18 months after ch 7 discharge, and still no forclosure on house!!

[queenbeen]

I've heard that Virginia moves faster but not sure how long we'd be able to stay in our house. Just missed our first payment this month and received my discharge at the end of Dec. Anyone have info about the Richmond VA area?

[albacore44]

Friend of mine filed a Ch-13 right about the time i filed my Ch-7. he was trying to keep his house, Pay the arrears in his plan, and Indymac wasen't interested in giving him a modification. he finally gave up, and is trying a short sale. He hasent paid in about 9 months, still living in the house. There was one cash offer, for about what the house is really worth, but Indymac would have to take a $200k haircut, so the bank declined the offer. So he still sits and waits. Biggest problem for him is finding a rental he can afford.

Personally, I think the banks are reluctant to put the losses on their books as it would pull their pants down and expose how bad their balance sheets really are, and it would create another monotary crisis

[tobee43]

albacore44:Personally, I think the banks are reluctant to put the losses on their books as it would pull their pants down and expose how bad their balance sheets really are, and it would create another monotary crisis

i think you hit the nail right on it's HEAD!

[enuffznuff]

I also think it really depends on whether or not you are in a judicial or nonjudicial foreclosure state. I'm in a nonjudicial state and i was only 4 months behind when I got the N.O.D, and the sheriff's sale is already set, in the end it will be almost exactly 6 months from first missed payment to date of sheriff's sale. No dilly-dally around here.

[tobee43]

I also think it really depends on whether or not you are in a judicial or nonjudicial foreclosure state. I'm in a nonjudicial state and i was only 4 months behind when I got the N.O.D, and the sheriff's sale is already set, in the end it will be almost exactly 6 months from first missed payment to date of sheriff's sale. No dilly-dally around here.

another excellent point.....the property that we have is in a judicial state.....and it's still sitting....

i really wonder if it's a combo??? i also heard that well fargo is more aggressive...just from reading on this forum...or so it seems. our mortgage was with and is with chase.

and then there is location...???

[enuffznuff]

I do think the lender is a huge part of it. My best friend has a house, in the same small town in the same state, as mine. different lender. Her last payment was 15 months ago and she hasn't even gotten a N.O.D yet. *shrug*
WF doesn't mess around. My house is for sale (but obv. not going to get sold, lol) and my realtor said she had another couple with a house thru WF, and they too got the nod after 120 days and sale at 180...

[tobee43]

I do think the lender is a huge part of it. My best friend has a house, in the same small town in the same state, as mine. different lender. Her last payment was 15 months ago and she hasn't even gotten a N.O.D yet. *shrug*
WF doesn't mess around. My house is for sale (but obv. not going to get sold, lol) and my realtor said she had another couple with a house thru WF, and they too got the nod after 120 days and sale at 180...

so then you do have WF as well...enuffznuff???

[JvilleGarden]

Update 8/11/2011

Just received in the mail a letter advising that the mortgage company has referred our account to an attorney with instructions to start the foreclosure. Our last payment was Feb, 2010. Still ridinig it out.

[angles]

For us here in Kalifornia we had not paid for about a year on a rental property and shortly after the discharge received tons of “informational” paperwork and phone calls almost every day. We finally recently received a NOD, which was about a year after our last payment so perhaps they are moving forward. Since receiving the NOD it’s been fairly quiet but we are hoping they foreclose soon.

Since we have not been closed and the property has not been abandoned by the trustee, how is it the bank can foreclose on it without permission from the trustee? I have not seen any paperwork requesting relief of the automatic stay or anything like that.

[JvilleGarden]

Update 9/22/11

No word from the mortgage company. We did receive a post card for us to call to verify residency about 3 weeks ago. No other action, except watching the bank account grow.

[silvia]

Chapter 7 - surrendered house

husband an i filed chapter 7 and were discharged 6/11 we also surrendered the house. can anyone tell me how long the mortgage company will let us stay in the home. we have not heard anything from them. we want to stay as long as we can to save as much as we can. what type of notice(s) do you get.....when you get notice to vacate what is the time frame...30 60 90 days????

[racerartist]

We have had the same problem. Stops payments in June of 2009, our chapter 7 was discharged Dec 2010.... Feb 2012 still no sign of them putting the house up for sale. We also moved out, and moved to CA... house is in NV. I read that it takes 3 years to be able to buy another house once the house is completely out of your name! Why won't the bank sell the damn thing, it's a nice house, private resort and still worth around a mill. I thought the timing would start from the date of discharge, but evidently we are total prisoners and victims of the banks at this point. I don't know what to do to speed the process up, I called the bank a year ago and all it did was stretch it out with constant calls and letters saying I can refinance! AYE.....

[Fallonedward]

I don't know if Michigan is judicial or nonjudicial foreclosure state but really good friends of mine have been living in their home since late 2009 and their bankruptcy was finished up in mid 2010 and they have not paid a dime of their mortgage and have not heard a peep. I told my friend to keep living there and saving money for the point they do get the notice.

I think because Michigan had such high unemployment and the market was saturated with houses the banks were not moving fast

[mscru28]

I had the same problem. I surrender my houses in a Chapter 7 BK back in 2008 but the bank did not move on the foreclosure processes quick enough for me. So since, I want to buy a new home again under the first time homebuyer program and my name must be clear of property ownership for 3 years, I helped the bank out. I put my houses on the market and short sold them to get my name off the title, after my bk discharge. In this ecomony, if you wait for the bank to foreclose and take the house, you will be waiting for a while. Now, before I filed for bk, they would not even work with me. But once I filed for bk and was discharged from their lien, they were ready to work together to get those homes off their books and get whatever money for the property. My opinion, find an experienced short sale realtor and but your own home on the market "as is". It will not cost you anything and don't do repairs. I was even successful in getting a deed in lieu with BofA for one of my properties. Good luck. Save your money and be proactive.

[tradinglife]

Hi All,

Just curious if anyone else ahs experienced this. We filed Ch 7 back in March of 2009, was discharged successfully in July 2009. Since then, our house (which was discharged in the BK, no reaffirm), has just been sitting empty. The mortgage company (BofA, was Countrywide), sends us regular monthly "informational statements" showing the balance and current past due amounts, but no attempt to foreclose or even send notice of default. Liiterally, nothing has happened since the discharge 18 months ago!!

Unfortunately, we moved into a rental right after the BK to avoid the uncertainty of when the foreclosure would happen after the BK. Now it looks likewe could have save 10's of thousands by staying in the house!!

I'm not willing to move back in now, because they will no doubt start the process right after we move back in!

Has anyone ever heard of it taking this long to foreclose after BK is discharged? We're in CA, and I know that slows it down a bit, but 18 months and still no sign of anything?

What gives?!!

We moved out in August 2010, chpt 7 including home discharged October 2010. Our home just sold last week at the courthouse, finally. Just about 2 years sfter we filed chpt 7. Actually expected it to be longer, as BOA wa still offering us deals to modify the loan 2 months ago!