Has anyone moved out before the foreclosure process is finished?

[cindy02]

Yeah, I would recomend you to stay in your home rent free while you can and save your money. Just make sure you dont put your money on your bank account while you file for bankcruptcy because they might ask you for bank statements. I had to provide bank statements for the last 6 months.

[question]

Will I have to show where the money has been going? Will it still be able to be part of the means test? In order for me to qualify for the means test I would need my mortgage payment or rent payment when I move or I will be over the amount

[truckerswife]

We are in 13. Our last mortgage payment was around 11/07. In August a relief of stay was requested. In September it was granted. We moved in October. I check the court records and sheriff's auction list almost daily. Foreclosure/sale process hasn't restarted again, almost 2 years later. I wish they would hurry so that I could quit paying the insurance on it. We moved after we got the notice saying the stay had been lifted because I didn't want to dread going to the mail box everyday or worry every time there was a knock on my door. We also had our mail forwarded to a PO box instead of our new apartment. I didn't want all of that ugliness following us.

[BK2008]

We are in 13. Our last mortgage payment was around 11/07. In August a relief of stay was requested. In September it was granted. We moved in October. I check the court records and sheriff's auction list almost daily. Foreclosure/sale process hasn't restarted again, almost 2 years later. I wish they would hurry so that I could quit paying the insurance on it. We moved after we got the notice saying the stay had been lifted because I didn't want to dread going to the mail box everyday or worry every time there was a knock on my door. We also had our mail forwarded to a PO box instead of our new apartment. I didn't want all of that ugliness following us.

I did the same thing...moved, opened a PO Box, refuse certified mailings, etc.
I'll be darned if all of these people are going to hound me again. I think my HOA is after me for the past due balance, too.

I cancelled the insurance right after the auction date (12/02/08) and received a refund for the unused portion. Apparently, that thing still hasn't gone to auction yet, and the lender forced insurance on the property by using what was left in my escrow account. So I paid for it, one way or the other.

[debtmonster]

I see that some people have left early. What is the benefits of leaving early as opposed to staying there rent-free until you can save up all of that money once the sheriff sale has sold you house? I don't get it. I can see if you got some wonderful job far away, but why are people not staying in their houses as long as possible? How would it benefit me to move out early and start being broke with the expenses of renting some place instead of staying in my house for 12 to 24 months rent-free?

[ssdsco]

I see that some people have left early. What is the benefits of leaving early as opposed to staying there rent-free until you can save up all of that money once the sheriff sale has sold you house? I don't get it. I can see if you got some wonderful job far away, but why are people not staying in their houses as long as possible? How would it benefit me to move out early and start being broke with the expenses of renting some place instead of staying in my house for 12 to 24 months rent-free?

The security of knowing where you're going to live after you get the boot.

I just got my notice that foreclosure will take place after 45 days on my MD home. I could have lived there for almost 2 years payment free. I'm glad this is happening now before I file BK so I don't have any new debt(HOA fees) after I file BK that I would be responsible for.

[debtmonster]

The security of knowing where you're going to live after you get the boot.

I just got my notice that foreclosure will take place after 45 days on my MD home. I could have lived there for almost 2 years payment free. I'm glad this is happening now before I file BK so I don't have any new debt(HOA fees) after I file BK that I would be responsible for.

I'm talking about those people that are moving out in less than 90 days. Everyone should be doing what you're doing and riding it out for at least a year or two.

A friend of mine is the head of the home owner's association in his neighborhood. He said they have 170 homes that he is overseeing. 13 of them are foreclosed and vacant.

I am wondering if all of my neighbors will be royally pissed off when I foreclose. I have no intentions in telling any of them that I am foreclosing. I don't want to the dirty looks from them. The neighbors I am talking about are the ones across the street from me who are snowbirds. They are only here about 4 or 5 months. I will probably be moving out when they are not here anyway, so nobody will really even know what's going on until they come back and they see my house is vacant.

[cindy02]

debtmonster,



I moved out 2 months after I was late with my payments because I freaked out about not finding a nice rental home. When you have bad credit is hard to find something decent. I do regret not staying longer, it's probably going to take at least another 6 months for my second property to foreclosed. I know friends that their foreclosure process took 6 months so you never know if going to have 6 or up 24 months.

[debtmonster]

debtmonster,



I moved out 2 months after I was late with my payments because I freaked out about not finding a nice rental home. When you have bad credit is hard to find something decent. I do regret not staying longer, it's probably going to take at least another 6 months for my second property to foreclosed. I know friends that their foreclosure process took 6 months so you never know if going to have 6 or up 24 months.

My credit score is 489 now. What difference will it make months from now? It may even go up after the bankruptcy had wiped the slate clean and then the credit reports start reflecting it.

Many private people may not even check credit.

[denisec]

Oh please, take advantage of the banks? Are you kidding me. I can understand why folks with kids would want to be settled, but the last thing I would worry about are the banks. I say if anyone can devise their own personal bailout by staying in the home for as long as possible, all the power to them.

[denisec]

This is a myth. You can find a rental quite easily with bad credit. The most you'll have to do is pay another month deposit. That's why people rent, because they aren't able to buy a home, due to bad credit.

[Billssuck]

I'm at 10 months now since making my last payment and I'm still in the house. My relief from stay (rfs) hasn't even happened yet so I know I've still got quite a few months to go before I will need to move. I plan on waiting until the auction to move out. Right now I look at it as I'm taking care of the house for the bank while they are figuring out what they are gonna do. I really think we're caught up in that fraudulent paperwork when BOA bought out Countrywide and the title transfers weren't processed correctly. So...who knows how much longer....

[StartinOver]

debtmonster, I look at the situation with the neighbors this way:

1. It's none of their danged business what's going on in my life. (Even the ones we are friendly with, since they are not contributing to our household income, they don't get any say in my decisions. They also don't get included in any sort of a newsflash about the situation. When the signs go up, they may see them, but I will not hold a conversation with anyone who has anything negative to say about it.

2. I don't care what anyone thinks of me, anymore (in a good way.) I'm responsible for me, and what I think about me. I'm not responsible for what other people think. I answer to my maker, and I am abiding by the laws of the land in taking advantage of an opportunity for a financial do-over. I will render unto Caesar the things that are Caesar's while rendering to God the things that are God's. Any neighbor who looks down on me for this situation is probably going to 'get theirs' at some point, but how and when is no concern of mine.

3. Your neighbors have to have been living under a rock if they are at all shocked that anyone they know is facing financial difficulty in this economy. Nobody can be that clueless at this point. Probably your snowbird neighbors have friends, kids, cousins or someone facing the same nightmare.

[denisec]

Hi there, I was a Countrywide mortgagee now BofA...I have stopped paying 11/09 and still haven't even received a NOD....I am staying in the home as long as possible and saving my money...I think part of the reason is I started a loan mod,which goes on and on, which unless they gave me the house for an unbelievable low price, I don't want, is the reason it is such a long time..The loan mods are total jokes, but I would advise anyone to do one just to buy time. Also I did a Chapter 7 - discharged in July 09, so I am covered personally for any deficiency. I learned all this as I went along, but I would advise someone to do both of these things if possible...it seems like the best way out of a lousy underwater house, and a lousy interest only mortgage. And by the way, get rid of any moral viewpoint on this. Do the best for you, your family, and your pets...but don't worry about the banks or neighbors or anything else. It's not a moral decision, it's a financial one. Period. Also find out the foreclosure timeline in your state so you know once you get a notice of default, how long you have and can plan around that for a rental or whatever. BofA is way behind on the foreclosure process. The usual process takes anywhere from 120 to 180 days from NOD to trustee sale at the court house steps....depending on your state. It doesn't just happen whenever, so get the facts and plan around those. I am about ready to write a book on this stuff, since I learned so much through extensive research and personal experience over the last several years. I know more about this, and have a good strategy for people so they don't have to learn the hard way themselves. Stay tuned.

[espo1357]

Still in my home going on 6 months with no payments. I'm in the halfway point for my Chapter 7 discharge and still haven't received a NOD. It's nice not to pay the mortgage but nervewracking too....Feel like the sword of damacleas is hanging over my head!

good for you.
don't worry about it. save the cash. be sure that they follow the laws because if they don't, you have a good case. stay as long as possible, as this is a great time to save!