Florida Foreclosure timeline

[Floridagail]

Thanks for update, When was your LP date, How long did you have in your house b4 the sale.

[sh1035]

My LP date was a couple of years ago. It was a Chase loan so we had the fiasco of robo signing, then changing law firms. Then we played the document dance for 2 years and I was finally denied a mod. But hey I didnt pay for 38 months so almost made back the 100k I put down. Slowly selling a lot of stuff and moving into the new place.

One thing is they have never notified me of my court dates. They send other items but not the important ones I watch them on line.

[Floridagail]

THanks that was what i was wonderering, We are on month 33, since stop paying, We expect to be forclosed on by summer. Good luck in your new place.

[Floridagail]

update, today we receive notice from the Polk county court saying the forclosure case had been dismissed due to the bankruptcy filing and BOA would have to pay fees to reinstate the case at the discharge. However when I look at our court online site , it doesnt show that the case is dismissed. weird. I think they will just pick up where they left off after the discharge. How soon is the question.

[Floridagail]

Well, we got another offer by a new law firm now handling the forclosure modification paperwork.
So I guess when you file bkrptcy BOA moves you to different firm here in florida. So still waiting on our sale to happen after Chptr 7 getting discharged( it is still in question due to we got a finkey trustee. We are not taking any offer except principal reduction , which is not likely. Or if we were forced into 13.

[DeadManCrawling]

BoA reassigned our mortgage about 6 times in the last 5 years. Or the alternating servicers sold the mortgage, which is probably a better way of saying it.

We will be at six years of nonpayment this Fall, October or November, I think. Not a single bit of movement.

For those with HOA fees and worries about taxes: Taxes stay with the property. The county will collect from new owners at closing. Here is how we handled the HOA: We didn't like our neighbors to begin with, so maybe that made all this a little easier for us. We contacted the HOA early on, told them we were filing for BK and had no money to collect. The management company was cool with that. After the BK was complete, they filed a lien against the property that guarantees they will collect on the money owed when new buyers appear.

They also filed that lien in court, releasing us from the owed amounts, and stated that they would collect when the bank finally sold. I do not know how binding that is, but it made us feel better. Again, since we have nothing to collect from, they would be fools to pursue us for this.

Almost six years later, I have no idea if the bank will foreclose. We have seen our mortgage tossed all over the place. I suppose there are accounting benefits from having nonperforming mortgages, but cannot imagine what all the ramifications are.

Interesting: We received a FedEx package from Ocwen last month. We owe about 440k on the house. They state that they will release us from the debt, if we can pay them $140k. Not a chance. We are smarter than that. Had they offered it before the house was a mildew infested wreck, we probably would have done it. I doubt they get more than 160 or 170 in an auction situation, so they lose either way.

Anyway, the long point of the story is this: The HOA claimed to relieve us of the debt owed, but I am not sure they can do that legally. There is always the chance they come back, once they realize the bank will never foreclose, and demand the money from us.

I think it more likely the HOA forecloses, and works to find a way to cancel the Ocwen mortgage, though this is uncharted territory and full of legal problems. That seems to make the most sense, but there really is no caselaw for bank-abandoned properties, except a single condo association in Miami.

Good luck to everyone!

[justbroke]

The HOA can do whatever they want, based on the actions of its management company or board. Remember, a secured creditor does not need to do anything to collect or foreclose upon (or repossess) collateral! I think it is very professional that your particular HOA decided just to lien the property and collect upon foreclosure/sale.

[DeadManCrawling]

You're right, JB, as usual. We do appreciate the way the HOA has handled this.

For them to foreclose, though, my understanding was they would have to pay off the servicer or mortgage holder as part of the process. In that event, I think it unlikely that Ocwen would be satisfied with anything less than the full 440k mortgage amount. That makes it unlikely the HOA would proceed.


However, the HOA is in a losing position. There is not much they can do, and if Ocwen never forecloses, the HOA absorbs the loss indefinitely. This seems like a legally untenable position, yet the banks can inflict this on homeowners and HOA's.

As I mentioned, there is a single case where the HOA was able to essentially void the first mortgage holder's rights and foreclose and sell the property in Miami. This was not a precedent setting case, though, and was several years ago. I think we will see more movement in this direction.

My wife is a real estate agent, and we track shadow inventory. It is scary to watch, because it is growing, quietly in the background, and it is not going away. The growing numbers, as the banks try to stabilize the sales figures, points to ongoing problems for years or decades in the future. Our house is certainly not the only one, or even unusual.

At some point, the tears have to be shed, whether that is done by the market or the courts.

[Floridagail]

We were current up to Jan on our HOA fees. They attempted to collect for this year, but then the HOA said they would just lien on the house. So glad about that. I suspect BOA will move quickly again after hubby's discharge or dismissal.

On HOA's, My Son called me yesterday, His Grandma's Condo in St Pete doors got locked up by HOA. She passed in 2009 and they had decided to let it go back. No court action has been taken by HOA. No action by the bank either.
I told him to go change the locks again if they want too. I am sure the Condo fees are in 9000K or more

[159515951]

For them to foreclose, though, my understanding was they would have to pay off the servicer or mortgage holder as part of the process. In that event, I think it unlikely that Ocwen would be satisfied with anything less than the full 440k mortgage amount. That makes it unlikely the HOA would proceed.

Nope -- my HOA just foreclosed a few months ago, and we have a 1st and a 2nd. This is a Florida home. The house was auctioned and the HOA received what they were due, and the balance is in the process of being sent to me. The mortgage company will have to foreclose on the new owner.

People are buying foreclosures with baggage (mortgage liens) in Florida with the gamble of renting them out for a year (or 5) before the bank finally forecloses. There is legislation in Florida allowing expedited foreclosure for HOAs...ours got it done in three months, start to finish. If they hadn't, we would have waited for years for the bank to finally do something.

You may want to simply ask them to foreclosure. That's what my attorney did, and it worked. Of course, I'm assuming you've surrendered your home in Bankruptcy already -- if not, chat with a lawyer. Actually, that'd be a good idea regardless.

[mattfl]

Quick question.

2 years ago november I decided to stop paying my mortgage, couldn't afford it, BoA wouldn't do anything blah blah. I've since filed for chpt 7 bankruptcy and that's been done for 6+ months now, I did not include the house in the bankruptcy however as I needed what my normal monthly payment would be to get chpt 7 instead of 11. Well now finally, 2 1/2 years later BoA has finally filed the foreclosure paperwork as of last week.

At this point I just want them to take the house and be done with the foreclosure. I've since moved out and are renting a very nice house that we plan on staying in for a while so I want nothing to do with the old house, I understand the foreclosure is going to put a big hit on my credit just like the bankruptcy did but I've already prepared for that.

How can I make this go faster so BoA just finalizes the foreclosure and I'm done with them? I really don't want to deal with an attorney or anything like that for this process, if I just let them do their thing and mostly ignore them will that make it go any faster or what?

This is what the court docket looks like

03/26/2013
11
TWENTY DAY SUMMONS ISSUED Comments:
To UNKNOWN TENANT #2 Retn to proc serv (ABC LEGAL) for SOP, cc pltfs atty by proc serv via p/up box

03/26/2013
10
TWENTY DAY SUMMONS ISSUED Comments:
To UNKNOWN TENANT #1 Retn to proc serv (ABC LEGAL) for SOP, cc pltfs atty by proc serv via p/up box

03/26/2013
9
TWENTY DAY SUMMONS ISSUED Comments:
To The HOA of the subdivision Retn to proc serv (ABC LEGAL) for SOP, cc pltfs atty by proc serv via p/up box

03/26/2013
8
TWENTY DAY SUMMONS ISSUED Comments:
To UNKNOWN SPOUSE OF Ex Wifes Name Retn to proc serv (ABC LEGAL) for SOP, cc pltfs atty by proc serv via p/up box

03/26/2013
7
TWENTY DAY SUMMONS ISSUED Comments:
To UNKNOWN SPOUSE OF My Name Retn to proc serv (ABC LEGAL) for SOP, cc pltfs atty by proc serv via p/up box

03/26/2013
6
TWENTY DAY SUMMONS ISSUED Comments:
To Ex Wife Retn to proc serv (ABC LEGAL) for SOP, cc pltfs atty by proc serv via p/up box

03/26/2013
5
TWENTY DAY SUMMONS ISSUED Comments:
To My Name Retn to proc serv (ABC LEGAL) for SOP, cc pltfs atty by proc serv via p/up box

03/25/2013
4
NOTICE OF LIS PENDENS
03/25/2013
3
WORKSHEET
03/25/2013
2
COMPLAINT / PETITION TO FORECLOSE
03/25/2013
1
HOME/RESIDENTIAL CS W/OUT FORM A

[justbroke]

You can't make it go any faster! The banks are now "really" foreclosing rather than filing and then, literally, abanoning the foreclosure action. A lot of the delays in Florida was due to the issues with the foreclosure lawsuits themselves. Remember all the fuss about robo-signing and assignments and poorly executed documents/affidavits? If you don't remember, let's just say that the banks (and their attorneys) had a bunch of paperwork issues. This caused Florida to go from a 7-10 month foreclosure cycle to a 600+ day foreclosures cycle! In fact, there were few foreclosures in Florida in 2012.

Now the banks are, well, back in business and starting the foreclosures. I would expect that the foreclosure should be complete within the 7 months unless you fight it... or they make another mistake.

FYI, the foreclosure should not show up on your credit report.

[mattfl]

FYI, the foreclosure should not show up on your credit report.

So wait, even after the foreclosure is final it won't show up on my credit report? I thought foreclosure was a pretty big ding on your credit?

[justbroke]

So wait, even after the foreclosure is final it won't show up on my credit report? I thought foreclosure was a pretty big ding on your credit?

If you filed bankruptcy and the property was included in the bankruptcy, the credit tradeline should still show as Included in Bankruptcy with no mention of foreclosure. This has been my experience.

(Note: for purposes of FHA and other GSE-sponsored loans, it is still a foreclosure but it is just not reported on the credit reports. All post-foreclosure seasoning would still be in affect should you attempt to obtain a mortgage loan.)

[Lilyat108x]

Justbroke, if foreclosure doesn't show on credit report after bk, is there any advantage to the homeowners after bk in doing a deed in lieu?