How long to foreclose after stop paying?

[dm415]

So is it safe to say that you wouldnt have to move out until the bank actually forecloses.

[hnhlvr]

You don't have to move out until after the sherriff's sale. Say you go into preforclosure, then three (or so months) later, you'll begin receiving notices that your house will be auctioned off. AFTER it is auctioned (where someone will either win the auction or the bank will buy it back), you have a specific amount of time before you have to move out.

Say that date is 20 days after the auction, on that date, the sherriff will come and change out all the locks.

Last payment on my primary loan was made May of 2008 and the house finally was auctioned in April 2009 (IIRC) and 20 days later the locks were changed. We had nearly 10 months only because the trustee/sherriff sale was postponed a few times. We moved out the same month we quit paying because we didn't want to live in the house anymore (long story). We could have stayed there that entire time, had we not made other arrangements.

[franken55406]

What state do you live in?

Here in Minnesota, there is a 6 months redemption period after a Sheriff sale.

[dm415]

Mo

[DeadManCrawling]

Save your money for the future, a rental or whatever!

We stopped paying in January 2009. Letter of Intent To Accelerate received in March. Now it is July and we have no Lis Pendens, and no Notice Of Default.

We call them and ask for a mod every week or two, have faxed them info a couple times, and occasionally call to "inquire" about our mod. That usually results in confusion on the other end of the phone, until they see in the computer that we actually DID ask for a mod and so on. Then the clock seems to reset. We plan to keep this up for as long as we can.

When they finally DO get around to an actual foreclosure, we have already retained an attorney to fight it tooth and nail, every step of the way.

There are people on this forum who are still in their homes TWO YEARS after stopping payments with no Notice Of Default. That is unusual, but it does happen.

You have some time. No one can guess how much, but there are ways to extend it, both by using the lenders own poorly-working policies, and in the legal system.

Best of luck to you!

[momisery]

I live in MO too. We have a home that we owe more on than it is worth. Two cars that are paid off. Hubby does sales work, so he can not take me to work, but he makes very little right now. I am the one with a bigger income, but I was told they may take one of the cars. I guess one is worth 5000.00 the other maybe 10,000.00. We have cc debt, and simply living expense debt with only one good income. We are reading thru BK stuff, and are setting an appointment to do so soon. At this point we are not current on a rental house in GA, we are about 3 months behind and we asked for a short sale (long story) and now a DIL. We have not heard the result yet and they never call us to keep us updated. All other debts are paid timely, but this month I don't think I can pay them all. We will not pay any more CC debt after this montyh. But we have to use a card to buy food this month and maybe gas too. We have guns that have some value and the cars so I am sure they will come after some of that stuff. We have considered selling the guns on craigslist to pay for the attorney and to pay for food instead of using cards. My question is if I stop paying on the house prior to filing a BK for say a month then file, will we have to move once the BK is settled, or do you stay until they tell you to get out?

[plantlvr]

Next month it will one year since I paid my mortgage. Went through Chapter 7 last Winter and didn't reaffirm my mortgage. I still get a statement from my mortgage company, countrywide now bofa. Still no NOD, so I'll be staying here till i have to leave.

[momisery]

gosh, so you filed a BK and you are still in the house? Wow... I live in Mo, and a smaller size town, so I doubt it will take them that long. I heard in CA and AZ it takes a long time as there are so many on the market to deal with. Do you happen to live in a state where they were harder hit, or do you live in MO? I guess the upside would be we would take care of the place and do the yard work until we leave. But I doubt we would stay that long anyhow. Do you think they can come back after you if you do not move for back rent or something?

[Gabriel_S]

Anyone know the time frame for Wa state? I tried a loan remod today and got turned down. I think the gal I spoke to messed up the numbers. I called them back and was told that my financial situation has already been updated and they can't change anything and to call back if my situation changes. I was told I am $500.00 over. I am working with BOA but to date CW is still in possession of my loan.

I read above that if I call back on occasion the clock is reset?

[slam22]

Every state is going to be different as well as every lender will be different. In our situation we have not made a mortgage payment in 17 months and Bank of America/Countrywide has not filed a Notice of Default so far. If they filed today it would be at least another 4 months before we would have to move out. We are going to ride this horse as long as we can and just throw that money on the pile.

[momisery]

We could use the time to do that!! I hope they wait, but maybe we don't have as many forclosures here and that may be the difference? We quit paying on the rental house in GA with Wells Fargo in April. So, we are reaching 4 months as of July and we got a letter from and attorney's office that they were working on it. So that could be a while too I guess. Monday we pay the first fee towards the BK and make an appointment to come in with the rest of the money and our books.. I feel horrible but excited to get past it too.

[grassisgreen]

I am 6 months late on 3 properties, one of which just finally sent over the foreclosure notice Friday. I asked a question under the ch7 forum here and one responder said the trustee may not allow the mortgage cost, or backed payments to count towards the means test because they have not been paid for so long. Anyone heard of this?

[eyeowe]

Does anyone know the timeline for Ga. How long after stopping payments will the foreclosure start?

[lrprn]

Does anyone know the timeline for Ga. How long after stopping payments will the foreclosure start?

Here's several websites discussing the GA timeline for foreclosures:

http://stopforeclosure.com/Georgia_Foreclosure_Law.htm

http://www.877youkeep.com/Georgia-foreclosure-law

NOTE: BK Forum does not endorse these websites or their services. They are intended to be an informational resource only.

[momisery]

We stopped paying in April, and this last week we got a notice in the mail that an attorney is working on this case in foreclosure. We had tried a short sale, then a dil, never got much reponse from Wells FArgo but they lost our paperwork all the time. On the DIL they asked for information to be faxed, lost it too of course. But we did finally talk to someone but never to the person working on our case. They never contacted us then suddenly we got the letter from an attorney. Shabby way of doing business I would say. Anyhow, we have the house for four months at the end of July and still no foreclosure.. I think many lenders are so overwhelmed that they can't get them done in time. Or maybe the states are the reason? Not sure.