Delay foreclosure in California

[good2free]

Hello all,

My CH7 discharge came on 1/2010 and I stopped making the mortgage since 2/2010. I did not reaffirm and am underwater for 200K. As anyone would imagine, I don't want to keep the house and extend my rent free stay as long as possible.

My lender is Citi mortgage and i did not hear any thing so far. I am looking for some ideas to delay the foreclosure process as long as possible. Could you please share some ideas?

thanks

[232323]

i live in modesto, ca. i've been checking my county clerk recorder's website (religiously) to see if the bank has sent a Notice of Default. thus far, i havent received anything. my mortgage holder is bank of america. i havent paid since jan 2009, filed chap7 a few months later and got discharge late 2009. ihavent received anything from BOA, doubt i will yet.

according to some post on this forum, i can say that after the bank send a NOD, i will have about 4-6 months before i get kicked out. however, this all depends on ur bank and the amount of foreclosures in ur area.

i think the best way to stay in ur house longer is to just ask them. ask them if they are willing to let u stay in the house while they are tryin to sell it if no one buys it at the auction. tell them that u are going to take good care of it and if u were to leave, any homeless person can just come in break things and burn it down (major losses there).




hope this helps!

[bulletproof77]

Right now in California, it is taking YEARS for banks to foreclose. I have answered posts like this many times. NO payment since 11/08. NOD issued 11/09. And nothing since then, and yes I "had" Skank of America..The banks are not kicking anyone out here in Southern California. My pet theory is they do not want their stockholders, investors to know how bad the red ink really is. I beg them to take my house back and they just do nothing...I'm at the point where I am going to move back in and live "rent-free" some more.

[blncd1]

Right now in California, it is taking YEARS for banks to foreclose. I have answered posts like this many times. NO payment since 11/08. NOD issued 11/09. And nothing since then, and yes I "had" Skank of America..The banks are not kicking anyone out here in Southern California. My pet theory is they do not want their stockholders, investors to know how bad the red ink really is. I beg them to take my house back and they just do nothing...I'm at the point where I am going to move back in and live "rent-free" some more.

Are you sure about this....i would say in some areas.....our so. cal. area foreclosures can be 90 days......be careful

[ItsJustMe]

We are CA BofA w/last payment of 9-09. Haven't heard a thing form BofA. Filed 11-09 and recently discharged () so I'm thinking something should be coming soon, but who knows.

[bulletproof77]

Out of 18 homes in a 2 block radius of my house, all are in foreclosure, all have NODS (we still talk, kind of almost like a "club"...LOL) and NO-ONE has been set for a trust sale, nor come close to being kicked out. Trust sales that HAVE been set have been almost immediately canceled. I have no idea what the banks are thinking. The local real estate agents CAN sell these homes if the banks would just proceed, but here in my little part of Hell (the High Desert), the numbers are overwhelming and the banks are NOT releasing them for the trust sale. Why they have this shadow inventory, I don't have a clue..

[bulletproof77]

Are you sure about this....i would say in some areas.....our so. cal. area foreclosures can be 90 days......be careful

That's what they want you to believe...even in areas like Rancho Cucamonga it's still taking about 19 months for the banks to do anything. I have friends that are doing a strategic default in Alta Loma. They got their NOD 10 months ago and have not heard a peep from B of A. This is in a "high dollar" neighborhood too. It's almost fascinating what the banks are up to.

[DeadManCrawling]

It CAN take a very long time in some areas, for reasons that have been debated endlessly on this board and others.

And it can also go fast like clockwork, even in slow areas.

The best way to think about this, in my mind: Unless you are willing to engage in the legal battle and defend the foreclosure, you should anticipate their normal timeline. Then, be prepared to stay for years. The only surprise may be how long it takes-and how much better prepared you can be with all the extra time.

Talk surfaces now and again of the banks engaging in a method to cook the books, delay losses, and so on. All kinds of reasons are proposed. I think it is probably a mix of all of them. But the biggest reasons, so far, are probably related to good ole fashioned government intervention and that the lenders are not only too big to fail, they are too STUPID to succeed on their own. Literally, they have their heads up their $## half the time.

In our case, we have not fought anything. But we have now had the foreclosure case dropped and restarted twice by different departments of BoA. When asked about it, one dept. told us "They (Other BoA Dept) CAN'T do that!" Like a child throwing a tantrum. But, "they" did it anyway.

The enormous idiocy is almost breathtaking in scale.

[good2free]

Thanks you all so much for your ideas. I will update this thread once in a while with my story.

thanks

[good2free]

I received Notice of intent to Accelerate from CITI yesterday. Damn, It is only 1.5 months and they want 2 months payment by 4/4/2010 other wise they want to request the whole sum.

I did get another letter from CITI saying that they are going to contact me regarding a forbearance or loan modification. They want to call me on the number that they have in file but I no longer has that number. They asked me call them but not interested.

My first loan is underwater by about 50-75K and second has no chance (112K- BOFA)

Let's see what comes in the mail after 4/4.

[plantlvr]

I have been in 'my' home without making a payment for 17 months, BK discharged in Dec. 09 and didn't reaffirm. I too got a 'notice to accelerate' from BofA last Nov. asking for the back mortgage payments, over 20k, and the only thing that happened is this- I called a few days before the 'deadline' and basically told them that i can't pay and that i am in the house and taking care of it. i wanted to know when i would have to move and the agent had no answer. The funny thing is she didn't see that i had gone through BK since in her files it still looked I was on the loan. She then transferred me to the BK dept. where it rang and rang and rang, so i finally hung up.
Since then I have been getting the usual payment requests stating that my mortgage is due on the 16th, late fees will be applied, blah blah. it states right on these notices that they are aware of my BK too.
Craziness!

[good2free]

Thank you plantlvr,

I will wait and see what next month brings.

I will update this thread if there is any new NEWS.

Cheers.

[Coldplay]

But the biggest reasons, so far, are probably related to good ole fashioned government intervention and that the lenders are not only too big to fail, they are too STUPID to succeed on their own. Literally, they have their heads up their $## half the time..

This gave me a much needed laugh. Thank you.

[DumbMe]

good2free, I'm right with you but my 1st and 2nd (very little on the 2nd) is with Wells Fargo and it's a phone call every day which I don't answer, as well as now 1-1/2 mos. later, a bill in the mail every day. I don't want to file BK until after I leave, which I tho't in June or July, but maybe I can hang on for awhile with free rent. Has anyone here dealt with Wells Fargo on foreclosure? Just want to know approx. what to expect in LA county, thanks. DumbMe (I put down 20% and that's equity totally gone, not expected to come back for years and years).

This place broke me - bought in 2007 at top of bubble and had to spend for repairs as well as a mortgage I couldn't refi - tried many times through Freddie Mac (HARP) and then turned down for modification too. 99% of my debt is mortgage and now I have 1/3 to 1/2 less income now which is why I'm in trouble but also, I have to move to another area for work purposes, plus am partially disabled and can't climb these stairs anymore.

Just was wondering what to expect Wells Fargo to do in time-frame of defaulting and when to expect to leave here before foreclosure is filed so I can still have some FICO left to rent an apt. on (?), anyone know? Last payment I made on 1st mort. with Wells was Feb. 2010...and am still paying the 2nd as it's very little and that might help me with my FICO staying up somewhat - it's at 700 now but I expect it to drop fast soon with not paying the 1st mort.

This is the first month in almost 2 years I had enough money for food for the month - it's been that bad. I had plenty of great income when I bought this, and always have paid on-time with other residences I've owned - always been a responsible person but that doesn't count anymore does it. This is a different kind of time and never in my life tho't I'd ever have to struggle like now, am an older person. Thanks.

[good2free]

Hello DumbMe,

Sorry to hear about your difficult times. If I were you I would stay in that house until it is foreclosed and the title transfer happens. That way you get the maximum return on the investment. During this process if you file BK, that will easily add 3-4 months rent free. I am sure there are a lot of land lards out there that are willing to rent you a place even after knowing that you have BK in your Credit report.
I have no idea how these banks are moving (CITI mine and WF yours) and again it depends on each case. Ours may be longer or shorter, you never know.
I filed CH7 and got my discharge so I need not worry about any deficiency judgement or 1099C.

Hang in there and do not pay second also. You are throwing money in the drain that's all. You are planning for BK anyway so do not think about credit score and enjoy the money you are making.