Case needs to Close for Foreclosure?

[Aledrell]

Arizonian, filed Sept 2009, when I became unemplyed. December bank tried to get relief from automatic stay on my home, which I objected to and I guess I won I'm still here. Got discharge in Janurary, but I think trustee is waiting on my tax return this year before case is closed? Also I thinkthe bank will not/can not proceed with trustee sale until close date because they keep pushing back auction date. Anyone else familiar with this? I would like to know when exactly I will need to move? I'm supposed to get about $2k in tax refund, which I won't file for to April 15 because I don't want to move, but how much will I get to keep? taking into consideration I have been on unemployment since Aug 2009 and made only $34k between Jan-Aug 2009?
Thanks for responses.

[FloridaGuy]

Not sure, but....

We had a chapter 7 which turned ugly, in which we surrendered our house. In order to get on with our lives, we tried to get Countrywide (which turned into BoA) to move quickly, but no go.

Two months after our discharge (Discharge 01/09 - left home 03/09) we vacated the home, and sent the keys to Countrywide. That was a year ago... The foreclosure was started in July '09, but never went far.

I recently contacted Countrywide/BoA to determine the hold up... they stated they were still awaiting papers from the court. I assume, since our Trustee STILL has not closed our case, even though we were discharged 14 months ago they can not move forward.

Not 100% sure, but thats the feeling I get from Florida.

[srjth]

We had a chapter 7 which turned ugly, in which we surrendered our house. In order to get on with our lives, we tried to get Countrywide (which turned into BoA) to move quickly, but no go.

Two months after our discharge (Discharge 01/09 - left home 03/09) we vacated the home, and sent the keys to Countrywide. That was a year ago... The foreclosure was started in July '09, but never went far.

I recently contacted Countrywide/BoA to determine the hold up... they stated they were still awaiting papers from the court. I assume, since our Trustee STILL has not closed our case, even though we were discharged 14 months ago they can not move forward.

Not 100% sure, but thats the feeling I get from Florida.

Wow. If you don't mind me asking, what is keeping the trustee from closing your case?

[FloridaGuy]

??

I don't know... I contacted my attorney in late January. He thought it was probably administrative stuff. The last entry in PACER was late December, having to do with the judges ruling about some disputes concerning claims the trustee disallowed.

However, I have not seen ANY reports concerning distribution of items surrendered/auctioned, etc.

I'm going to have my lawyer check in again to try and get some info.

[srjth]

I don't know... I contacted my attorney in late January. He thought it was probably administrative stuff. The last entry in PACER was late December, having to do with the judges ruling about some disputes concerning claims the trustee disallowed.

However, I have not seen ANY reports concerning distribution of items surrendered/auctioned, etc.

I'm going to have my lawyer check in again to try and get some info.

that is crazy!
If you would have known that you could have stayed in the house rent free all that time.

[FloridaGuy]

Yea...

We actually new it would take a least a year or longer for them to foreclose, but in order to move on with our lives and get a "fresh start" we relocated back to the midwest. Plus although it was a new home we had built, things were going wrong that would have needed to be fixed. Sure didn't want to pay to have repairs for somewhere where I wouldn't be for long.

But I will admit, it has taken longer than I thought. Our last house payment was July 2008! Technically we could have still been living there!

[srjth]

so what I've been told is that even with a BK the foreclosure will still appear on your credit report and stay there for 7 years. The longer they take to foreclose, the more it pushes it out that you'll have a foreclosure showing on your credit report.

I have heard of other people having trouble getting the banks to finally foreclose when the owners wants that. And then there are people who want to stay in their homes being forced out due to a quick foreclosure. It's frustrating. The banks can't seem to make up their minds!

I'm still in my home, in the middle of a BK, with foreclosure initiated before filing, and trying to estimate how long I can stay here. I want to stay for as long as possible to save money but I also want the foreclosure reported on my credit sooner rather than later.

Is it really true that the banks can't proceed with foreclosure until the case is closed? I thought that was the whole purpose of asking for the stay to be lifted? ....So they can proceed with foreclosure?????

[FloridaGuy]

That's where I am not 100% sure (When they can actually foreclose)... I am very nervous about this as well, BECAUSE we are currently saving to get into a new home hopefully in late 2011, BUT... you can not get backed loans for 2-3 years after a foreclosure. Since our home has not been foreclosed on yet, when will it happen!

We are hoping to be able to show the bank/lender our initial filing papers that we had surrendered when we filed, and it was not our fault the foreclosure took so long!

[srjth]

FloridaGuy, I spoke with my bank (Wells Fargo) about this. They said that when you file bankruptcy, WF starts reporting to the credit bureaus as "In bankruptcy" and continue to report it that way for the life of the loan, assuming you have not reaffirmed the loan. This is regardless of whether foreclosure proceedings are being conducted or not, it will still show as "In Bankruptcy" for the life of the loan and that's it. Apparently the foreclosure will not appear on your credit report according to them.

I would call countrywide and talk with your attorney to verify this though. My attorney told me that there will be a foreclosure on my credit report still so I'm confused.