Florida Foreclosure timeline

[DeadManCrawling]

Still no action on our old place. BoA actually SOLD or transferred, anyway, our mortgage a couple months ago. We continue to receive offers to modify a couple times each month. The latest offer was something new, though. It offered to reduce our principal amount from about 400k to 175k. The house is now covered with mold inside and out, has suffered through 7 Florida summers with no air conditioning, and is deteriorating badly.

It is sad to see, as the house was the nicest in a fairly nice gated community. At the peak of the market, we were offered 675k for the place. We turned it down because, at the peak, where else could we have gone? Everything was so overinflated we couldn't afford anything else that was comparable for us. Of course, in hindsight, we should have sold it and rented. But I have poor vision of the future.

Coming up on EIGHT years since our last payment. We actually lived a couple years after the last payment, in the house, until the utility bills grew beyond what we could afford. The total upkeep, not counting mortgage, was around 4k per month on that house.

So glad we dumped it. And wish they would finish taking it!

[tobee43]

Deadman, i think you and i can start a club of the longest unforeclosed properties in the USA. while we now live in florida most know our property is located in nj. same as yours, the nicest in the area at the time, top out at over 600k. too funny yesterday i looked at zillow and the houses are going for 190-200 range. one of our old neighbors put their home up for 375k, don't think that's going to work out anytime soon.

[TBA]

I received the we-are-closing-your-case-due-to-inactivity letter yesterday. Made me giggle.

On a side note, i had a client (I am not an atty) who was "given" her house back after the final judgment was entered. The final judgment was then vacated... I had never heard of such a thing. She didnt do anything and her house went to tax deed sale where there was a surplus. The surplus was then paid to her, and not the mortgage company!!! Crazy right!!!!

I want to figure out how to get on that list.

[Floridagail]

Update, We still have not been forclosed on. The bankruptcy hubby filed put halt on it. So we are hoping it will move forward now. As you know if following his case, He did not get his chptr 7 approved to discharge, they tried to force a chptr 13. So we are planning on him retiring in January and He may refile 7 then or not , just forget it.
He consented to dismissal on Aug 2, so far no creditors have started to come after him. If we can avoid the judgements until January , he will be retiring then.

Our daughter house was up for auction in June, but for some reason , be knowing to her, it got sat aside and auction stopped.

We bought a manufactured home in a 55 park here in our area, It is unbelievable how cheap they are going for now. We paid cash 19K + tx for a 28 x 48 1993 home. It was a winter home only, one owner , We have to pay 460 month land lease. It is beautiful community , no wonder snowbirds come here.

[tobee43]

wow great deal fg aka fiend of girl LOL!!! wow it just continues and continues. after this is over we have to at least have dinner!

now, because it's a lease of the land that means you don't have to pay taxes ??? also are there HOA fees?? we are lucky too, almost NO snowbirds here ever because of the strick rental ordinances. i remember when we were looking for a house and we were in davenport ...oh fg, almost my dream house. i LOVED it!! it was on the market for 150k so in our price range but it blew me away because we are talking one gorgeous home here, but i'm looking outside and i see the person next door sitting on a low lounge chair with one of those sun mirror thingys hangin in her driveway. i'm thinking wow, that is so odd why in the world would one do such an odd thing. just go relax in your BACK yard.

come to find out davenport allowed WEEKLY rentals which meant literally one could have 52 different neighbors, so what looked like a nice peaceful lovely sub division was really a transient mini resort area. we found out the house had gone for 390k!!!! (what happened to the $150 asking price. well, that's when we started learning about short sales and how to buy a foreclosure. we ever looked at another house ever again in that area. our subdivision is not over 55 but it's so quiet it's almost sad, both husband and wives working so many hours a week no time to even live in their homes. the saddest part is these are the kids that brought these homes in the upper 300k and high 280 range while at best they aren't worth more than 110k or so. couldn't believe these ever went for that much but i checked out back in the boom days they did go for that much and they are SMALL..wow), sad they will be paying off their homes the rest of their lives an never be able to sell.

that was such a smart move Floridagail!!!

[Floridagail]

Hey TB,
No HOA or taxes. We do have to buy tag each year. and we do pay a pass thru fee in January, and our lot rent 460.00. We are so far happy with being in 55 community. We love the snowbird community it is quiet now , they come Nov and go home in March. We have security , not gated. It is large lots, plenty of room. we are on corner.
I had considered RV living. So I am glad I did not do that. I went from 2100 sq ft to 1200 ft. I forgot to tell you it came furnished too.
we got rid of most of the furniture thru craigslist. But I loved the former owner left me beautiful antiques here in this place.
A beautiful china set , vintage bowls, clocks, dishes , glasses.

[florida]

Last payment 2009 - we have heard nothing. Never rec'd LP or anything. TB area

[Floridagail]

Florida,
Did you check the county site to see if any activity.

[florida]

I check the county website about every month. Nothing - zilch.

[Floridagail]

Check the county site today, they started again, the summary judgment hearing is set for Nov 13. We are worried it will not go to auction this year. Any suggestion as to what we could do to speed it up? For you guys who do not know our story.

We stopped paying mortgage 40 months ago. They started Lp in 12-2011 , then finally judgement hearing 2/2013 Hubby filed chptr 7 which ended up dismissing. So it stalled the forclosure for awhile. We have moved to our new place and ready to be done and avoid the tax liability by being over this year. Hubby is retiring in February. So we are hoping to avoid the tax problems.

[florida]

Checked - still nothing for us. We haven't even started though. No LP or anything...

[DeadManCrawling]

Okay, a little insight, I think, into our particular house.

I was curious and did some searching. You can actually locate where your mortgage is, in terms of what investment tranche and how it got there, with a little patience. I don't have time to explain all the details, but a little googling will get you there for your property.

When the Fed started buying bad debt, they asked all the lenders to, essentially, sell their WORST investments to the US Gov. So the banks sorted out their worst loans and got cash or other investments for them. The banks were mostly made 100% whole on the loan, including interest. In other words, they got paid everything YOU would have paid them over thirty years, in a few days.

Our mortgage is now in a fund with some silly name. I cannot remember exactly what it is, but it's something like Argyle 17. That name is usually derived from a building, street, or just made up. In that fund are thousands or tens of thousands of similar mortgages from the same period.

Since our mortgage went bad (we stopped paying) at the beginning of the worst part of the meltdown, it was locked into this fund which the Fed now owns. The Fed also controls monetary policy and has paid the lender, in full, for our mortgage including 30 years of interest.

Now, the Fed is also charged with keeping an eye on the larger economy. Everything from gas prices to wages to the price of housing and even the price of meat. They want to control it ALL and keep it all in a certain range that they think is going to grow our economy out of where it has been.

With all that said, our mortgage is part of a huge swell of debt that the Fed is currently holding back, much like a dam would hold back the floodwaters. It can only be released little by little, as the economy improves and can actually absorb this hidden debt.

So far, that has not happened. So our old hous sits empty, no foreclosure, and not on the market. It will sit there until the Fed decides there is room for all the debt in our fund to be cleared, even at a loss. It could be awhile.

During this time, they are still buying up bad debt, but trying to buy less and less each quarter and year, to get the market working properly again. But they are STILL buying some, here and there. Meanwhile, the debt they do not buy (possibly YOUR mortgage) DOES get released onto the market. That explains, largely, why some houses can and are foreclosed very quickly while others sit.

For myself and others, we were unfortunate to be early in the game. First in, last out seems to be what we are facing. On the other hand, when my house is put up for final sale might be a great time to buy stocks. It would be a signal the Fed believes the economy is ready to rock.

If that is confusing, I apologize. It is a deep subject. If there are questions I can answer, I will.

In any case, the best of luck to you and your family. I hope we all come out better.

[tobee43]

taking this one step into another direction deadmanwalking, it's also interesting that once ones mortgage gets put into such category of these funds, even tho there is no foreclosure your CAIVRS begins it's count down. so i think in theory this at least began some movement for the poor people like ourselves if we ever wanted to get another mortgage.

in the meantime homes like mine for certain and i don't know about yours, but ours rots and will be and is unrepairable.

otherwise before this one had to wait until the deed changed hands now the lenders are more interested where your placement is on the CAIVERS list and no one is going to care where your old home is anymore with the foreclosure process.

personally we just found out we are finally on that list!! years ago the only way was for the bank to begin a claim against the owners and they had to actually foreclose first. not the case anymore.

[scooter6251]

Hi tobee, well after 3 years from filing CH7, the bank finally agreed to a DIL on our house in Flagler Cty, just 2 months before the foreclosure was scheduled before a judge. So that is great news, finally. Here is my question for you or another legal eagle. The warranty deed was signed, notarized, and sent to the DIL attorney on August 2, 2013. However, it wasn't recorded until Sep 10, 2013. When did the ownership change from us to the bank? I'm asking because it affects the city's billing for trash, water, etc, when my responsibility ended. Thx

[AngelinaCat]

Hi tobee, well after 3 years from filing CH7, the bank finally agreed to a DIL on our house in Flagler Cty, just 2 months before the foreclosure was scheduled before a judge. So that is great news, finally. Here is my question for you or another legal eagle. The warranty deed was signed, notarized, and sent to the DIL attorney on August 2, 2013. However, it wasn't recorded until Sep 10, 2013. When did the ownership change from us to the bank? I'm asking because it affects the city's billing for trash, water, etc, when my responsibility ended. Thx

I could be wrong, but I think the transfer won't be official until the date that the deed was recorded and thereby became 'public record' for the 'world' to see. As I said I could be wrong, but I heard that somewhere some years ago. I am currently at work and don't have the time to research it.