bk foreclosure of home

[Spiritwovles_2]

Thanks for the thought Spiritwovles_2! Unfortunately a sale date hasn't been set yet, and I think I'm really looking at April 2007 as the SOONEST sale date. Foreclosures go quite slowly in my state and can take up to two years

your most welcome JusticeForAll, ewww 2yrs, ive been waiting on mine for 1yr and im going crazy.

[JusticeForAll]

I'm almost at the one year mark, but I moved out months ago! Out of sight, out of mind! LOL

I just worry about my liability while it's still in my name, that's why I'm still paying for insurance. (well, actually, there was enough money left in my escrow account to cover the insurance which goes till the end of August 2007, house should be sold by then)

[Spiritwovles_2]

I'm almost at the one year mark, but I moved out months ago! Out of sight, out of mind! LOL

LOL i hear ya there but i have a neighbor that calls me with reports of who was there and whats going on in the neighboorhood...

I just worry about my liability while it's still in my name, that's why I'm still paying for insurance. (well, actually, there was enough money left in my escrow account to cover the insurance which goes till the end of August 2007, house should be sold by then)

yes i do too; i just cant wait to breathe a sigh of relief and have them stop reporting it to the cr agencys too ughhh it seems i fix the report and i dont want to see that back on there i want to be done with that mtg company forever........ what a dumb move on our part to refinance with them! no compassion what so ever; we begged for help got none then when we filed and got discharged now they wanna help????!!! lil too late now isnt it.

[JusticeForAll]

Yikes! SpiritWolves, I just logged on to my Lender's website, I was on a 2 year ARM, my payment was scheduled to go up by $1000 per month!!!!!!!!!!!

Holy smokes am I glad I converted, and was granted, a chapter 7/discharge!

If I had not, I'd be trying to do it now!

[davids]

mortg lender

Generally, your mortgage holder or their rep will be at the sale, and they will bid the value of the outstanding mortgage balance simply so they can save their intersts. If it goes higher, so be it - they win, but at a minimum you can expect the house to be bought by your mortgage holder for what's owed.

Depending on where you live, the rules change a bit after that. I've heard somne states it can take 6-9 months to evict someone. Others can be forced out in as few as 30. You will be notified of the sale and generally you hwill have a period of time to buy the house back, then it goes into the formality of notifying you that you must get ready to leave, etc.

Check/Google your state's foreclosure/eviction laws.

Ive got to ask this... why would a mortg holder or rep be at
the action to bid on something they already own? the mortg
company holds the title, so they own the house until it is paid,
if it does end up in forclosure, then its up to them on what they
want to do with it, they can list it with an agent, or put it up
for auction if they wish...in my case, if I were to foreclose, the
bank would actually loose money, the bank would then be competing
with the new home builders next door...so instead of getting $110k
for it to keep making money, they may end up getting $90k to undercut
a new builder purchase...and we know how banks are, this house would
sit here until a day that it could be sold for $110k which would be
about 3-4 years from now.

[davids]

high interest rates

Yikes! SpiritWolves, I just logged on to my Lender's website, I was on a 2 year ARM, my payment was scheduled to go up by $1000 per month!!!!!!!!!!!

Holy smokes am I glad I converted, and was granted, a chapter 7/discharge!

If I had not, I'd be trying to do it now!

this world will get worse, it wont get better, war after war, disaster after disaster, if its not a hurricane, its a tornado, if its not a tornado, if one oil pipeline doesnt blow then another one will, famine, disease after disease,
now its death by one little black insect or a bat.....and all that is tied into $$$, homes, interest rates, gas, oil, electricty, food, meds you cant afford, they charge what they want, and they all control your life, if you work or not, they dont care, this is the world we leave to our children in 20-30 years.

[Minnymouth]

I saw on the news last night where the "housing bubble" had finally burst..... 5th straight month of home sales going down....... some folks were having to cut their price by as much as $45,000 to try to sell their homes.......

They talk on the news like $350,000 is nothing..... pocket change!!!! Who do they think their kidding... Even middleclass families don't make that kind of money....... if there is such a thing a middle class anymore.....?????

A member in the past called me "trailer trash" - DUH....... at least my doublewide I can afford....... How much room does one person need to live in???? Cleaning time - MINE IS TOO BIG..... LOL

Me, personally, I would rather live where I can afford too, know I can pay my bills, buy groceries, and maybe take vacation once in a while without "struggling" trying to make ends meet all the time.....

Anyone on a APR rate that increases, I feel so sorry for you....... when it increases its going to go BIG.......... and will just about do you in.....

And these young folks that are paying "interest only" payments on their homes will NEVER HAVE ANY EQUITY IN THEM....... for many, many years.... bad mistake..............

My life my be simple and cheap, but at last I know I can afford it and survive......

My "rewards in life" are not in what I own............ but I am thankful that I was able to get my home back after all I went thru loosing it.....

Minny

[13inOR]

You are sooo right, Minny, theres not a thing wrong with you or your house.
And I am very glad you were able to get it back. My house isnt very big, but it means a lot to us and thats what matters.
Nothing like almost losing everything to put your life in perspective, thats for sure.

[debtisbad]

Minnie,

I have to agree. The days of the McMansion are over. I looked at a double wide yesterday, and they are just gorgeous inside. They sales guy said they are getting ready for a boom in that market due to all the people downsizing from their vinyl mcmansions. Anyway, I could not believe how nice this place was. The kitchen looked like out of one of the mcmansions. Had corian counters, stainless steel, kitchen island, lots of sq ft, and AFFORDABLE. I think the guy might be right. Americans are soon not going to be able to afford those 350k homes and it is coming very soon imo.

[Hot-Tod-E]

In a judicial state, the mortgager does NOT own the property, and they do not hold the title. They simply have a lien against it and have the right to start foreclosure proceedings which go through the courts.

This is why they buy it a auction, so they can re-sell it to re-coop their costs for the foreclosure.

Ive got to ask this... why would a mortg holder or rep be at
the action to bid on something they already own? the mortg
company holds the title, so they own the house until it is paid,
if it does end up in forclosure, then its up to them on what they
want to do with it, they can list it with an agent, or put it up
for auction if they wish...in my case, if I were to foreclose, the
bank would actually loose money, the bank would then be competing
with the new home builders next door...so instead of getting $110k
for it to keep making money, they may end up getting $90k to undercut
a new builder purchase...and we know how banks are, this house would
sit here until a day that it could be sold for $110k which would be
about 3-4 years from now.

[Spiritwovles_2]

arghhhhh so frustrated & embarrassed!!!

ok short version... filed bk chp7 included mtg... our home is going thru foreclosure due december to be sheriff sale, one day they put all the houses up for sheriff sale in the newspaper which included our names, ok embarrassing yes but they can do that i think so i brush that embarrassement off i just got a call from a friend who told me that they put our house in a two page article!!!!INCLUDING our names thruout the article are they allowd to do that???? im so embarrassed, my health is not the greatest and this stress and embarrassment is not helping it i have children in school and they dont need the peer pressure of there friends seeing this and all that omg i want to crawl in a hole and die. they didnt have to do that if they want to sell it or feature it they could have put the address and info about it but they didnt have to flood our names thru it making us look like deadbeats... im mortified..........

[Spiritwovles_2]

continued

the article is just on our house two pages long no one elses info is there

[HHM]

ok short version... filed bk chp7 included mtg... our home is going thru foreclosure due December to be sheriff sale, one day they put all the houses up for sheriff sale in the newspaper which included our names, ok embarrassing yes but they can do that i think so i brush that embarrassment off i just got a call from a friend who told me that they put our house in a two page article!!!!INCLUDING our names throughout the article are they allowed to do that???? I'm so embarrassed, my health is not the greatest and this stress and embarrassment is not helping it i have children in school and they don't need the peer pressure of there friends seeing this and all that omg i want to crawl in a hole and die. they didn't have to do that if they want to sell it or feature it they could have put the address and info about it but they didn't have to flood our names thru it making us look like deadbeats... I'm mortified..........

In short yes, they are allowed. Pretty much anything to do with real estate is public record. If I knew your address, I could find out who the owners are, if I knew your name, I could find out where you live (if you own a house) all by simply going, or logging in, to your county recorders office. Foreclosures are by their very nature public, it is public auction after all, and the home owners name are public record.
However, as a practical matter, they are probably not required to list the owners name in the foreclosure auction notice (most foreclosure notices I see typically do not include the owners name), but at the same time, there is nothing illegal about doing so.

[Minnymouth]

When mine was sold at auction there was a picture in the paper with address and info only. My name was not mentioned...... Plus there was a big sign in my front yard for a week.

Was it embarrassing, yes, but I survived it and went on......

You do what you have to do..... go with the flow....... and hold your head up high.....

Just like being "poor" - THERE'S NO SHAME IN BEING POOR - it happens! Just like there is no shame with filing bankruptcy......!! People do what they have to do to survive life........

Rich folks file bankruptcy, laugh it off, and go on with life....... we can too......

Call it a "business decision"!!!!!!

[BassBoy]

Rich folks file bankruptcy....

LOL.....I think Donald Trump has filed BK a few times......LOL!