Rent Free in CA????

[mickeyme]

Does anyone know the time frame before they kick us out in California? I have my first with Ditech & second with CITI mortgage.

I am almost one year out of BK and in CA you only ahve to wait 2 yrs before purchasing again. I want to live rent free for as long as possible but I need to make it to at least Feb or March 2011. Trying to figure out when I will stop paying.

Does anyone have any experience with this in CA or with Ditech or CITI Mortgatge. My in-laws have a loan with GMAC(Ditech's) parent company and when they missed 2-payments they received a letter for default. Could that mean they would be on the short end of the time frame of more like three months?

[plantlvr]

Hi Micky- Well I'm with BofA [took over from CW] and i just got my NOD friday, No payments for 13 months. I included my mortgage in my BK 7 last Winter so that slowed it down some. I'm hoping to stay here at least until Feb. Gad I hate moving...
Good luck to you!

[NewLifeAhead]

Does anyone know the time frame before they kick us out in California? I have my first with Ditech & second with CITI mortgage.

I am almost one year out of BK and in CA you only ahve to wait 2 yrs before purchasing again. I want to live rent free for as long as possible but I need to make it to at least Feb or March 2011. Trying to figure out when I will stop paying.

Does anyone have any experience with this in CA or with Ditech or CITI Mortgatge. My in-laws have a loan with GMAC(Ditech's) parent company and when they missed 2-payments they received a letter for default. Could that mean they would be on the short end of the time frame of more like three months?

Hi Mickeyme,

It's true you can purchase a house after 2 years from a BK, however, if you go through a foreclosure on your current house, it will be 2 years from the date your house transfers (auction sale) before you can buy again (3 years for a Fannie Mae mortgage).

[SPalin]

My attorney said she has had clients buy a home within 6 months of a discharge due to the number of foreclosures in CA. Yes, it will not be a FHA loan and the interest will be high 7%-10%, but it happens. She told me with saving the my mortgage payment even over 9 months it will give me a good down payment for small home or condo. Most prices have dropped over 50% the past two years here. Also, with many adjustable loans resetting at the beginning of next year there will be even more foreclosures! This time next year in the central valley it will be a good time to get back into home ownership. But, I plan on see how long I can stay and save the money and rent if I have, too! I have called several apartment complexes and having a recent Bk is not the issue as it once was, just a larger deposit and possible two months up front, which I have already saved. I have not made a mortgage payment since July '09 and no NOD has been filed with the County and I;ll have to see what happens at the 341 meeting on Dec.10th.

[mickeyme]

Thank you for your help!!! Since I included my mortgage in the BK (NOT reaffirmed) and it is discharge will the foreclosure show on my credit report? From what I have read on the forum it looks like nothing is reported, good or bad. I am all new to this so I may be wrong.

Thanks again for the input. I have a lot to consider.

[tjs1970]

i dont think it will show up........but i wonder if you can prolong the foreclosure even further by having your attorney file a produce the note strategy?

my attorney seemed to think that if i didnt want to keep my house, and he could delay foreclosure for a year if i really wanted to go that route........and i think i might !!!

[mickeyme]

Good luck. Please let me know how that goes for you. I am going to look into it.

[NewLifeAhead]

Thank you for your help!!! Since I included my mortgage in the BK (NOT reaffirmed) and it is discharge will the foreclosure show on my credit report? From what I have read on the forum it looks like nothing is reported, good or bad. I am all new to this so I may be wrong.

Thanks again for the input. I have a lot to consider.

You are correct. Your mortgage will say IIB (Included In Bankruptcy) and the banks cannot report the foreclosure to the credit agencies. However, the foreclosure transactions filed in your county are public records and can be easily looked up. When you apply for a new mortgage, you will be asked if you had a previous foreclosure. Keep scanning the threads on this board and you will see the answers from the experts.

Good luck to you.

[mickeyme]

Thanks so much for your help.

[ItsJustMe]

Just to make sure I'm understanding correctly, you only need to be TWO years post foreclosure for an FHA loan? I thought it was three.

We're in CA and stupidly modified and just paid last months mortgage after months of not paying. Now I guess the foreclosure timeline starts again. We want out (bad neighborhood! But we also want to stay rent free (and save up!) as long as possible.

[mickeyme]

My broker told me two years but I have seen 3 yrs on the forum, but I have also seen people getting loans as soon as 13-months after discharge.
Look at it this way you went a few months mortgage free and now you will go few more...take advantage and save up. We are hoping the foreclosure process takes some time but I guess there is no way to tell. Which mortgage company is your loan with? My 1st is with Ditech & 2nd with Citi.