Florida Foreclosure timeline

[cory1848]

My attorney says up to 2 years. They just don't want to take over the houses. I don't get it. In FL it doesn't take long for mold to ruin a house. You'd think they would want to get them on the market and get rid of them. Something is better than nothing. We are planning on renting ours. It protects the house and get us some income. Needs to be a month to month which means a discounted rent but anything is helpful for us.

I thought about renting as well, but my house needs to work, especially with septic and plumbing. That is $5k easily that I dont want to spend. Up to 2 years from when? Now? That would be crazy if it were from now.

[justbeach03]

Here's a question....If your house is foreclosed on and sold prior to filing BK, do you lose the Florida Homestead excemption? When I got married I had to walk away from my house that was upside down $150,000. Does this sleave me with on ly $2000 in excemptions?

[justbroke]

Yes, you lose the homestead, but it turns into a "unused homestead exemption" of $4K per debtor. (Husband and wife filing together get $8K.)

[BananaCabana]

Our mortgage company (Wachovia) is also being represented by Albertelli Law. They actually sent an affidavit that said they were correcting the correct previous affidavit they sent. How can you correct something that they say was already correct? My lawyer said they had no idea what Albertelli Law was doing and that Albertelli Law probably didn't know what they were doing either. LOL!

We also received notice that the Pick-A-Payment plan we used to have through World Savings is in a class action suit.

Our last payment was in May 2009. The house is still not foreclosed but a Wachovia rep was taking pictures and talking to our neighbors this week. Maybe things will start to accelerate soon.

[cory1848]

Our mortgage company (Wachovia) is also being represented by Albertelli Law. They actually sent an affidavit that said they were correcting the correct previous affidavit they sent. How can you correct something that they say was already correct? My lawyer said they had no idea what Albertelli Law was doing and that Albertelli Law probably didn't know what they were doing either. LOL!

We also received notice that the Pick-A-Payment plan we used to have through World Savings is in a class action suit.

Our last payment was in May 2009. The house is still not foreclosed but a Wachovia rep was taking pictures and talking to our neighbors this week. Maybe things will start to accelerate soon.

Have you checked your county records on what step your FC is in? If so, care to share that? I am still waiting on a hearing for when I answered the original LP. If they are out taking photos of your place, I wonder if your records show that you are further along than I am.

[BananaCabana]

Have you checked your county records on what step your FC is in? If so, care to share that? I am still waiting on a hearing for when I answered the original LP. If they are out taking photos of your place, I wonder if your records show that you are further along than I am.

I had just checked it this weekend and the only thing showing was the original Lis Pendens. I went by today to set out more trash and recyclebles for garbage collection and there was still nothing posted on the door. I am waiting for them to post a vacant notice since they asked my neighbor if we were still living there and he told them no. If they lock us out now I have no problem with it as the only thing left is trash and recycles. Every week I go by to set more out by the curb. If they want to lock me out and have to take care of all the trash on their own then so be it.

I am actually wanting them to take it now that the "grass growing/mowing" season is coming up quickly. I would rather not have to mow two yards.

[Monguls]

Thought I would add to this as we just received our summons. We are in Broward County. Here's the timeline so far:
Made last full mortgage payment: 11/30/2009
Made partial mortgage payment: 12/31/2009
Made HAMP trial modification payments: 5/1/2010 and 6/1/2010
Filed Chapter 7: 7/30/2010
Chapter 7 Discharged: 11/7/2010
Received Notice of Acceleration: 12/2/2010
Lis Pendens Recorded: 3/25/2011
We are now interviewing attorneys and will respond within the allowable 20 calendar days.

Servicer was Chase and is now IBM LBPS. Fannie Mae supposedly holds the note.

[cory1848]

Update for me...

Today marks one year of my lis pendens being issued, and what has happened? Absolutely nothing really. After dealing with the lawyer thing and submitting answers to the LP in September, nothing has moved. August will be 2 years since last payment. Looks like we will easily surpass that date as well. Once things start up again, they will still have to go through the process of setting hearings for the answers, requesting summary judgement, issuing that judgement, hearing for sale date and then the actual sale date, the sale and then leaving. We have since put off moving and looking for a place. We do know the area we want to be in so once something does happen, we know where to focus on. The only issue we have is with our septic system. The tank is being drained about every 4 months due to the drainage field failing. At $3k to replace, I think I will just keep paying to have it emptied. Just paid off a credit card which feels good. So far, all is well.

[Freddy03]

Update for me...

Today marks one year of my lis pendens being issued, and what has happened? Absolutely nothing really. After dealing with the lawyer thing and submitting answers to the LP in September, nothing has moved. August will be 2 years since last payment. Looks like we will easily surpass that date as well. Once things start up again, they will still have to go through the process of setting hearings for the answers, requesting summary judgement, issuing that judgement, hearing for sale date and then the actual sale date, the sale and then leaving. We have since put off moving and looking for a place. We do know the area we want to be in so once something does happen, we know where to focus on. The only issue we have is with our septic system. The tank is being drained about every 4 months due to the drainage field failing. At $3k to replace, I think I will just keep paying to have it emptied. Just paid off a credit card which feels good. So far, all is well.

I'm sorry if I missed it but who is the lender?

Thanks

[cory1848]

I'm sorry if I missed it but who is the lender?

Thanks

Wells Fargo

[Freddy03]

Wells Fargo

Good to know..lol

When they filed a motion lift the stay what did happened?

I'm questioning this b/c I'm filing Ch 7 soon and when I file I will be late on my mortgage w/ WF. I'm not going to reaffirm but "pay and stay" for as long as I can. I'm nervous that WF would start the FC process right away.

Thanks

[cory1848]

Good to know..lol

When they filed a motion lift the stay what did happened?

I'm questioning this b/c I'm filing Ch 7 soon and when I file I will be late on my mortgage w/ WF. I'm not going to reaffirm but "pay and stay" for as long as I can. I'm nervous that WF would start the FC process right away.

Thanks

It was granted as they usually are. Granting the lift of stay just means that are now allowed to move ahead with the foreclosure. It doesn't mean they will. In my case, the stay was lifted early December and they didnt even send the LP until April. If you are caught up and continue to pay, they wont proceed with the FC as you won't be in default.

[DeadManCrawling]

Update from us, and I am quite surprised to see this discussion still on the front page :

We are 3 or 4 years out from when we deserted the home. It is undeniably a wreck. Another year and I think it will have to be condemned and knocked down. This is remarkable since it is a 4k sq ft house in a gated neighborhood.

BoA continues to send us mod papers on a monthly and sometimes weekly basis. We have given them our new address.

This home that was worth 600k at the top of the boom is now worth maybe 200k.

An insight into banks: They are allowed by law and accounting standards to LEVERAGE their assets up to twenty times. What that means is that, as long as our loan is on their books, they can loan twenty times the value of the home. In this case it is 20 x 400000, which amounts to 8 MILLION dollars. They desperately want to keep this home and others like it on their books.

The moment they remove our house, they have to call in or demand payment on other loans equal to the 8 million they loaned based on our house.

Multiply that times several hundred thousand or million properties and you can understand the laxness or hesitation. For goodness sake, they are receiving free money from the government to NOT foreclose. I would probably do the same.

I suspect there will be a change in accounting standards in the near future to allow the banks to handle this in another fashion. Until then, no telling how long things may take.

In the end, the banks will win. They always do.

We may try to deed the house to the bank, so they at least are responsible for HOA and lawn expenses. If they deed it back to us we may be able to sue, and WIN, under the doctrine of clean hands. Essentially, they sued US and wanted to foreclose. SO, if they deed it back to us to delay things, they are in court without being serious about the matter.

This could end with us owning the home outright and the bank not having a lien.

Of course, that may not be desirable, since the house has been through a lot of humidity in the Florida summers since the initial action.

My best to you all, and I hope it turns out well for all.

-DMC

[cory1848]

I am at 18 months. I could put up with this crap for another 2 years. My wife would hate it but 2 more years of free rent and I would be completely debt free, cars paid off, student loans paid off and probably enough saved that I could buy a home outright. Wishful thinking I know, but nothing has happened yet and I am not going to wake a sleeping dog, not while it is in my favor.

[tim1]

1st Post, Tampa FL

Last Payment 6/09 Citimortgage
Summons 11/09 David J Stern - 1 of the robo signing lawfirms
Asked for 60 days extension of time, at that point I did not answer

Summary judgement 10/10, said sales date was 11/24/10. 3 days before sales date there is a cancellation of sale. This is the time that all the robo signers were getting exposed.

As of 4/11 there has been no activity on the county clerks web site. Dont know how long it will take before case resumes, with another law firm, obviously.

It seems citimortgage does not want the house. How many other 10,000+ FL homes are sitting in LIMBO??

If you have just recently started a strategic default, or just got your summons you coud be in your house for quite a long time. Hope this info helps somebody. Tim.