Florida Foreclosure timeline

[Cherinfo]

Thank you Cory ...No not looking to fight this, not worth it and like you said why wake a sleeping Giant. I'll will just keep watching docket and pack accordingly.

[freeme0215]

I looked on the Broward clerk of courts web site and as of 2-27-12 there is a "dismissal of case" on a Lis Pendens from BOA...I am not living in the condo, as it was a rental property. This property was surrendered in my chapter 13, I am still on the deed as is my ex. he got the dismissal letter...my ex has not filed for BK yet.

What does this mean?

THanks

[cory1848]

I looked on the Broward clerk of courts web site and as of 2-27-12 there is a "dismissal of case" on a Lis Pendens from BOA...I am not living in the condo, as it was a rental property. This property was surrendered in my chapter 13, I am still on the deed as is my ex. he got the dismissal letter...my ex has not filed for BK yet.

What does this mean?

THanks

Sounds like they dropped the case. When was the LP issued? If it has been more than 10 months without any activity, it might have been dismissed due to lack of prosecution. Tough to say without more info.

[DeadManCrawling]

Update on us, and a comment for freeme0215:

We have not paid our CW/BoA mortgage for more than 4 years now. We have not lived there for three years. Their only move has been a Lis Pendens and a continuing stream of calls and FedEx offers to modify. No new legal filings in over 2 years, I think. So it is a long time.

Our HOA obtained a lien against the house, since we have not been paying their dues. For others reading, if you have an HOA, you may wish to be honest and upfront with them about the BK and foreclosure. Some HOA boards are in the dark to legal aspects that affect their rights (and yours), so it is good to make sure they know your plans. In our case, we let them know our financial situation, that we would be moving, that we would no longer pay the dues, and that we had nothing worth suing over.

With that knowledge, they sent a letter to us stating their intent to place the lien, since their best recourse for eventual payment would come from the bank or future homebuyer. It was all quite polite and sensible.

For freeme:

My wife is a Realtor in Florida. She has noted an increasing number of banks simply abandoning properties-especially condos-in a sort of limbo state. They do not foreclose but can at any time. She suspects condos in particular are being hit harder in the market, to such a degree that they just aren't worth foreclosing on right now. Of course, some complexes are better than others for retaining value. But when a condo cannot be easily sold, or is not worth the cost of foreclosing, the bank lets it sit. These owners may occupy them for a very long time, but must always remember: the bank CAN foreclose at any time in the future, and assuredly will, when they decide it makes sense. Not foreclosing keeps the debt from being forced into existence on their accounting books, and keeps them from being liable for association fees, among other things. I suppose, if squatters laws are observed, they would need to foreclose within the 8 year (I think) timeframe or lose the condo.

Just some thoughts on what we are seeing, here in the Tampa area.

Best wishes to everyone

[freeme0215]

The Lis Pendens was filed in June 2010. Bank of America has not done a thing since. Now this dismissal. I am thinking they will eventually refile. Last mortgage payment was July 2008. The HOA has placed a lein on the property for the arrears in 2011

The arrears is at $17,000, there were two special assesments in 2008 that my ex never paid. He is on the mortgage and I am on the deed. I "surrendered" the property in my chapter 13 which I filed in June 2010 , does this clear me of owning the HOA money on this condo? I did not place the HOA as a creditor on my Chapter 13, just surrendered the condo.

HOAs can and are taking condos that have not paid their HOA fees 1st placing a lein on the property and then working toward a foreclosure on the condo, then renting it out. I have heard that a foreclosure started by a HOA is "faster"..not sure why as they have to do the same judicial process as a regular foreclosure.

The joys of HOAs

[cory1848]

Monthly update - All quiet on the home front. Still in the house. Bank just paid the insurance premiums again. Nothing has moved in the dockets since 1/04/12. After talking with the bank attorney, I believe that movement was just to keep the case active. Fine by me. Next week will mark 2 years since receiving the LP and 30 months of no payments. I really should have more in savings but it feels good to be paying down debt that wasn't discharged in BK that I would not have been able to pay down this quickly if I were paying a mortgage. 2 more years until 100% debt free.

[goturtlego]

I have a friend in the Orlando area and LP was filed 3/2009 and sale date is scheduled for 4/30/2012.

[Freddy03]

I have a friend in the Orlando area and LP was filed 3/2009 and sale date is scheduled for 4/30/2012.

Do you know if they hired an attorney to fight the FC?

[goturtlego]

No, they did not hire an attorney.

[tobee43]

The Lis Pendens was filed in June 2010. Bank of America has not done a thing since. Now this dismissal. I am thinking they will eventually refile. Last mortgage payment was July 2008. The HOA has placed a lien on the property for the arrears in 2011

The arrears is at $17,000, there were two special assessments in 2008 that my ex never paid. He is on the mortgage and I am on the deed. I "surrendered" the property in my chapter 13 which I filed in June 2010 , does this clear me of owning the HOA money on this condo? I did not place the HOA as a creditor on my Chapter 13, just surrendered the condo.

HOAs can and are taking condos that have not paid their HOA fees 1st placing a lein on the property and then working toward a foreclosure on the condo, then renting it out. I have heard that a foreclosure started by a HOA is "faster"..not sure why as they have to do the same judicial process as a regular foreclosure.

The joys of HOAs

hoa's in florida are superior liens and go no where after your bk is done this is an "Excerpt from Florida Statute 720.312" relative to HOA's....

Declaration of covenants; survival after tax deed or foreclosure.

All provisions of a declaration of covenants relating to a parcel that has been sold for taxes or special assessments survive and are enforceable after the issuance of a tax deed or master's deed, or upon the foreclosure of an assessment, a certificate or lien, a tax deed, tax certificate, or tax lien, to the same extent that they would be enforceable against a voluntary grantee of title to the parcel immediately before the delivery of the tax deed or master's deed or immediately before the foreclosure.

History.--s. 62, ch. 95-274; s. 51, ch. 2000-258. Note.--Former s. 617.312.

in other words that particular deed with survive the bk and you will still owe the HOA.

i do have a suggestions and that is to see if you can negotiate with the HOA for a lesser amount. good luck!

[freeme0215]

In Florida has there been a change in the HOA fees and placing them on a Chapter 13BK? Paying back only a percentage of the HOA fee?

Thanks

[justbroke]

In Florida has there been a change in the HOA fees and placing them on a Chapter 13BK? Paying back only a percentage of the HOA fee?

I really don't understand the question. If you are keeping your home you MUST pay the HOA fees. Typically, you only pay the HOA arrears in your plan, but need to keep paying the current HOA fees as they become due (unless they are escrowed with your mortgage payment).

You would never pay a percentage of an HOA fee if you're keeping the property.

[DeadManCrawling]

There HAVE been recent changes to the HOA laws, PRE-Bankruptcy, if I recall, but only PRE. And I do not know if they would apply in a 13. As I understand, a bank is now responsible for 12 months of HOA fees or 1% of the home value, whichever is lesser, in fees. I know this is the case in CH7, having just received a letter update from our HOA. Whether, or if at all, this comes into play in CH 13 is beyond my knowledge, but you should check into it. Maybe someone here has better info than me, but I wanted to mention it.

I don't have the statute handy, but here is an explanation of sorts:

http://www.floridacondohoalawblog.com/articles/assessmentscommon-expenses/foreclosures-1/

That link is about condos, but the law is the same for other HOA's as well.

[cory1848]

Monthly update... All quiet on the home front. Still in house. Nothing has been updated in the docket and haven't heard anything from lender except my monthly statements. I guess with my house only being worth less than what I paid for it, they don't want it back too quickly. This marks 33 months of no payments.

[Floridagail]

Thanks for update, Keep us posted, Nothing filed in our polk county courthouse either. LP 11-30-2011, No pmts now for 23 months. We can wait them out.