A Bit confused on process of Forcloser

[TroubleinCalif]

We quit paying on the house in oct. 2007. Filing chapter 7 soon. Got a letter of accelerate Nov. 3rd. 2007 It expired Dec. 3rd. Wife decided to leave on the same day (Now divorce to start). So, i have been getting a call from Countrywide once a month to see if i could pay ect.... I explain to them that im going thru a divorce and im trying to seek extra money, ect.... Up until this point , all the call's have said, ok , the letter expired Dec. 3rd ect... But to let us know if the situation changes, thankyou and goodby. Today i get a call from them and she goes thru the same questions and i give the same answers but, this time she say's "The House is in Forcloser" and can go to sale at anytime. Ok, , So far i have not been sent anything other then the accellerate letter. Nothing else. So am i really in Forcloser or just a different phase of it or what? This is california we are talking here.

Thanks......

[HHM]

You are "basically" in foreclosure. Since the acceleration date has come and gone, what that means is, the only way to stop the process is to pay the "entire" balance of the note. That is what an acceleration notice is, it is notice that during that time between Nov 3 and Dec 3, if you cure the arrears (the past due amount), all is good; after Dec. 3, you must pay off the note. So yes, you are basically in foreclosure. However, it sounds like they have not noticed-up the sale yet.

Note, nothing they say on the phone is binding.

[TroubleinCalif]

You are "basically" in foreclosure. Since the acceleration date has come and gone, what that means is, the only way to stop the process is to pay the "entire" balance of the note. That is what an acceleration notice is, it is notice that during that time between Nov 3 and Dec 3, if you cure the arrears (the past due amount), all is good; after Dec. 3, you must pay off the note. So yes, you are basically in foreclosure. However, it should like they have not noticed-up the sale yet.

Note, nothing they say on the phone is binding.

So, i will be notified by registered mail for the next event of the process? If, so, when that occurs, How much time typicaly does one have from that point to the time i have to vacate?

Thanks

[HHM]

Yes, the next thing you should receive is a Notice of Sale letter (that is supposed to be sent certified mail). As for how long, that is anyones guess and depends on when the bank gets around to it and when they can schedule the sale date. Given that your acceleration clause expired on Dec 3, I am a little surprised you have not received this yet.

[TroubleinCalif]

Yes, the next thing you should received is a Notice of Sale letter (that is supposed to be sent certified mail). As for how long, that is anyones guess and depends on when the bank gets around to it and when they can schedule the sale date. Given that you acceleration clause expired on Dec 3, I am a little surprised you have not received this yet.

The mortgage is Countrywide so, im not sure if they are just backed up or what but, as of yet no other mail other then my usually monthly statement. The longer the better though because im hoping to be ready to file BK7 before the end comes for the house and stay here rent free as long as i can to save money for the move and BK lawyer.


Thanks......

[I want out]

The mortgage is Countrywide so, im not sure if they are just backed up or what but, as of yet no other mail other then my usually monthly statement. The longer the better though because im hoping to be ready to file BK7 before the end comes for the house and stay here rent free as long as i can to save money for the move and BK lawyer.


Thanks......

Next time you speak to CW, find out the contact info for the FC attorney... they'll be able to tell you when your sale date is.

If you file just prior, you may be able to postpone it even further. Check with your attorney on this.

[TroubleinCalif]

Next time you speak to CW, find out the contact info for the FC attorney... they'll be able to tell you when your sale date is.

If you file just prior, you may be able to postpone it even further. Check with your attorney on this.

Thats the thing, She said there is no sale date as of yet......

But,

I guess she is just looking at a screen an updating what im telling her as opposed to what i have told them on the last few calls when i have talked to them. She did say though that it was in FC but there was no sale date as of yet....


Thanks

[I want out]

Thats the thing, She said there is no sale date as of yet......

Believe it or not, sometimes they NEVER know when the sale date is.

That's why you have to check in periodically to find out if your file has been forwarded to an attorney.

The law firm will be able to confirm the scheduled sale date.

[TroubleinCalif]

Believe it or not, sometimes they NEVER know when the sale date is.

That's why you have to check in periodically to find out if your file has been forwarded to an attorney.

The law firm will be able to confirm the scheduled sale date.

Shouldn't i get something certified mail about anything?