How long will Countrywide take?

[tools2teach]

My wife and I are filing for chapter 7 and surrending the house back to Countrywide. We live in California and our plan is to stay in the house as long as possilbe without making mortgage payments. I have heard 6 months guaranteed, but I have also heard Countywide is so backup in forclosure filings that it could take anywhre from 8-12 months. Does any have any experience with Countywide and how long were you able to stay in you house.

[cool33097]

I live in FL and we stop paying Countrywide in March, filed in july and still in the house.

[TEW]

http://www.realtytrac.com/foreclosur...osure-laws.asp

[slam22]

We are in California as well. Filed in June and recieved our discharge at the end of September. Have not made a payment on our mortgage to Countrywide since March. As of today Countrywide has not initiated any foreclosure proceedings against us. We basically have not heard a word from them since we filed on June 30th. When a Notice of Default is filed we will have at least four months from that date until we would have to move out. Even if they filed between now and the beginning of November that would have us living rent free for a year since our last mortgage payment. They are quite backed up and they eventually will get to us, but until then we will continue to sock away a good chunk of money and live rent free for well over a year. Good luck.

[BK2008]

Not sure about CA, but in TX:

Missed July-October payment (4 months so far)
Default letters & acceleration of loan: October
Sale date: December 2nd.

So for TX, it's 5 months.

[sivuh5]

It's supposed to be by state, but in today's economy it's also by mortgage company, imho.

In CT the timeline should be 6 months - all foreclosures are judicial. I have a friend who stopped paying Countrywide in April 2007. Official foreclosure sale happened in May 2008. This was after we filed several items with the court to delay as much as we could pro se. He never appeared in court and never talked directly with Countrywide.

After the sale in May he waited for someone to tell him he has to move out. No one ever came. He has since been in contact with Countrywide because they have ASKED him to stay in the house. They have asked him to work a new deal with them to convert his current 15 year note, which is 18 months behind, to a 30 year note. He is communicating with them, but not sure if he really wants the house. But, he's still living in it. Again, he has not made a mortgage payment since April 2007.

So, no one knows how long it will take - but you can bet it will be longer than if the same circumstances happened a couple years ago.

S.