Foreclosure Pending

[jessl]

Hi,

I had a case filed in court for foreclosure (case number assigned) on 4/24/09.
When I checked the court access web site shortly after that it said case was open and future court date was 7/6/09. I checked again after that and the future court date was not listed (it was taken out) and still no date. I live in a state that has a 6 month redemption period. The case still shows open.

Any idea if the foreclosure was approved by the court and the redemption period has started? It still shows case is open and if approved wouldn't it show case closed? I also checked pacer and there was nothing listed for my case number. I have not heard anything from the law firm representing the lender since I received the paperwork before the case was filed.

Thanks to anyone who has experience with this.

[jessl]

Anyone have any opinions on this?

Would be much appreciated.

Thanks.

[justbroke]

I'm still waiting (20 months) for a foreclosure. I have had many sale dates reset. I'm in Chapter. I think they may finally sell it this time, but the date keeps (kept) changing. If you are worried about the new deed being recorded, just check your local Recorder of Deeds to see if it has been sold. You could also call the clerk of the local Court as well.

With the way things are in the general housing market... you'd have better odds in Vegas than predicting when a lender will actually foreclose on your property.

Do you have a particular concern???

[jessl]

Thanks for your reply.

I am confused as I know a case for foreclosure was filed in court. I saw it on the web. It was filed on 4/24/09, a case number was assigned, and it said future court date 7/6/09. I assume that would be for a hearing in front of the judge by the law firm representing the lender.

I waited until after 7/6/09 and went back to the web site of court cases. The "future court date 7/6/09" was gone and it still said case open.

I am wondering if they actually went to court and got the judgement of forclosure? Or was it postponed and it doesn't say until when. The case still says "open" and I haven't heard anything from the law firm.

Thanks for your insight on this.

[STofSHK]

I been in the foreclosure process since 6/23/2009. I also check on the status of my case(i am in the process of filing chapt 13.) My case also shows open, no activity until Jan 20, 2010(Lis Pending, which means there is a lien.) What I am trying to say is that they would post a date if there was any activity going on? I reside in Florida. I hope that was helpful.

[DeadManCrawling]

Jessl,

It could be either way or nothing at all. They may have gotten the judgment and decided to leave the property in your name. There are many possible reasons for this. Here are a few: They have the judgment but do not wish to account for the loan and property on their books. In accounting terms, the property is still considered a "performing asset" and they do not need to fund additional reserves to cover the loss until it is back in their name. This is increasingly common as banks and lenders realize how gigantic this problem is. They may have a set number of dollar reserves each quarter to allocate to foreclosures. When they do so, they must title or deed the property in their name then hold it on the books, with reserves to account for the loss, while they sell the property. If a company has publicly stated (As have all big lenders) that they set aside X billions of dollars for foreclosures, and that number goes higher than projected, the company can look bad on Wall Street and be targeted as a stock to short, which could put them out of business.

So they do not claim all property they have foreclosed on.

Or, they could have simply stopped pursuing the case, for the same reason as above.

Or, they could have done either or both of the above but do not want to pay your HOA fees, CDD fees, or any other fees like maintenance.

They probably didn't forget about you. They simply do not want the property at this time.

In addition, lenders are walking a tightrope. They have a LOT of foreclosures, and more every month. If they took them all and sold them all, the market would further collapse, and they would lose money in sales. So, they artificially prop up the market by not claiming all property, or by holding back inventory, or by delaying foreclosure.

Some claim they are trying to get mods to as many as possible. Once, that might have been believable. Now, I doubt it. Now, that is another excuse to delay the inevitable-claiming all these properties on the accounting books.

I have a house in a similar situation. We haven't paid in over a year, and BoA is making no move to take the property back.

In Florida, a HOA just got a court victory, the first of its kind in the nation, to force a lender to take a property back. I will post a link in the news section, should have already done so, but forgot.