Florida Foreclosure timeline

[cory1848]

I am going to answer the Request for Admissions this week. Have another thread going asking more about it. Not really sure how to submit it though, who to mail it to, etc. Anyways, after this, I don't think I will do anything else. I figure it would be a waste of my time to show up at the hearing since I don't intend to keep the house.

Yesterday come home from work and find a small business card size note taped to my door advising me to call my mortgage servicer. I said, what the hell why not... Lady answers the phone and I give all my info and she asks me how I would like to make a payment today. I asked her... "You are asking my to make a payment?" She says, yes, you owe $XX.XXX dollars. I advised her that I was already previously discharged in BK and I don't actually owe anything. Shut her up and then she talked about if I wanted to do a modification to keep the house. Long story short, I told her the only way I would consider keeping the house is if there was either a principle reduction done to market value or a deed in lieu with cash for keys. Of course they don't have any programs that would offer that at this time. So I asked her, what is my incentive to keep the house? She couldn't think of anything and said the only I could keep it is if I would to pay up the back payments over time or through a modification. Told her to send me the paper work for the mod to see what options there were.

This clearly tells me the banks are STILL unwilling to work with home owners to keep their homes. So I have no incentive to keep this place nor to I really want to anymore. I will enjoy the free rent until the case comes to terms and move on from there.

[Freddy03]

Cory - did you received 1099 interest form ( I think that's what it's called) from WF during this process? I'm nervous to call them and find out if I'll get mine. They haven't called or written since discharge.

Thanks

[cory1848]

Cory - did you received 1099 interest form ( I think that's what it's called) from WF during this process? I'm nervous to call them and find out if I'll get mine. They haven't called or written since discharge.

Thanks

No I haven't, not yet. The case hasn't finished out so I don't think I would get one until that happens. Why are you nervous? If you filed BK7 and included the house, why would that form matter?

[Freddy03]

No I haven't, not yet. The case hasn't finished out so I don't think I would get one until that happens. Why are you nervous? If you filed BK7 and included the house, why would that form matter?

I think I have the form name mixed up. I'm looking for the interest paid form so I can file my taxes. I paid my mortgage up until June so I should be able to deduct some interest paid. I'm just not sure if WF will send me the form.

[tobee43]

I think I have the form name mixed up. I'm looking for the interest paid form so I can file my taxes. I paid my mortgage up until June so I should be able to deduct some interest paid. I'm just not sure if WF will send me the form.

it would be a 1098 coming from wells fargo and you may be able to go on line to retrieve it. i know even after our bk, chase did send us ours. you should get one by the end of the month or so. i know many say the deadline is jan 31, however, many banks get them out later.

[cory1848]

Ok, Like Tobee says, I have received those before, last year. If I remember correctly, it just said zero interest paid and that is what I put on my taxes. I had my CPA do them so not really sure.

[jonwh25]

Update:

BK discharged in March '07
Walked away from house June '07
Foreclosure process started Aug '07
11/3/2011 PL 1 1 MTN TO SUBSTITUTE PLF/DEF AND CHANGE CASE STYLE

Still waiting... I just got a notice that the fiance company just sold our mortgage again, thus starting the whole process over.. Gotta love it. The case has been open since March 2007, it's now Jan 2012! It's been almost 5 years so far...

[TBA]

Update:

BK discharged in March '07
Walked away from house June '07
Foreclosure process started Aug '07
11/3/2011 PL 1 1 MTN TO SUBSTITUTE PLF/DEF AND CHANGE CASE STYLE

Still waiting... I just got a notice that the fiance company just sold our mortgage again, thus starting the whole process over.. Gotta love it. The case has been open since March 2007, it's now Jan 2012! It's been almost 5 years so far...

I am curious how the 5 year statute of limitations might play a role in this process. It may be worth looking into.

[justbroke]

The five year statute of limitation is on "starting' the process. The process has clearly started. I can't tel you specifically, but the fact that they actually commenced a case, may toll the running of the clock as well.

[leopold1]

Here's one interesting recent article ...
//finance.yahoo.com/news/what-happens-when-you-walk-away-from-your-home-.html

[cory1848]

Here is a February update - After looking into answering the Request for Admissions and talking it over with an attorney, we have decided not to answer it. Instead I contacted the attorney for the plaintiff and told her that if she withdrew the Request, we would no long contest the case. She was very nice and receptive and said she would let her client know and get back with me. I also told her that we would be open to doing a DIL in exchange for compensation (cash for keys) to get out of the house quicker, otherwise we would stay until the end to save up extra money. That happened on Monday. So here I sit and wait again. Calling Uncle.... Letting this play out and moving on.

A few more months and I will have paid off half of my debt load from when I started this process (over $20K) and another 2 years from that, I will be debt free. That will make it all worth it in the end and a huge load off my shoulders.

[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.

We are still here. Hired an attorney and filed the response. There has been no movement except for state mandated mediation that fell through due to the lender not providing the requested documentation. IBM LBPS has changed its name to Seterus. We are moving out of state soon and will rent the house at a discount with full disclosure of the foreclosure status. Our attorney thinks we have a minimum of a year, but probably much longer.

[Floridagail]

Thanks for update, we got our lis pendens nov 30 2011, We took no action, did not respond to mediation. Nothing happening.

[scooter6251]

We are still here. Hired an attorney and filed the response. There has been no movement except for state mandated mediation that fell through due to the lender not providing the requested documentation. IBM LBPS has changed its name to Seterus. We are moving out of state soon and will rent the house at a discount with full disclosure of the foreclosure status. Our attorney thinks we have a minimum of a year, but probably much longer.

We are in a similar situation as you are. We moved out of state after the discharge and even with all that has happened, we don't want the house we built and put $100,000 into to be ruined by the Florida heat & humidity. So we are renting it. It helps us but it's also assisting the lender by keeping the house and pool in good condition. We are using a property management company just to keep the situation as professional & comfortable as possible. The management company had an attorney prepare an addendum to the rental agreement stating that a foreclosure would happen at some time, as you said a full disclosure of the situation, so they would not panic if papers are served to the residence.

[Floridagail]

Our update, Florida , lisaPendens 11-30-2011, We recved letter today from BOA attorney from Texas, ( former letter was from Tampa.) The letter states since we did not modify, we can sign deed over to BOA and qualify for 3000 moving expense. We must reply by March 10. It also say they will pay 6000 toward a second mortgage. would hve to send & attached form and copy of tax return, 2 current pay stubs, and 2 months bank statements. Forget it..... and if your condition improves in meantime you would not qualify. We are doing a strategic default,
upside down 160 grand. We could pay, but we will retire in 2yrs and cannot sell. Job loss could come anyday as well. Our last payment was 5-2010 I think. We figure we have about 4 more months. Just keep updated on our florida forclosure. No way will we give them any info.