CHP 7 & timeline for foreclosure

[UpsideDown]

For what it's worth, our BK was discharged and closed 11 months ago and Chase still hasn't foreclosed. Well, they've filed the foreclosure, but they haven't gone past that.
They've rescheduled the sale date 3 times and the last time I called them, they said there is no scheduled sale date at this time. We could still be living in the house. I wouldn't be too concerned that they'll do anything anytime soon.

[cfgdag]

Upside Down....

What do you mean when you say they filed for foreclosure? What exactly has happened...and where are you located?

We are now 7 payments behind. About a month ago we received a notice saying pay XXXXX.XX within 30 (or so) days or we will proceed with foreclosure. Well those 30 days came and went and yesterday we received a notice from an attorney stating Chase has contacted them to reach out to us one last time for us to "save our home." It states they will proceed with foreclosure proceedings whether or not we respond. So what do you think this means? Do you think it's possible it will take a while longer to schedule a sale date or will we be moving full steam ahead now?

Mortgage Lender: Chase
Last Payment Made: October 2009
Loan Amount: 304K
House Value: 140-150K
State: Arizona

[ryan]

I think the urgency of a lot of these lenders to press forward and remove stays, and try to adhere closely to fc schedules is state- specific. I don;t just mean the laws, I mean the overall RE economy. I have friends in Florida who have sat a year+ in their home with hardly a peep from the bank. Amazing. I assume its the awful market down there. Here in this part of Midwest where I am, I don;t see any slow up of FC timetables by lenders. Courts are packed, but moving along.

[florida]

Ok -
Our case has been discharged (just a couple weeks ago) and so now we wait for the foreclosure?
They did not ask for a stay - and we haven't heard a peep...

[UpsideDown]

Sorry I didn't get back to you sooner, but I haven't been online in a week. What I mean is, the Lis Pendens has been filed (back in September) and we've received the foreclosure suit papers from the attorney (about 2 months ago) and still no sale date has been scheduled.

I called Chase today to inquire about the status and was told there is no real timeline at this point. It appears they move very slowly after the papers are filed. I assume if the RE market was better, they'd move alot faster. I still get a letter from Chase almost weekly saying to contact them about my options if I want to keep the house.

Today they told me for the first time that I can still sell it myself if I want. They said if I wanted to do a short sale, I'd just have to submit it to them for approval and that I could sell it up until the time it's sold at auction.

They are in no hurry to take back houses....at least here in the Tampa Bay area. I haven't made a payment in a year. One more thing....she also said that Chase would continue to pay the insurance, even though I'm no longer making payments to the escrow account.

[hedgecat]

Ok -
Our case has been discharged (just a couple weeks ago) and so now we wait for the foreclosure?
They did not ask for a stay - and we haven't heard a peep...

I'm going through this now with BOA. I WANT them to take my house. They can't do anything until my local BK juridiction releases my case (I was discharged earlier this month). They told me to wait another two weeks and contact them again (not holding my breath this will do anything). Others on the forum have said they had to contact their local clerk and sweet talk them into finalizing the paperwork that is eventually sent to the bank.