How long have you stayed in your home?

[Doghouse]

I last paid my mortgage for the month of Sept '08. Have not paid a dime since Oct '08. No notice of default yet. Attorney had told me it will probably take up to a year or longer for the whole process here in California. I will be filing for BK first week in March. Hope to live rent free till at least Oct '09 or longer.

[slam22]

We made our last mortgage payment in March '08. We are still in our house in San Diego and now with our discharge last fall and our BK now closed we have just been throwing all of the cash on to the pile. No NOD has been filed as of yet so if it happened on Monday we would have at least four more months before we would have to be out. We feel pretty fortunate.

[myhearts07]

Wow. The attorney said that we would need at least $12K saved when we move out so that we would have to pay security deposits and whatever else they required at the time when we moved in. I am not filing and once the BK is filed and discharged, we are going to clean up my credit and get my debt paid off so maybe the landlord won't ask for so much based on my credit and debt ratios. I hope to be able to find a rent to own situation where our rent can go into us buying the house. That would be great. I don't know how long it would take to go the regular route trying to get financed and all that with my income. I had a loss last year and though hubby is ok on salary, he will have a foreclosure and a bk on his credit so that might really hurt us. But I am through worrying about all that and I realize that we need to live for now and not so much the future because it is not promised to us. Hearts

[Rover]

I stopped paying on a 1st and 2nd mortgage in June, 2007. Total payments were a little over $3,000 per month.

In December, 2007, foreclosure lawsuits were filed on both mortgages.

To delay things, I filed many pretrial motions (to dismiss, to strike, etc.) pro se. It wasn't until mid-2008 that I had to file Answers to the lawsuits.

Here it is February, 2009, and the court process is still dragging on. I have lived payment free in my home for 21 months. That represents a savings of over $63,000.

I'm not sure how much longer the court process will continue to drag on, but I would expect at least another 4 months -- an additional $12,000 savings.

I also have a total of $12,000 of property taxes unpaid and $700 of unpaid homeowners dues.

On the eve of the foreclosure auction, I will probably file Ch 13 -- which will buy me a few more months of rent-free living.

When the house is finally sold at auction, I figure I will have saved almost $100,000 in "rent", property taxes and fees. On top of that, the house now needs around $100,000 of repairs (roof, lanai screen and deck, tile, carpet, paint, etc.)

Originally, I intended to use Ch 13 to permanently stop the foreclosure. But when I add up all the arrears costs (mortgage payments, attorneys fees, taxes, etc.), repair costs plus a portion of the unsecured debt I would have to repay in Ch 13, it is now a better strategy financially for me just to let the house be foreclosed after I can't stall any longer. Then, file Ch 7. I can rent a better house for $2,000 per month, and buy again after housing prices have fallen even farther.

Back in 2007 when I stopped making payments, I had around $200,000 of equity in the house. Since then, the house has declined in value by at least $100,000. So, trying to sell the house doesn't really make sense anymore because I've already captured whatever equity I now have in the house from the savings on rent, property taxes, etc.

It's nice living rent free and anyone can do it. No one is suddenly going to show up at your front door with a posse. The process is predictable and easy to learn. I've convinced my family that in this economy it's a good move financially to move to a new house -- and maybe a better house for less money. They're actually excited about it.

[rainelli]

Hello!I've been in my house for 30 years now....

[cindy02]

Rover, how many months do you think can buy if you file bankcruptcy?

[myhearts07]

What's the difference between a NOD and a complaint for foreclosure of mortgage? Got served the Complaint of Foreclosure of Mtg today.

[myhearts07]

Also, on the complaint, my name is listed, and I am not on the mortgage. Is it because my name is on the title????? What should I do? ONe of us needs some credit for the future?

[justbroke]

What's the difference between a NOD and a complaint for foreclosure of mortgage? Got served the Complaint of Foreclosure of Mtg today.

The Notice of Default is a pre-amble to the Complaint. The NOD is an official notice that you must cure the default within so many days, or the Note would be accelerated.

The Complaint -- or lawsuit -- is the formal legal acceleration and demand to cure or be foreclosed upon.

[myhearts07]

Thanks Just Broke. Which one takes priority? Do I have to respond to the complaint?

Hearts

[Rover]

Rover, how many months do you think can buy if you file bankcruptcy?

I went to the courthouse and looked at the files of those who had filed Ch 13 just before the foreclosure auction. It looked to me like the Ch 13 filing bought an additional 4 months for those who could not sustain the Ch 13.

[debtmonster]

We are in MO. Filed Oct. 31. current on all. Nov. 1 missed first payment. Lender filed for relief and that court date is tomorrow. We supposedly have to be out by the end of Feb. I wish I had CA's timeline to work with. We sure could use and extra 30 days!

Why leave so quickly? With people staying in their homes up to 12 to 24 months, why are you in such a rush to leave? Just wait until the sheriff knocks on the door and tells you to vacate the premises. By that time you should have major dollars saved up for moving and renting expenses. Plus you keep the house occupied and somewhat maintained. It also prevents squatters from taking over the home and stealing things from it.

I don't see why people are leaving their homes so fast just because they are in default. You're simply throwing good money away on renting a place when you should all be staying in your homes rent-free as long as possible. Try to keep the lawns up and people from stealing appliances and fixtures once you vacate.

[debtmonster]

On the 19th of this month I got a knock on my door and was served with paperwork that says this:

SUMMONS
PERSONAL SERVICE ON A NATURAL PERSON

THE STATE OF FLORIDA

YOU ARE COMMANDED to serve this Summons and a copy of the Complaint and Notice of Lis Pendens in this lawsuit upon the below-named Defendant:

<My name and address>

IMPORTANT
A lawsuit has been filed against you. You have 20 calendar days after this summons is served on you to file a written response to the attached Complaint in this Court. A phone call will not protect you; your written response, including the above case number and name parties, must be filed if you want the Court to hear your case. If you do not file your response on time, you may lose the case, and your wages, money, and property may thereafter be taken without further warning from the Court. There are other legal requirements. You may want to call an attorney right away. If you do not know an attorney, you may call an attorney referral service or a legal aid office (listed in the phone book.)

If you chose to file a written response yourself, at the same time you file your written response to the Court you must also mail or take a carbon copy or photocopy of your written response to the "Plaintiff/Plaintiff's Attorney" named below:
<Attorney's name/address respresenting the mortgage company was here>

Then they had a stamp from the process server with the date and time I was served.

--------
I am still waiting for some kind of sample letter that I should write to respond to this and my attorney's office has not emailed me one yet.

[justbroke]

Thanks Just Broke. Which one takes priority? Do I have to respond to the complaint?

Hearts

You do not need to respond at all. Trust me... I just saw a documentary about Fort Myers Florida on CNN talking about foreclosures.

Unless you can prove something wrong in the Note or Deed or some other factor which prohibits the lender from taking foreclosure action... the foreclosure will happen with or without your appearance or response. I just watched a lady practically crying, husband died, no money, and the Judge basically said that all that is immaterial and then ordered the foreclosure.

If you are not keeping the property, no need to respond at all.

Also, the Lawsuit / Complaint is the official thing. It is a cout action. The Notice is just that... a notice.

[debtmonster]

You do not need to respond at all. Trust me... I just saw a documentary about Fort Myers Florida on CNN talking about foreclosures.

Unless you can prove something wrong in the Note or Deed or some other factor which prohibits the lender from taking foreclosure action... the foreclosure will happen with or without your appearance or response. I just watched a lady practically crying, husband died, no money, and the Judge basically said that all that is immaterial and then ordered the foreclosure.

If you are not keeping the property, no need to respond at all.

Also, the Lawsuit / Complaint is the official thing. It is a cout action. The Notice is just that... a notice.

The attorney told me that if I respond, I can delay everthing a little longer. All it will do is buy more time until the bankruptcy is filed. That's all I want to do. I don't want to ignore it.