top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Which to do 1st?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    #46
    i really think they must be bluffing. If you have not filed BK yet they can try to scare you by filing suit. i'm not sure how the laws are in Fl. .

    I filed Ch-7 on 1/23. my house is underwater or slightly above. my 1st is $417K and 2nd (Heloc) $241K. My plan is to stop paying 2nd after discharge and try to settle, hopeing the sell to a JDB. I cant possibly believe HSBC (2nd) would buy my 1st (Citi), just so they could foreclose
    Stopped Paying CC's 2/2009. Retained Attorney 1/10/2010 Filed 1/23/2010. Discharged 5/19/10 $187K CC, $240K 2nd,$417K 1st, No asset Ch-7

    Comment


      #47
      Has me baffled too Albacore. But why would they want to scare me? Perhaps they think I CAN pay them what is owed? Or is it like I surmising, they may actually benefit from a foreclosure? Who knows - no method to this madness.

      From what I've learned from my mortgage attorney (and others) - the majority of people do NOTHING in regards to "fighting back" - just ignore the whole thing - and get default judgments. They simply sit back and let their house foreclose - those are the ones the banks are dealing with (overwhelmingly so) - which are cheaper and easier for them to do. When an owner "fights" - they kinda of push these cases aside, for now it appears, indefinately. My attorney has not actually finished with a f/c in almost 2 years. Meaning, she will answer the summoms with a simple request for more time, for example. And for the most part, the banks do not take the next step in the process - she is hearing nothing - her cases are ALL just sitting, waiting! I'm not counting on this - especially since my 2nd is acting so suspiciously, but i would not be surprised to find myself in the same situation.

      I checked out that site BTW- very interesting stuff. I would like to see the other details there - but you have to become a paid member. Down the road I'll probably take them up on the "trial offer" when i know there might be more information for me to see. It does have my home listed as "pre-foreclosure -lis piendis". Meaning - a suit has been filed. It also has my home listed there at $126K? Very interesting indeed and only proves how very SOL the 2nd is. Maybe I should send them this listing? LOL

      Comment


        #48
        what does your attorney say about the 2nd buying out the 1st ?? has he ever seen it happen in his experience ??

        Realtytrac has you listed in Pre-forclosure. The next step would be to set an auction date when they intend to foreclose.

        I think your attorney is right. if he files an answer to the summons in this market, it will sit for a long time, particularly since it's a 2nd, and their options are limited.
        Stopped Paying CC's 2/2009. Retained Attorney 1/10/2010 Filed 1/23/2010. Discharged 5/19/10 $187K CC, $240K 2nd,$417K 1st, No asset Ch-7

        Comment


          #49
          Nope attorney has not seen any 2nds filing before the 1st does. And pretty much feels the same (it's a "bluff") & is not anticipating they will act quickly. But those are famous last words, right?

          I mentioned to her the idea that their motive could be they are interested in collecting the insurance that THEY may have purchased on the lien, but she also doubts that. For what it's worth she also noted that many insurance providers simply aren't even paying up on foreclosed liens. Don't know how accurate any of this is...all heresay.

          I am hopeful my attorney's answer to summons will stop the foreclosure, at least temporarily so I have more time to save and prepare. But even without doing anything to delay the foreclosure, I have learned an avg foreclosure around here takes a minimum of 6 months. I'll prepare for that - but hope for a year to 1.5 years.

          Comment

          bottom Ad Widget

          Collapse
          Working...
          X