Florida Foreclosure timeline

[DeadManCrawling]

Update from us:

We are nearing two years of no payments. We bought another house a year ago, but our circumstances are rather unusual, and so is the tale of how we did so.

We surrendered the house in CH 7 which was filed about 16 months ago, and discharged a few months ago. We were an asset case and also surrendered a car.

Our house is still in FC, and BoA still hasn't moved past the Lis Pendens stage.

We are in Pasco County, FL.

Weekly, we receive a Fed Ex package from BoA with an offer to work this out. They have not called us in over a year, though.

We want them to finish the FC because the upkeep and maintenance on the house runs about 3k per month if occupied, electric, taxes, lawncare, pool, gas, etc. It is quite a large home, and is now rotting in the Florida heat. By the time they finish, it may be uninhabitable.

Our new home is much smaller and less expensive, and has no HOA to worry about.

We are still paying the HOA fees, but may stop that shortly. There is a new law that requires the lender to pay 12 months of HOA fees during foreclosure. That will cover us for another year, but getting the HOA to understand the law could be a challenge. If the house is still in our name after the third year, we would be again responsible for the HOA.

Meanwhile, we have taken asset-planning steps to reduce or remove our liability for this and other issues.

It has been a long road, and it looks like it could take years longer.

Best wishes to everyone in the same boat.

-dmc

[Floridagail]

Thanks for update, Us Florida people are in same boat. We stopped paying July. BOA sents us the same package every week , we do not want a loan Mod. on a 120G upside down, house. Bf still worried about losing his job, and we are close to retirement with no equity now and I lost most of my pension in 2008 stock crash. But we are healthy and happy otherwise. Can you tell the tale of the new home?

[pathfinders]

Deadman, Why are you still paying for the up keep of your surrendered? Or is that Just what it cost's if someone is living there? You do not need to pay anything other than ( to be safe Home Insurance and HOA) No property tax, electric, nothing , lawncare, pool, gas as far as yard not your problem.

[Howeasy]

Deadman,
Could you please provide details of the new law requiring the lender to pay 12 months of HOA fees during foreclosure? Our dues are paid in Jan and July, so this could really help.
Thanks

[DeadManCrawling]

Sorry for not being more clear.

The 3k per month fees would be the amount IF someone lived there and was actually paying taxes, lawncare, pool, gas, etc. We are NOT paying those fees, for the most part.

The new law took effect last year, I believe. It was passed by the FL Legislature, and can be found pretty easily.


If the original bank that foreclosed on the property was the purchaser at the first foreclosure sale, then the past due assessments would have been limited by Florida statute 720.3085 to the lesser of 1% of the mortgage value or 12 months of past due assessments. This would have the effect of limiting what dues can be collected from the bank. If there is a remaining balance owed, then the Association must write off the remainder and not pass it on to new purchasers down the road.


The above is someone ELSE's interpretation, and you will want a lawyer to tell you if you have any questions.

Here is a link to the actual law and its wording:

http://www.ccfjedu.net/HOAFS720.3085-2007.htm

The above is someone ELSE's interpretation, and you will want a lawyer to tell you if you have any questions.

[cory1848]

It is now into December and nothing has moved on my case.... We sit and wait.

[cory1848]

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

I did it all at the same time. This was to try and reduce the amount of credit destruction to my reports. My scores were high 600s/low 700s when I filed. A year and a half later, I am sitting at 650. We are still in the house but we hired a lawyer to initially fight the foreclosure so that delayed things. Now the company is being investigated for fraud so I am thinking that is delaying things even more.

[Cherinfo]

[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.

[Cherinfo]

Cory1848,
After reading all your post I understand more and more about BF But still confused in my case.. I stopped paying in May 2010 filed chapter 7 in September (included home in bankruptcy) had 341 meeting on Oct20th. Was severed with papers on Oct 20th right after 341 meeting. Checked county records and a Les Pendents was recorded on Oct 25th ( Bank is Suntrust) on Oct21st got mail from court that Suntrust was seeking to release the stay. Did not answer Suntrust stay was lifted on November 10th. On Novermber 12th received letter from Suntrust notifying me that the servicing of my loan is being transferred from them to Nationstar Mortgage effective Dec,1st 2010. As of today I have not received anything from Nationstar. My lawyer is not delaying anything just says don't answer anything you need to do nothing...I checked county records other the les Pendents nothing. I live in spring Hill Florida. Can you maybe give me a time line as to when something may happen....I don't have much money saved. Hoping to be here till at least May.

[leopold1]

I stopped paying in 09-2010 and received NOD-12/3/10 and served LP-12-21-10. I have no clue what to do in the next 20 days. Should I hire a lawyer to represent me ? Thanks

[justbroke]

I stopped paying in 09-2010 and received NOD-12/3/10 and served LP-12-21-10. I have no clue what to do in the next 20 days. Should I hire a lawyer to represent me ? Thanks

You need to QUICKLY determine whether you want to fight and/or delay the foreclosure. If either is your choice, then you need to file a responsive answer within the 20 days and you should probably use an attorney for this. Most "simple" foreclosure defense strategies cost about $1,000 to 41,500 (at least in Florida). This should buy you additional time in litigation. Normally, Florida is running 6-11 months for foreclosures.

Your time from NOD to LP was VERY quick if you ask me.

[leopold1]

You need to QUICKLY determine whether you want to fight and/or delay the foreclosure. If either is your choice, then you need to file a responsive answer within the 20 days and you should probably use an attorney for this. Most "simple" foreclosure defense strategies cost about $1,000 to 41,500 (at least in Florida). This should buy you additional time in litigation. Normally, Florida is running 6-11 months for foreclosures.

Your time from NOD to LP was VERY quick if you ask me.

Thanks

[justbroke]

FYI, I meant $1,000 to $1,500 for basic foreclosure defense.

[leopold1]

FYI, I meant $1,000 to $1,500 for basic foreclosure defense.

Thanks again. I'm now talking to several lawyers in my area and will keep you posted of the developments.

[PoorGrammyinBK7]

Wow that IS fast leopold1. I was wondering who the bank is? Have a friend who has missed 2 payments and there is a certified letter waiting for them at the PO. Their loan was just sold by Citi to Nationstar Mtg. Wondered if its the same.