Florida Foreclosure timeline

[cory1848]

If you surrender the home, then the United States Trustee (UST) will probably check your numbers. This is especially true for over-the-median income filers and being in the Middle District of Florida. While it helps on the Means Test, it doesn't help on Schedule J.

Would be nice to know cory, what you put on your Statement of Intentions for your home?

I put that I intended to surrender it. Still passed the means test. If I remembered it correctly, we cleared the test by $300. We do have students loans so those helped with it and we kept our vehicles which helped as well.

[Floridagail]

Yeah we did means test , with one car 500 pmt and 2000 mortgage he still had enough dmi so would have to file 13 and have to pay back 100%. so what is point. We are too close to retirement 3 yrs, to be able to hold on to our house for 15 more yrs for it to come back on florida upside down by 100G.
I filed 7 alone last year okay. So we made the decision to stop paying it all in July. We are just hoping to stay here and save. When he gets sued, then He will either file 13 ( will be way behind on mortgage by then) not sure if he can have 2 cars he is paying on and file single so we will just have to wait and see. Or quit his job and wait to file 7. ( He bought a new work truck and personal car before the credit tanks ) We get by paying all because I contribute to the bills . but when we retire there will not be enough to keep the house going. We decided to stop the bleeding now. Since we cannot get modify equal to what a rental would cost. forget it mortgage company you can have it back. So here we sit uncertain of our future at 61. I retired early with buyout 2001 hoping to travel in rv to see the world. It may happen.

[cory1848]

Yeah we did means test , with one car 500 pmt and 2000 mortgage he still had enough dmi so would have to file 13 and have to pay back 100%. so what is point. We are too close to retirement 3 yrs, to be able to hold on to our house for 15 more yrs for it to come back on florida upside down by 100G.
I filed 7 alone last year okay. So we made the decision to stop paying it all in July. We are just hoping to stay here and save. When he gets sued, then He will either file 13 ( will be way behind on mortgage by then) not sure if he can have 2 cars he is paying on and file single so we will just have to wait and see. Or quit his job and wait to file 7. ( He bought a new work truck and personal car before the credit tanks ) We get by paying all because I contribute to the bills . but when we retire there will not be enough to keep the house going. We decided to stop the bleeding now. Since we cannot get modify equal to what a rental would cost. forget it mortgage company you can have it back. So here we sit uncertain of our future at 61. I retired early with buyout 2001 hoping to travel in rv to see the world. It may happen.

I dont understand the point to CH13 either. Especially if you don't want to keep the house. I would like to keep my house, but I realized that is what got me into the mess I was in and the chances of the bank reducing principle by 90k is slim to none. I filed BK7 right when I missed my first mortgage payment because up until then, my credit was pretty clean, no lates, etc. I didn't want a bunch of lates appearing on my reports prior to filing in hopes of limiting the damage. Not sure if that was successful or not. My scores are 640 right now. Most of my creditors listed late payments from when I filed up to discharge so I am fighting those.

If you want to stay in your house and save money, hire a lawyer to fight it. That bought me 6 months right there. $1500 which would have equalled one mortgage payment. It was worth it. Another $1500 to fight through Summary Judgement phase would extend me another 6 months easy, but we chose not to continue with it. You have a good amount of time before you get kicked out, and even longer before they file suit for deficiency, if they even do that at all.

If the mortgage is the only thing holding you up, I would probably wait to file BK until you did get sued for the balance. That is, if you don't have a lot of other bills you want to get rid of as well.

[Floridagail]

We probably will hire a attorney to delay the forclosure to try to get back some of our 50,000 in this house. Thanks for update.

[gunner01]

For Florida, stretching it out 6 months is possible, just because of the volume of cases. Do you plan to file a "responsive" answer? I don't know how long you want to stay, but there are lawfirms that will respond for you and look at the documents.

The documents must be in the initial pleading (like the mortgage, note and assignments and affidavits). They can drag it out if that's what you want.

Justbroke,

Can you do this if you surrendered the house in the BK?


Can you do

[justbroke]

Can you do this if you surrendered the house in the BK?

Yes, mostly because the lender still has to follow the underlying State non-bankruptcy process. As a matter of fact, a Chapter 7 bankruptcy (or a Chapter 13 with a surrender) should delay any foreclosure action by a minimum of about 60 days.

I surrendered a home in bankruptcy and it still took them over a year to foreclose.

[StEt0417]

I live in Florida, havent made a mortgage payment since August 2009, filed BK7 Oct 1, 2009 and included the house the is $60k upside down. Mortgage company requested and was granted lift of stay in December, BK discharged in January. The only notice I have received from the mortgage company is a info letter how we could possibly apply for the HAMP program.

I have checked county records and no Lis Pendens has been filed yet. Read up that it takes about 180 days on average for a FC to be pushed through. I figured the BK slowed things down, so using January as a reference, I am planning on moving around July/August. That would put me at 12 months no payment. More research I have done suggests the 180 days doesnt even start until the Lis Pendens is filed for. Is that true? If so, that would mean I could be hear awhile. Not even sure what programs I would be eligible for or if those programs are even worth it.

Just curious if your still in the house? If so who is your lender? We are filing BK in Dec. we are including the house in that. Hoping after the discharge of the bK we can buy time in the house to save up some money before we have to get out. We are worried that the bank will try and get us out asap after the BK is dishcarged

[StEt0417]

[QUOTE=cory1848;415773]

No it doesnt matter. My mortgage company got the stay lifted a well. It just means they are pursuing collection of the collateral.

He is my timeline so far:
My last payment was Aug 09.
I filed BK7 end of Sept 09.
They lifted the stay end of December.
I discharged beginning of January.
April 07, 2010 they issued complaint
I hired attorney to fight it and motion to dismiss files April 25, 2010.

That is the last I heard of anything. So for now they are sitting on it and its up to them when they want to move things forward. Estimates of 8-12 months from the complaint date were giving. My plan is to be out end of year and to be financially secure enough to be out by then. Will stay until the end but anything beyond December is gravy for me. I dont think I will have any issues seeing that date.

Its a good feeling being ahead on your bills and being able to pay things off ahead of time. Although I am losing my house, in the long run I will be gaining so much more.

Just trying to understand this. So you included your house in a ch.7 right? Then you hired a lawyer so you could stay in the house a little longer? Im new to this and trying to figure it all out. I guess once you file BK they they still have to go through the foreclosure process? So are you having your attorney fight that to buy time?

[cory1848]

Just curious if your still in the house? If so who is your lender? We are filing BK in Dec. we are including the house in that. Hoping after the discharge of the bK we can buy time in the house to save up some money before we have to get out. We are worried that the bank will try and get us out asap after the BK is dishcarged

Yes I am still in the house and by the looks of things, might be another 4-6 months before I have to be out.

[cory1848]

Interesting... Today I got a Notice of Default for my second loan. Sent to me CMRRR. Looks like they are a little behind...

[Howeasy]

Seminole County

Back in August we posted a request for information on the Florida foreclosure timeline and received some excellent feedback on how to figure it out. We have been a member of the Forum since June 2010. Our Chapter 7 was discharged on 4/12/10 with our 1st and 2nd mortgages cleared. We tried to re-affirm but ended up not doing it. Our 2nd was eager, but our 1st wouldn’t even talk to us. Now, we are glad our 1st were jerks and we didn’t re-affirm, as we keep getting deeper underwater.

On 8/24/10 a Lis Pendens was file by our 1st mortgage company in our Circuit Court. We are in the Mid-Florida District for BK and live in Seminole County for FC. We are still in the house because we have the HOA from hell. We really would like to move on, but will wait until the Sheriff’s sale. As of today, there has been no date set for a judgment.

Here are some things we learned in the last couple of months:
The time between LP and judgment is totally unpredictable.
The time between judgment and sale is very consistent, averaging 115 days.

Seminole County, supposedly one of the more affluent in the State, was hit very hard. A couple of months back, there was talk of a moratorium on Sheriff’s sales because of the fraudulent practices of three law firms which handle 80% of all foreclosures in Florida. Apparently, Seminole County is participating in such a moratorium, but no one at the County Clerk’s office is talking and I haven’t seen anything in the local media. I may have missed that because I stopped reading the local mullet wrapper some time ago.

Here are some simple stats to back up my opinion about the “moratorium”:
November – 350+ Sheriff’s Sales scheduled (holy cow!).
December – 200+ Sheriff’s Sales scheduled.
January – 40 Sheriff’s Sales scheduled.
February – 11 Sheriff’s Sales scheduled.
March – 1 Sheriff’s Sale scheduled.
April – one so far.

It looks like we could be here for a while! Also, the law firm representing our 1st mortgage company is Marshall C Watson of Ft. Lauderdale, one of the three predatory foreclosure mills under investigation.

Here is a link to an article we found today related to Florida foreclosures. I have heard of the “rocket dockets”, but this is unconscionable. If you have high blood pressure, you may want to take your meds before reading. It’s a little lengthy, but compelling.

I discovered that I don't have enough posts to insert a link. The article is in the latest issue of Rolling Stone. Perhaps someone with sufficient posts woul like to post a link.

[Flying2BK]

I'm giving my home back to the Bank in my CHAP 13 (Filed tomorrow) and just had a guy ask if he could rent it for a few months?

Could I rent the home out? Would that not be fraud since I am not paying on the Mortgage and will surrender it anyway?

If it will take up to 12 months for the bank to "kick me out" maybe I should rent it out and pocket the cash? Morally bad yes........?

Thoughts???

[StEt0417]

What is Lis Pendens? We defaulted in May and where served papers the end of August. WE are debating whether to file BK in December to avoid judgements or to hire another attorney and have him draw out the foreclosure process some more to by time. It seems better to file now, get the BK over with then be able to save all our money without having to worry about trustees taking it.

[justbroke]

What is Lis Pendens?

Lis Pendens is Latin for lawsuit pending. Not all States use this form of notice. In Florida, a Lis Pendens is a "recorded" document that gets recorded alongside a mortgage so that anyone else looking to lien or otherwise take some action based on the terms in a mortgage, are on notice that a lawsuit is pending.

A lis pendens is almost always followed by a lawsuit for foreclosure in a State/County/Local court.

[StEt0417]

Just curious if everyone was in foreclosure before they filed BK? How long after BK have you been in the house?