Forclosure: What Are The Steps?

[BKINAZ]

So my 2nd/HELOC told me today I was 90 days behind and it has now gone to their forclosure department and she wasn't sure they had sent out an appraiser yet. I said..."Great...come get it I am $100k upside down and I am fairly certain the first would love to have you buy it from them".

SO...at what point in the forclosure department should I step up and pay to stay in our house or at what point is it to late to do that?

What are the legals steps...1-10 that happens that I need to watch for?

[queenbee]

1)it's to late when they won't work with you to make payment arrangement's...so that's the first step make payment arrangements...2)then they will tell you to try to "Short Sale " BAD IDEA you owe the difference, in foreclosure you owe nothing but double check your state laws on a 2nd you might have to bk it... 3) can put it up for sale or not...good luck w/ this economy..4)they will serve you and start legal process 5) get court order for sheriff sale 6) notice of sheriff sale posted in newspaper etc 7) sheriff sale 8)bank atty back to court to prove they sold it for "Fair Market Value" 8)kick you out somewhere in there and "change locks" 9)judge ok's sale 10) bank decides what to do as far as what you owe...we only had a 1st and owed nothing
That is the best I remember...We moved months before all that occurred, we live in WI and it took almost 1 yr start to finish even w/ the property vacant,you are responsible for homeowners and all utilities until sold and everything changed into the banks name that bought it or person ours sold $60,000 under what we owed and they never came after us in WI they don't but on a 2nd mrtg they might...The person we bought our house from was $4000 behind on taxes and no one caught it so we couldn't make that payment plus house payment so we walked. Up to you no one can tell you what to do everyone is different, to me it is only a object no big deal to us, we have had no problem renting either and that was 2 yrs ago. Bad for credit, so I would coincide BK and foreclosure so it's only 1 hit instead of many to credit...Good Luck!!! Always double check with your state laws or atty...I live in WI...FYI rule of thumb is process takes 10 months to a yr from start to finish...just call them and they usually will try to work with you if you want to keep it...the appraiser usually isn't done until right before or right after sheriff sale to prove the "Fair Market Value"...

[LuciluS]

Read the Second Sticky in this Foreclosure Section

"Timeline Graphic - potential sticky?"

I would think, because the sticky is in 2007, and the economy is so bad, you could probably add another 60 days to the above outline.

Our State Paper, Arkansas Democrat Gazette, had an article today about Bankruptcies on the Rise. All I recall is that Delaware Bankruptcies were up 123% over last year at this time and Arkansas Bankruptcies were up 34%.

Luci

[queenbee]

I agree thats why I said mine was 2 years ago and it is crazy my husbands company just laid off alot of people and he is one of them he was there 12 years...and the amount of houses that are vacant is soooo sad just packed up and are empty...

[AfraidOfBK]

I am in Henderson, NV where foreclosures are miliions per second (not literally) but i think NV is in like the top 3 states?!

So I thought I would have a lot of time but as soon as I was 45 days past due, I got the NOD....now its off to foreclosure proceedings...I thought I would have a lot mroe time cuz of the delays with so many foreclosures.

QUESTION: from everyone's experience: Do the delays happen before the NOD or do you see it dragging on through the whole sherrifs sale process? I just want to know if theres any hope left for me to buy some time in here rent free

[BKINAZ]

AFRAID...are you underwater or do you have equity in your house? I can see it moving forward while the time is good if you have equity...if you don't, I don't get it.

LUCI thanks...believe it or not I did look in the "forclosure timing" section and couldn't find any threads on timing. Course I'm a guy (don't ask for directions) so I missed the sticky's.

BTW I heard that I have until a few days before the sale to negotiate and pay off the debt...I assume, hope that is true?

[StartingOver08]

The NOD is the protect the lender. The delays happen after the NOD. Yes, Nevada is one of the top three states - California and Florida are the other two. Here in Fl it is taking about a year from the time your receive the NOD - sometimes 18 months. Some people use the "produce the note" issue and have been at it for years. One person in Boca Raton has not made payments for the past 5 years with this strategy. In our area 1 in 4 notes are lost or destroyed so the strategy is a good one.