what is current timeline and notification process in florida for foreclosures.

[asmara]

Hi planning on filing chap 7 in florida,i do have rental house which i am planning on putting IIB.I currently have renters who are good renters,but i want to continue to collect rent up until the last minute.I was at my free BK consultation,and was trying to get a handle on the current timeline for foreclosures in florida,I was told from the time you file it is roughly 4 months from that date until its on auction block(sounds waaaayy too fast with the amount of foreclosures going on in florida) she told me that chase(my mortgage company) had brought in extra staffing to process everything.She also informed me that after i file the renters would receive a certified letter addressed to the occupants of my property telling them that the house was in the stages of being foreclosed.The information seems inconsistent with what i read and hear,also the person giving me the consulataion was the paralegal.Does anyone out there have specific timeline information for this situation in florida???Thanks for reading my post.

[justbroke]

If the foreclosure is driven by a Bankruptcy, the lender generally tries to foreclose faster. This is because they have no recourse to collect any money from the debtor, so just sitting around isn't going to improve their position (okay, waiting years they may be in an equity position, but let's just ignore that for now).

The time from the Motion for Relief from Stay (MRFS) to the actual foreclosure can be anywhere from 4 months on to 8, 9 or more months. It just depends how motivated the mortgage holder is. It also depends on whether you answer the Lis Pendens (lawsuit pending) or not.

That's about as specific as it gets. It's just unknown and 4 months sounds good. Please note that I'm still awaiting foreclosure for 12 months after surrendering, and 21 months since last payment. It just depends (no I don't have Chase or BofA).

Your renters are still required to pay you rent. Otherwise you can evict them, but that wouldn't really do anything. You could make a deal with them, after they receive notice, on half rent or something. You are still the legal owner and they still owe you rent. You should include any rent proceeds in the calculation of your income (CMI) as for the means test.

[awayalways]

OP I think "justbroke" wrote it well. I also have a pre-foreclosure Im renting out in FL. Had it for about 35 months or so now. My assigned lender is WF and you just never know when they will move on your home. It could be the lawfirms are backed up too.

[aljohnson007]

An interesting article I read today by a RE attorney was the fact that you may have filed bk or the bank has filed for foreclosure, LEGALLY, as long as you are the owner on the tax records you cannot be evicted. In other words, only the owner of a property can have an occupant evicted. Until the bank has sold the property at sale and transfered the title, you are still the owner. I know many attorneys advise that you have to vacate before filing but I believe this is just bunk.

[justbroke]

I know many attorneys advise that you have to vacate before filing but I believe this is just bunk.

It is junk. I don't know any that "advise that you have to vacate before fling", but I do know many that say to be "prepared to vacate" after you file. Must be a regional thing.

[brandon94]

Just one question. What does it mean when you say you are putting your rental house on IIB. I don't understand the term IIB.

Thanks

[StartingOver08]

iib is "included in bankruptcy"

I am in Fl too. Last payment May 2008. Filed Sept 2008. Discharged Ch 7 Jan 2009, surrendered house in BK still no payments, still here awaiting final sale (no notice of final sale yet). I have EMC which is also part of Chase. You have a long time.

FWIW, some Trustee's want you to surrender the house physcially within 30 days of your 341 - you need a good attorney in your BK to make sure that does not happen.

[justbroke]

Just one question. What does it mean when you say you are putting your rental house on IIB. I don't understand the term IIB.

IIB is an abbreviation for "Included In Bankruptcy". It just indicates that the person is surrendering or has surrendered the property in the Bankruptcy (giving it up).

(StartingOver is always one step ahead of me!)

[aljohnson007]

Included In Bankruptcy.

[awayalways]

iib is "included in bankruptcy"

I am in Fl too. Last payment May 2008. Filed Sept 2008. Discharged Ch 7 Jan 2009, surrendered house in BK still no payments, still here awaiting final sale (no notice of final sale yet). I have EMC which is also part of Chase. You have a long time.

FWIW, some Trustee's want you to surrender the house physcially within 30 days of your 341 - you need a good attorney in your BK to make sure that does not happen.

SO08 it does not seem like the trustee would want the house unless there was equity in it. For me, they just looked at the value verses what I owed and then made a statement to abandon it on my asset list. So im stuck with the house until they foreclose/short sale/deed it back or whatever

[StartingOver08]

SO08 it does not seem like the trustee would want the house unless there was equity in it. For me, they just looked at the value verses what I owed and then made a statement to abandon it on my asset list. So im stuck with the house until they foreclose/short sale/deed it back or whatever

This is exactly what happened with me. So I am still in the house until final judgment. However, a friend of mine with a different attorney and a different trustee in the same district (Southern BK district of Fl) had to move out - even through there was no equity and the house has been sitting for a year while she is bunking in with her adult kids in a small place. I asked my attorney about it, he said some Trustee's read into the code that the surrender means physical surrender within 30 days of the 341. Talk about a waste! There are a bunch of properties that essentially are vacant with no power deteriorating because the bank does not move any faster to take these homes over....it is a real shame. The trustee doesn't do anything with them either because all the properties are upside down in value!

[awayalways]

SO08 wow sorry for your friends trouble. I never heard of that before and it doesnt make any sense either. The way the trustee hangs on to the property sounds like the BK estate could remain open for a long long time and so that means the stay would remain in effect too at least until the lender won a motion for release of stay. And when the motion to release is approved by the judge, the trustee would have to abandon. Then when the trustee abandons were back to square one with the owner vs lender in a pre-foreclosure case.