How long for foreclosure when mtg atty goes to court to have the stay of relief .....

[desertgrl74]

My mtg company had a court date last week 11/25 to have the stay of relief lifted and I'm not sure how it went, but I'm assuming the judge gave them the authority. I'm about 8 months behind. Has anyone experienced this? And if so how long did it take to foreclose?

I'm just wondering if I should go ahead and sign a lease on this apartment. It is a really good deal. $99 move in this month and no rent until January which will be 50% off first months rent. It's a great area and I know eventually at some point I'll need to get an apartment. So, I just need some advice. I haven't seen any better deals better than this one. Any thoughts? Is vacancy insurance necessary for my condo? My only thought is I could save a lot of money staying until it goes, but what if the foreclosure is accelerated and I have less time to find a place and no money saved up. Given that I am already 8 months behind and they went to court to lift the stay.

[iv65536]

In which state is the condo located?

[desertgrl74]

It's NV.

[bkresearch]

Did you get a Notice of Default (NOD) before you filed for bankruptcy? What has the mortgage holder sent you so far? It will help to know how far into the foreclosure process you are.

[canada2000]

I'm still waiting for my NOD the mortgage company,BOA, filed for relief of stay in Sept. and I was discharged in Oct. I have not paid since June of 08. It all depends on the service my neighbors Nod was filed a couple months after first missed payment. On my new block I know houses are just sitting there empty with no NOD filed and I know they are not paying on the loan. I keep checking the county recorder to see if NOD is filed to get the house out of my name as I own another home in Vegas. Stay as long as possible if possible for your new start.

[desertgrl74]

I haven't received anything from the mtg company yet. When I got 3 months behind, they sent a pre-forclosure notice. Then I was going to try for a loan mod and got the papers. I never did send them in because I couldn't pay it. So, now about 8 months behind and nothing. I am waiting on my discharge for chp 7. It's just a waiting game right now and I really don't know what to expect. I haven't heard anything at all. In a way it scares me because I hear stories of people getting notices to get out asap. They have to give atleast 30 days notice right?

[bkresearch]

Got this timeline from another website. I don't know how accurate it is but it's probably somewhere in the ballpark:

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Nevada Foreclosure Process and Timeline

The Foreclosure Process in the state of Nevada typically takes about 6 months from the time the Notice of Default is filed to the Eviction of the homeowner.

* Notice of Default starts the foreclosure process – it is prepared, recorded, mailed, posted, published and a copy sent to all parties (owner, all lenders, IRS, local, state, and federal tax agencies) who have an interest in the property.
* Reinstatement Period (month 1) – starts on the first day the notice of default is recorded. This is a 35 day period in which the homeowner can reinstate the loan by making any back payments, foreclosure fees and other allowable expenses.
* Redemption Period (months 2-3) – starts on day 36 from the recorded date of the Notice of Default. Now the homeowner is now responsible for paying the remaining loan balance along with all foreclosure fees and other allowable expenses. It should also be noted that approximately 10 days before the end of the redemption period, the trustee will notify the lender for permission to prepare the Notice of Trustee Sale for publication.
* Publication Period (month 4) - means the Notice of Sale must be published once a week for three consecutive weeks (21 days) prior to the Trustee Sale.
* Trustee Sale (month 5 ) is the final step in the foreclosure process and it is extremely important to remember the homeowner has no right of redemption after the sale is finalized. If there is a successful bidder at the sale, the new owner will purchase the property in “as is” condition with no warranties. If there are no bidders at the sale, the lender becomes the sole owner as an REO (Real Estate Owned).
* Eviction (month 6) process starts after the Trustee Sale is finalized. The eviction process is initiated by posting a 3 day Notice to Quit on the property. If there is no response, the new owner will file a 5 day Eviction Notice with the court. If there is no response by 5pm on the 5th day, the Constable will evict the resident.
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In your case, they will lift the stay and then start with step 1 (the NOD) and progress on from there. So it looks like you could have as much as 6 months if you stay until eviction, or 5 months if you move out when the sale occurs.

I've seen other posters say that it took about 4 months for their foreclosure in Nevada once they received the NOD.

When was your court date to lift the stay? If you log into Pacer you should be able to see the results.

[desertgrl74]

It was last week 11/25 and checked on pacer for the status. There was nothing posted for the motion for relief from stay. I'm undecided on whether to sign this lease or not. If I don't i'm out $99. not a big deal. But, it's a good deal. So, I don't know.