How long did you live "rent free?"

[flower04]

We haven't paid since May 2009, filed 13 in July and haven't received any notice yet. I am living in fear that we either will get the notice to leave before we have time to "save up" ample $ for first/last month rent and deposit on a rental or that we'll want to move before any notice comes. We want to move before the next school year..so June/July/August of 2010.

Our first is with Chase and 2nd is with BofA. We are under on the 2nd by about $35k, tried to short sale but unsuccesful.

[tjs1970]

we first missed our first and second mortgage payments in april of 2009.............no NOD as of yet........we have just this month stopped paying our CC bills and plan on keeping our cars.......chapter 13 is most likely to be filed in the spring as soon as we get an NOD and a sale date.......but if that gets stretched out, the longer the better as far as i am concerned.......

how was your mortgages looked at in your chapter 13? since you were not paying them at the time of your filing, were you questioned at all about them by the trustee? how were they figured into the plan? or were they not figured in?

[awayalways]

My last payment to WF was Dec 2006 so that's about 35 months so far on my Florida home. The bank has refused deed-in-lieu, short sale ect so I have the house rented out on a month to month lease until it forecloses.

[StartingOver08]

My last payment to WF was Dec 2006 so that's about 35 months so far on my Florida home. The bank has refused deed-in-lieu, short sale ect so I have the house rented out on a month to month lease until it forecloses.

Wow!

I have stopped as of May 2008. I am still in the house. My attorney said not to move until the final judgement and sale. The F/C attorney's move like molassas. I am using this nearly free rent (still have to pay the HOA fee) to build up savings, fix credit, and generally get back on my feet.

[slam22]

Wow!

I have stopped as of May 2008. I am still in the house. My attorney said not to move until the final judgement and sale. The F/C attorney's move like molassas. I am using this nearly free rent (still have to pay the HOA fee) to build up savings, fix credit, and generally get back on my feet.

Same situation here. Last mortgage payment was in March 2008. Still no NOD has been filed. BofA has even been paying all of the property taxes as well. We've been able to save up a nice chunk of cash in the meantime. We feel very fortunate.

[flower04]

WOW, so I guess we could be here for a while. Our attorney said March "or beyond" as far as receiving the notice.

Our mortgage payment was NOT figured into our 13, however, rent was. We still were negative on our means test and are a "no-assest" 3 year 13. Hope that makes sense. PM me if not.

[sadandconfus]

i have wells fargo, when i filed chapter 7, they hired an attorney to lift the automatic stay very fast. my first is with wells fargo and the second is with bank of america. i've been on a reduced payment plan for a while now. the last payment was oct 28, 09. they closed my loan mod file so i'm not going to pay anymore and just waiting for the auction date and then move out. i'm starting to pay some of the unnecessary stuff just in case they move fast.

[JimKutkowski]

I have a buddy who has a pet case. The client hasn't paid her mortgage since 1999.

[DeadManCrawling]

Jim,

That must be a record, or nearly so.

A good stickie, or survey, would be this: How long since last payment?


Many people would be interested to know what various lenders are doing and in what areas of the country,

[Patch]

our last payment to Wells fargo was on aug 08,and we stayed until march 09.( we needed to find a place to live that was cheap and in a good school district ,and found one for $775 a month )
our house was set to foreclosed in april 09,but that was delayed,foreclosed in may 09.

[sadandconfus]

what state are you in? since you havent been discharged yet, did they come after you for a deficiency?

[StartingOver08]

Jim,

That must be a record, or nearly so.

A good stickie, or survey, would be this: How long since last payment?


Many people would be interested to know what various lenders are doing and in what areas of the country,

I think this is a good idea but it would be very difficult to come up with a "formula" that would work to determine the average length of time someone would have in their home from the date of last payment.

What does seem to be a large factor in how fast the mortgage companies move is how much "equity" is in the home. If you are upside down the lenders don't want to finish the foreclosure very fast at all! JMO

[tjs1970]

some of the reasons........in fact a large chunk of the reasons foreclosures are not taking place is because the banks asssets on the books would be diminished and thus lowering their lending ability in other areas when they have it leveraged multiple times over..................

also, there are large hedge funds who have bought up alot of the paper on these deals from the investors.......remember, if you have a loan and it is serviced by a major company, it does not mean they are the investor........these hedge funds have bought the paper for as low as 20 cents on the dollar and in massive bulk.........like 500 million a clip.......and now the short sale and foreclosure process will likely be a little different in the next two years due to new investors wanting things handled differently based on how fast they can make a buck off it and churn a profit......

there are big changes coming........and i am going to be educating myself more now on short sales so i can be involved on a regular basis.....(i am a realtor)

[Riley]

Im in Indiana with Wells Fargo... My last payment was 11/2008. I have not received any notice yet. I did recieve a letter from one attorney that had a HUD application along with it. Has anybody else recieved this type of letter? It was basically telling me I could apply and possibly stay after it forecloses and HUD takes it over until they sell it.

[SPalin]

Im in Indiana with Wells Fargo... My last payment was 11/2008. I have not received any notice yet. I did recieve a letter from one attorney that had a HUD application along with it. Has anybody else recieved this type of letter? It was basically telling me I could apply and possibly stay after it forecloses and HUD takes it over until they sell it.

Was interested in your letter, did it state what any rent would be on the property or would you just stay rent free until HUD sold the house?