Chapter 7 - Even mess with a Short Sale or Let the bank foreclose? Need some tips!

[myhearts07]

Great advice you all.. Thanks so much. I felt so pressured to try and sell the house. I live in Illinois and now that we are past the redemption period, how much longer do you think we have in this house before the actual foreclosure?

By the way, got a letter from BK of America saying that they are giving us 30 days to get housing counseling. Does that mean after the 30 days they are going to start foreclosure proceedings?

Thanks

[myhearts07]

So, how do I find out foreclosure timelines now that we have a new lender? As I stated previously, last day of redemption was 9/22/09 and we just got with Bk of America. Does it go back from 9/22/09 or how does that work? Please don't think I am looney with these questions, just like to be informed.. Thanks

Myhearts

[DeadManCrawling]

That is a new and unusual position to be in. I doubt anyone can answer with certainty.

The CW/BoA takeover threw a wrench into things that no one could foresee, and no one can predict what will happen going forward.

We were with CW when BoA took over, too. We stopped paying in Jan. 09. NOD was received about 3 weeks ago. They are also simultaneously offering a modification. We are weighing different options.

I don't think there is an answer for your question, or at least not a predictable answer that you can use to plan your future. You should prepare for any timeframe, short or long.

Please report back, though, so others can learn from your experiences.

Anyone else in the same situation?

[myhearts07]

Thanks DMC... Yeah, I knew that would be a doosie.. Trying to find a job so I can help come up with some savings so we can get outta here. Be praying for us please.... Got some good leads on jobs.. Now just need one to come through. I will keep you informed as to what is going on with foreclosure once I find something out.

Thanks

[ItsJustMe]

So the 'timeline' before you can purchase is 3 years post title transfer - so if it takes the bank 2 years after discharge it would be 5 years before you are eligible for a new FHA mortgage (and 7 for conventional). Am I reading that right? Is there any way (aside from short sale) to get the title out of your name faster? Is the house is IIB can you short sale after discharge (to get it out of your name quicker) w/out it being counted as a seperate event/ding on your credit?