Florida Foreclosure timeline

[Justpoor]

Thanks so much Mensa! I have never heard of backpage. This idea works on another level as well. I have four dogs. Two are very old greyhounds that will probably kick soon. It would be hard for me to rent a regular place with all four but what would someone foreclosing care? We just will pack accordingly and only unpack what we need. Besides I think I gave up cooking a couple months back anyway! Don't need to unpack the pots and pans! Thank you for the idea.

[cory1848]

Florida,

Each lender is different, but they all have to follow state law, so there are some things you can watch for. You can look up "Florida foreclosure timeline" on any site to get an idea of the minimums.

Those of us in the Tampa Bay area are surrounded by foreclosures, so our timelines tend to run extremely long. Sometimes I hear about one getting done in 6-9 months, but that is pretty rare these days.

If you are not keeping the house, I would not pay the taxes.

If I recall, the Bay area is sitting on about 60k foreclosed properties as of last quarter, and the number is increasing. Total market for real estate was over 100k properties, and we have an estimated 3 years of inventory at traditional sales paces. But we are increasing all of those each month, usually, so things are looking more dire than ever.

And if we see signs of recovery, there is expected to be a rush of sellers who are sitting on the sidelines waiting for signs of improvement. Then they will add their properties to the slush pile, further exacerbating the problem.

My wife is a Realtor in the area and sees tons of properties selling on the lowest end, to investors for the most part, but at prices that continue to drift downward. There are not many sales in the middle and upper price ranges, as a percentage of overall volume. Those segments look to be hit pretty hard in the next 12-24 months.

All in all, banks have no real motive to hurry foreclosures in most cases. Why would they, when they can let you sit in the house, hopefully taking care of the property for them, until they feel they can sell the place? It is very much like a Twilight Zone episode in our area.

Have you folks driven around East Pasco? All those hundreds of thousands of homes that were scheduled to be built at the height of the boom didn't go up, but enough did that it looks like an Old West ghost town out there. Or up and down the through roads like 41? Amazing, to see entire developments closed up.

I see gated entries that must have cost 500k or more, chained up, forever closed, with foreclosure notices. Behind the gates, dozens of homes that never sold and are now falling into disrepair and being inhabited by bats, homeless folks, and criminals.

Sorry for rambling.

Does any of those figures apply to Polk County as well? That is where I am at. I havent heard a peep from my mortgage company other than them lifting the auto stay back in December and sending me a couple of HAMP notices... No calls, no letters, no NOD, no Lis Pendens listed, nothing... Fine by me...need more time to save up cash.

[DeadManCrawling]

Cory,

I think the above is true in most Florida counties these days, but it is still a roll of the dice regarding when things will get moving. No one can say with certainty what will happen to a particular house or with a specific lender. Sort of like winning a reverse lottery, in which the homeowner is screwed.

We WANT fast foreclosure, in our case, and it just isn't happening. If the house wasn't in bad condition, I might rent it out, but it would cost us more to bring it to rentable condition than we could generate in income over the next year or so.

[cory1848]

Gotcha, I did just find out that the mortgage company/servicer filed an Assignment of Mortgage back to the original lender. I assume that means things are starting to roll?

[DeadManCrawling]

The assignment back could be a sign. Or it could be standard procedure for a particular lender, an automatic process: If you fall more than 90 or 120 days late, the lender may have previously instructed MERS to make the assignment. How they handle it after that could be to proceed or not to do a thing.

Maddening isn't it?

[limage]

I have a condo in St Pete. My last mortgage payment to Citi was 10/08. They had filed for a summary judgement just before I filed Ch 7 in October. I was discharged in Jan. Nothing has happened since then.
My HOA was supposed to have their summary judgement hearing (I stopped paying 552 a month a year ago) earlier this month but it was cancelled by the judge- I was not told why- only that they have to refile the summary judgement. So now I think the earliest my condo would be sold at a sale would be June, long before the bank does anything.

I know 2 other people that are letting their houses go. One friend (single family home in St Pete) stopped paying his mortgage in early 2007! And they haven't even filed a lis pendens! I don't think they even send him anything or call him anymore. He has not filed BK. Another friend (townhome in Tampa) hasn't paid since early 2008. While they have started the foreclosure process a few times, they stall and have to start all over again when the court dismisses it.

So the banks are 0-3 that I know of personally.
I'm moving out of the state in 2 weeks. I'm done with Florida...in a few more weeks it will be almost 90 degrees and it will suck here even more.

[grnclvrs]

I'm with Citi. The summary judgment hearing is today. I didn't go as I don't intend to try to keep the house. I lost my job in January 2005 and asked Citi for help and all they told me was to foreclose. That was during the boom. Now, I just laugh at them when they call and tell them that I'm giving them the same help as they gave me. Finding a rental is no problem with a foreclosure. Their only stipulation is that there are no open bankruptcies.


Anybody know at what stage after the summary judgment does the bank own the house or that I am no longer responsible for the house?

[cory1848]

I am also wondering if one should stay through until eviction. Or leave before then.

[justbroke]

Gotcha, I did just find out that the mortgage company/servicer filed an Assignment of Mortgage back to the original lender. I assume that means things are starting to roll?

This is a sign that they are initiating the foreclosure process. Florida requires the assignment to be at least "executed" before foreclosing, but recording the assignment is even better.

[cory1848]

This is a sign that they are initiating the foreclosure process. Florida requires the assignment to be at least "executed" before foreclosing, but recording the assignment is even better.

Should I have received a NOD/Lis Pendens prior to this or does that happen after?

[justbroke]

Should I have received a NOD/Lis Pendens prior to this or does that happen after?

You should have already received a Notice of Deficiency with at least a 30-days to cure demand. The lis pendens will come once they decide to accelerate your note.

They must send the NOD though. Perhaps they are preparing, because they did file the assignment, which is usually a sign of some movement. They need to have all their ducks lined up before they file the foreclosure complaint.

[cory1848]

You should have already received a Notice of Deficiency with at least a 30-days to cure demand. The lis pendens will come once they decide to accelerate your note.

They must send the NOD though. Perhaps they are preparing, because they did file the assignment, which is usually a sign of some movement. They need to have all their ducks lined up before they file the foreclosure complaint.

Ok, no notice as of yet. Is that NOD served via sheriff? or will I get home one day and find it taped to the door? Just trying to work out a timeline. Seeing if I still have around 6 months before being out.

[justbroke]

Ok, no notice as of yet. Is that NOD served via sheriff? or will I get home one day and find it taped to the door? Just trying to work out a timeline. Seeing if I still have around 6 months before being out.

The NOD is just mailed to you regular US Mail. They may also send it FedEx or UPS just to get a signature from you. Also, you can look online since you're in Florida and would be able to see that lis pendens right after they filed that assignment of mortgage. The list pendens is recorded in the same records as your mortgage.

[cory1848]

The NOD is just mailed to you regular US Mail. They may also send it FedEx or UPS just to get a signature from you. Also, you can look online since you're in Florida and would be able to see that lis pendens right after they filed that assignment of mortgage. The list pendens is recorded in the same records as your mortgage.

Still don't think I received anything. I found out about the Assignment of mortgage filing from the county records site, check it everyday. That was filed 3/17 and I do not see a LP listed yet.

[justbroke]

Still don't think I received anything. I found out about the Assignment of mortgage filing from the county records site, check it everyday. That was filed 3/17 and I do not see a LP listed yet.

Then you are looking in the right place!