just got my letter from wells fargo

[sivuh5]

I believe 2 years is an exception as well... I'm posting it as an example of how things have changed with foreclosures. This would never have happened before the economic downtown.

I understand that your situation is different and you need notice, but just be aware that the banks are desperate to negotiate. They are not coming with sherrifs to escort you out on the day of the sale. If you lead them to believe that you want to stay, you can buy yourself some time - maybe quite a bit of time. Being less than honest may not be ok for you, but just be aware that it works.

My friend is in CT also. Based on his experience and others that I personally know of, I would estimate that you have a minimum of 6 months after receiving your foreclosure notice (the one you get when you miss your 3rd payment) before you have to leave. Especially if you are in contact with the bank and telling them that you are trying to stay. That would be 9 months of mortgage payments you can save up.

Just an fyi trying to help.

[B65]

that

would be so nice to have 6 months from today.. they say we have until april 14th to pay then they will start i thought we only had 2 months after that wonder how i can find out.. thanks so much

[OhioFiler]

would be so nice to have 6 months from today.. they say we have until april 14th to pay then they will start i thought we only had 2 months after that wonder how i can find out.. thanks so much

6 months is pretty easy to get. I'd say you should easily be able to get 12 months without paying before you have to leave. The notification and processing timeline is extensive. Even after they take your house in a foreclosure you're pretty safe there until they take you through the eviction process. A good attorney could probably delay all that for several more months.

[cyn5]

Also, what about challenging your lender with the whole "produce the note thing" that is going on? I totally agree with others...stay and save $$ before they kick you out. I know someone who stopped making payments to wachovia last August, they keep threatening to start forclosure proceedings, but have not yet (not sure why). I found this on the consumerwarningnetwork.com site:

Produce the Note: Foreclosure Delay Tactic Can Encourage Lenders to Negotiate
Homeowners facing foreclosure are receiving a simple piece of advice to help stall foreclosure: make the other side "produce the note." As it turns out, many lenders seeking to foreclose seem to have lost track of the original promissory notes for the mortgages in question. Though by no means a long term solution, forcing the lender to produce the note can delay foreclosure proceedings and give the lender increased incentive to negotiate.

While securitized bundles of toxic mortgages have been blamed for much of our current economic malaise, there is one bright spot they offer to some homeowners facing foreclosure. When their original lender sold off their mortgage, and it got packaged, sliced and diced into securities sold all over the world, many times the original promissory note got lost in the shuffle.

Along with others, the Consumer Warning Network is actively pushing the "produce the note" strategy as an effective means of delaying foreclosure and creating additional incentive for lenders to renegotiate payment terms.

As described in Consumer Warning Network's How-To, the strategy works as follows:

After you receive notice of a foreclosure suit from a lender who claims to own your mortgage, you file a request, with the court, for production of the original promissory note.
If the lender does not respond in 30 days, you file a motion to compel production of the note. This is a request that the judge order the other side to produce the note.
Most often there will then be a hearing where the judge will decide whether to force them to produce the note or not. Should you win, the lender can't foreclose until they produce the note (which could prove very difficult for them). Should you lose, you would still have had the extra time in the home and perhaps the opportunity to negotiate with the lender.
Consumer Warning Network's How-To includes free forms for requesting production of the promissory note, and also for filing a motion to compel. The group warns against scams offering "produce the note" forms for a fee.

Consumer Warning Network cites an increased tendency in judges to hold lenders to the letter of the law in the surging number of foreclosure cases, including the New York Times report of an Ohio federal judge who threw out 14 cases in 2007 when investors trying to foreclose could not prove ownership. April Charney, head of foreclosure defense for the Jacksonville, Florida Area Legal Aid also uses and strongly advocates the "produce the note" strategy. As reported in the Florida Union Times, she says that for some of her clients, it has put foreclosure on hold for years.

[dingdong]

I read about that lady/attorney in Florida. She seems to be having a fair amount of success. Interesting.

I always root for the little guys vs the banks, if they would do more proactively to help people save their homes, they would probably be better off and a lot less people wouldn't have to file BK in states where there is recourse for the deficiency. Seems like it would be better for the economy over all if debtors in states where people can't afford their home and have to pay taxes on deficiency or stop paying their other bills like CCs to try and pay their mortgage and then have to file BK, some bank gets stuck with the bad debt anyway.

Offer the homeowner a compromise like a loan mod and everybody wins in the end. Banks get money, houses are saved, less BKs filed.

For awhile here, the rental market was pretty tight. Now in my neighborhood alone in a 3 block radius, there are at least 12 homes with "for rent" signs posted in front.

I don't know if the people being foreclosed are moving in with family to be able to make it or moving out of California? But there are a glut of rentals on the market in the last couple of months and it isn't like the foreclosures are being turned to rentals, there are still a zillion FC sitting empty.

[poorold]

my home is in foreclosure and I am filing chapter 7 in a couple of weeks.

there is no way i could or would keep the home because it is so far underwater.

my attorney advised me that I should indicate on the bankruptcy forms that I am surrendering the home.

Then he said be sure to be out within 30 days otherwise the mortgage company and the HOA could come after me for the time spent in the home after filing for bankruptcy.

My alternative is continue living in the home until I am kicked out and then file, but I'd rather get on with my life.

[StartingOver08]

Poorold - you need to get another attorney for BK.

According to my attorney there is NOTHING in the law that says when you surrender a home in BK that you have to vacate the home within 30 days of the 341. I am still in my surrendered home. My attorney says to stay here until I get the final judgment. For sure you would not owe the mortgage company because your liability has been discharged. The HOA is a different story, but I don't mind paying HOA fees in the meantime if you are not making a mortgage payment.

Seriously, find another BK attorney if your attorney is suggesting that you move right away.

[Lajazz947]

I have not paid my 2nd yet. One month behind. They have stopped sending me statements so to tell you the truth I just forgot about it.

I am going to pay it tomorrow but I always worry about the repurcusions of not paying the second.

[poorold]

StartingOver08,

I explained to him that I wanted no one coming after me after I filed.

He explained that the mortgage company, HOA and depending upon the timing of property taxes, even the county can have a valid claim against you if you stay in the house too long after surrendering the house.

My name is on the deed and until the foreclosure process is completed, I am the owner of the home.

He said moving out after surrendering the home is the only clear way to avoid the potential liability for HOA and property taxes.

With regard to the mortgage company, his comments seemed to echo a post I read on these boards where somebody was chased for motgage payments that would have become due after the bankruptcy filing because the person continued to stay in the home.

I'm just looking for a clean break.

[floridian]

the scary part about leaving your home and renting, is the possibility that the reason the house you are going to rent in on the market is because its in forclosure....

my realtor told me this is a real problem and happens often..what a thrill to have to move again after you just moved... dont ask me how i know!

[OhioFiler]

StartingOver08,

I explained to him that I wanted no one coming after me after I filed.

He explained that the mortgage company, HOA and depending upon the timing of property taxes, even the county can have a valid claim against you if you stay in the house too long after surrendering the house.

My name is on the deed and until the foreclosure process is completed, I am the owner of the home.

He said moving out after surrendering the home is the only clear way to avoid the potential liability for HOA and property taxes.

With regard to the mortgage company, his comments seemed to echo a post I read on these boards where somebody was chased for motgage payments that would have become due after the bankruptcy filing because the person continued to stay in the home.

I'm just looking for a clean break.

The lender will keep the property taxes current. I doubt the mortgage company would bother pursuing you for rent post-BK. The only exposure you have may be HOA fees and I would consider paying them as I'm sure they are less costly than rent at another place.

That would still be a clean break.

[StartingOver08]

My name is on the deed and until the foreclosure process is completed, I am the owner of the home.

With regard to the mortgage company, his comments seemed to echo a post I read on these boards where somebody was chased for motgage payments that would have become due after the bankruptcy filing because the person continued to stay in the home.
I'm just looking for a clean break.

The mortgage company can not come after you for mortgage payments on a debt that has been discharged in bankruptcy.

The taxes are a lien against the property and get paid by the bank.

HOA post petition payments must be made to the HOA because they can come after you for the payments.

[AfraidOfBK]

Kimba,
have u already filed BK? we just missed MArch's mortgage too (CHASE) and are trying to stay in the home as long as possible without rent....we have supplied paperwork for loan mod (no response in 1 month) and dont expect one....I only filled out paperwork to "do the right thing" and try all methods - I DONT want the house (neg equity, bad loan)..

SO - my question - if I file in July, say Im discharged in Sept, Oct, Nove time frame (NEVADA CH 7 - not sure of the timeframes here) and then the home forecloses AFTER BK...then what? Is that on my credit as foreclosure AND BK?

OR - since theyll know Im filing and I surrender home - (Im trying to avoid deficiency judgement) will they accelerate foreclosure and kick me out?

PLEASE HELP - Im having a baby in May and need to know where I will be living...Dont want to go rent now because I need to save $ and Im not even sure we will stay in NV.

HELP!

[albacore44]

I
For awhile here, the rental market was pretty tight. Now in my neighborhood alone in a 3 block radius, there are at least 12 homes with "for rent" signs posted in front.

I don't know if the people being foreclosed are moving in with family to be able to make it or moving out of California? But there are a glut of rentals on the market in the last couple of months and it isn't like the foreclosures are being turned to rentals, there are still a zillion FC sitting empty.

Here in the inland Empire it's like a sea of forclosures. In my tract of 50 or so homes, I bet at least 1/3 or more are in distress. Some underwater $300K or more. I watch a search engine called trullia, and there are 1200 forclosures in my zip code in Riverside. They don't give you an address, but it's pretty easy to determine which neighbor it is based on home sq footage, and year built, as there were only 3 models built. I think many are making a business decision to walk away . it's strange though. homes went up in value so fast, many sucked there equity out and bought big Motorhomes and Deisel pushers. and when they walk away they leave in their Moho. I think their living out of them in Wal-mart parking lots and such. Crazy times right now. never seen anything like this.