then have 90 days to vacate.