How long were you able to stay?

[keepswimming]

Thank you again.

I sort of wish we wanted to stay in this area, so we could live in this house "rent free" as you all call it. I had never considered that, or knew it was even an option. Hopefully, though a job in another state will become available sooner than all of this hits the fan once and for all. As we search for jobs, though, I am starting to think that stopping paying the mortgage may give us more opportunities that would not be there otherwise. I doubt anyone would buy our house without us doing some repairs we cannot afford, and the stress of selling a house is one I barely survived when I was eight years younger! I still have many questions, and need to pray more about all this, but I am just about ready to put a fork in Plan A.

[1967]

I used to be really nice with my bank and never missed a payment. Between job layoffs and spending all our savings and investments to save the house we are now out of money.....and very angry. We tried to talk to the bank and work things out but they tread you like dirt. 20 years of perfect credit and perfect payments means nothing to them. You would think they would view our relationship as a partnership but they don't, boy was I a fool to think like that.

Anyhow, my wife and I haven't made a payment in 10 months. We are filing for chapter 7 in 3 weeks. Last week I got served with papers that the bank is foreclosing and the letter says we need to get back to them within 20 days with a response.

I think if I time it right I can file for BK and the foreclosure stops. That will buy me at least another 3 months. Once that ends I think the bank will start the foreclosure process again and that should take 3-4 months on top of the 3. Then I was told once the foreclosure happens it has to go to a sheriffs sale, and that should take another 4-6 months.

I have a few neighbors homes that are foreclosures and are NOT selling right next to me.

From what I understand the bank can't kick me out until after the sheriff sale, then it's a matter of following eviction laws.

I used to be a nice guy back when I followed every rule in the book, and I have been honest my whole life. But I'm at a point now where I will ride this as long as humanly possible, and I will stay here rent free as long as I can.

1967

[overspent]

The same can be said for GMAC. I've had 4 GM & Chrysler vehicles and loans with them over the years all paid off . I was thinking buying American to help them out. Then last August, I bought a new Chrysler minivan, applied for the 0% interest deal from GMAC, they said my DTI was too high to qualify for the 0% financing. I got stuck with taking the rebate and 14% interest loan from Chase.

I wrote a letter to GMAC president, my senators and congressmen expressing my anger and said no more bailout. Gues what, a couple month later GMAC got 5 more billions. Vote all the incumbents out next time.

[1967]

I got so mad that I joined up and I am volunteering for the Tea parties

1967

[moneytrouble]

It has been 19 months since I made a payment to my mortgage company, and still no foreclosure. No matter how many times I have contacted multiple departments at my lender, they will not foreclose.

[feelingnutsy]

Hey---moneytrouble---what state?

[moneytrouble]

I edited my post to state it has been 19 months. This is a condo in Michigan. They have changed the locks, but will not foreclose. I am so annoyed since they wanted me out in four months and had a sheriff's sale date set when I lived there. I then decided to file Chapter 7. Ever since then, I have not received any formal letters or anything from them. I get transferred around on their phones, and they repeatedly state that there is no sale date. I have not lived there in 14 months. My lawyer's assistant suggested I should move out once my Chapter 7 was complete, since the home was included in Chapter 7 and I had no plans of keeping it. Horrible advice.

[ryan]

....I have not lived there in 14 months. My lawyer's assistant suggested I should move out once my Chapter 7 was complete, since the home was included in Chapter 7 and I had no plans of keeping it. Horrible advice.

Yeh, you really got the worst of the deal. At least if you were still living there it would be some consolation in terms of free housing expense....but that really sucks.

[Twin02]

Home included in BK 7 June 08, stopped paying 2nd in Feb 08, continued to pay 1st trust until 2/09 bank sent NOD and denied payments since 2/09. Tried to get bank to work with us 6 months before Bk till Oct 09 then gave up because I was getting no where!

I am still in the home can't leave because I would be responsible for property till they foreclose. Funny thing is my loan servicer changed in 3/09 a year after Chapter 7 and last payment they changed my LOAN NUMBER!! I never reaffirmed and now 2 weeks ago I was turned down for a car loan because the new servicer filed on my credit report I am 180 days late! When I disputed this to the credit bureau with discharge information it came back VERIFIED! and they will not remove. I even stated the loan number changed but it is the loan I was discharged on for my primary residence. I am assuming my loan was SOLD to a debt buyer and the servicer will not remove and neither will Equifax. I showed the credit bureau I was discharged from the orginial debt. The weird thing is the same servicer is reporting on the other two bureaus discharged in BK 7 6/2008 and shows PAID OFF by previous servicer on 4/08.

Please check your credit reports after BK they have really hurt my fresh start they have had 17 months to foreclose and have not! My credit score dropped almost 100 pts when they did this and I had finally gotten it back up to 660 now I am back to where I was just after BK!! This does not seem FAIR! I am being denied my Fresh Start.

Why would they change my loan number?
What can I do?

[bkbirdie]

Twin02, that's horrible! I would talk to my bankruptcy attorney about what's happening. If you didn't have one at the time you filed CH.7, maybe you could make a free consultation appointment with a CH.7 attorney to discuss it. It's very underhanded what they are doing to you. Good luck, I hope this problem gets resolved.

[espo1357]

I’m really not impressed with the modification programs… lower the interest and jack your loan out to 40 years. Sweet you’ve made my horrible investment more affordable so I can keep it, thanks so much. Maybe if I’m lucky I’ll break even by the time I pay it off in 40 years! Or how about the holy grail of loan mods… you get a principle reduction! But wait… if you ever sell the house for a profit in the future we want that money back. It’s all smoke and mirrors… none of that crap makes your bad investment good. Any business burdened with an investment like some of our homes and they would kick it to the curb in a second and move on. Businesses do this every day and it is “good business”, making a profit, smart move, blah blah blah. But the homeowner is held to a different standard. Society looks down on you for abandoning your responsibilities. You should feel ashamed for walking away! What a load of crap.

Banks never have been nor will they ever be your friend. They are out to make a profit and keep shareholders happy, just like any other business. When they took your loan they assessed the risk and set your down payment and interest rate according to their assumed risk. The homeowner on the other hand is often dumping their entire life savings into this investment. They put their blood, sweat, and tears into maintaining and keeping their home. When a home forecloses there are no winners… the bank looses as well as the homeowner. But for the homeowner this was their single most important investment of their life… not just home #4673 on block 264 as the bank sees it. But just like a business the homeowner has to look at this home they are invested in and decide what is best for your family. What will it take to make things right so you can provide for your family’s future? And really what’s more important than making the right decisions to ensure that you can provide for your family’s future?




Man if I had that crystal ball I sure as hell wouldn’t have been in this situation in the first place. But I don’t see home prices going up here in CA any time soon. I’d guess we are pretty close to the bottom… but that really won’t be seen until the government stops pumping tax dollars into the buyer credits. It seems like it’s doing the job right now… but this market is being held up by rotten 2x4’s and a ton of duct tape. Yank out those tax dollars and let’s see if this baby will hold! That will be the real test.

Everyone’s situation is different and all you are able to do is the play the hand you were dealt the best you can. For my family it was swallow our pride and pretty much start over from scratch by filing for a chapter 7 and walking away from our house. In hindsight it was absolutely the best decision we could have made. We are actually looking forward to our future instead of dreading having to even get out of bed for another hopeless day. We have learned a lot from this experience and are grateful for this second chance.

Excellent information. My stupid, idiot, greedy lawyer put me in a 13 instead of a 7, when I did qualify for a 7. At the time, I wanted to keep the home and the BK 13 put my mortgage arrears into the plan. As soon as I filed, I got the modification and all was good.

Until I woke up.

Fast forward 15 months, and the market continues to be bad, and I will never get equity. So, I am going to walk. However, I am still stuck in the 13 because I make too much. What a joke. Fresh start my ass.

I blame myself for being so stubborn and keeping the home.

Word to the wise: If you can do a 7, do a 7.

[espo1357]

Zillow

Bel. it or not, Chase has a very good estimator, much better than Zillow.

Zillow is a scam.

[tobee43]

it appears by this thread that calif and florida are really slow....

we didn't stay ...we left, but our house was nj...and it's been 3 years and it's still empty....we are in florida now and there are so many vacated homes...as well as even in our new community so many in foreclosure and they are going no where for now...

also, i can't find the thread, but someone else in calif said it when like lightening....they out quick...so who really knows anymore. i thought for a while it may be the location of the property...but that doesn't seem to matter much anymore..but this may....

stats............the media.............if the banks REALLY foreclose on ALL these property...what's going to be report by the news media..........i can see it now..."FORECLOSURES UP 200%"....i don't think the government or the banks whats those stats out there...so if the banks foreclosure one here or there...or a few this month or that...it will not hit the nation as hard...

but then again..i'm paranoid after going through all this and trust no one anymore!!

[HomeNow2]

In Illinois here.........getting ready to file ch 7 in the next few weeks. Loan mod summer 2010 after being downsized but spouse working....now he is being downsized. Yes, we are working weekly now with the attorney....

Planning on giving back our upside down house and doing a ride through, staying current of course, until BK is discharged. Then strategically planning a move.......thinking it would give us 2 years without a payment so we can save up. From this forum that does sound reasonable.

Still have the student loan and cars to pay off. Wish I knew a LOT more a few years ago on all of this!!! Oh wel.....

Any other sights welcomed!!!

[helpme2010]

Anyone here is still living in their home after Ch. 7 and stopped making payments?

We are looking to file in a few months, we were looking to keep the home. We are current on 1st and 2nd but we were advised against reaffirming and that we should consider stop making payments and save money after discharge.

In other words, being current on 1st and 2nd, if we stop making payments after discharge how long do you think we will be able to stay??

We are bout $70k underwater (...and we financed 80% LTV... )

I stopped making payments pre and post bk. Just a couple weeks after discharge, they gave me a 2 week notice that my house was going to be auctioned. That scared the daylites out of me. I am attempting a loan mod for some type of payment plan to stay in the home. I couldn't believe how fast they moved forward.