Florida Foreclosure timeline

[AngelinaCat]

I am home now and have done some research. Here is a list of the 'hits' that came up in my Google search for starters:

https://www.google.com/search?source=ig&rlz=1G1ACEW_ENUS370&q=florida+when+is+a+transfer+of+title+of+real+estate+official&oq=florida&gs_l=igoogle.1.0.35i39l2j0l8.1367.4067.0.9054.7.7.0.0.0.0.114.636.6j1.7.0...0.0...1ac.1.12.igoogle.Cp5G3GeRQGE

You will probably need to copy and paste that into your browser.

The first four or five items are probably the most pertinent...

ETA: The link did work for me when I tried it.

[scooter6251]

I am home now and have done some research. Here is a list of the 'hits' that came up in my Google search for starters:

https://www.google.com/search?source=ig&rlz=1G1ACEW_ENUS370&q=florida+when+is+a+transfer+of+title+of+real+estate+official&oq=florida&gs_l=igoogle.1.0.35i39l2j0l8.1367.4067.0.9054.7.7.0.0.0.0.114.636.6j1.7.0...0.0...1ac.1.12.igoogle.Cp5G3GeRQGE

You will probably need to copy and paste that into your browser.

The first four or five items are probably the most pertinent...

ETA: The link did work for me when I tried it.

Thanks AngelinaCat and the link worked fine.

[Floridagail]

Just a quick update, Our forclosure did not go thru at the last minute it shows cancelled Nov 13, We also got letter from Green tree, saying they bought the mortgage from Bank of America. We are disappointed as we moved in July in hopes it would go thru. So the house sits empty. Now Green tree is sending collection notices, Unbelievable. We stopped paying May 2010, and finally moved July 2013. We thought for sure it would be done.

[Floridagail]

Summary judgement was cancelled again, was suppose to happen feb 17, how disappointing. 4 yrs in May since we stopped paying.

[DeadManCrawling]

We're still with you, gail. We crossed the 8 year mark a few months ago.

Still getting offers to mod our loan, from the new mortgage holder Ocwen.

Seems it will never end. House is completely trashed. Not by vandals or anything malicious. From the street is still looks stunningly beautiful. Inside is a cess pit of mold, rainwater, insects, dead mice and rats, and other things not worth trying to identify. This house will never be livable again, IMHO. The sheer amount of dollars to completely gut it and start over would be just silly.

Onward we go. For another eight years? Who knows . . .

[tobee43]

deadman, that's interesting about your area in florida, here in lake county our home has gone up over 60k in value since we purchased it. our neighbor where some homes were selling (that were completely trashed) went as low as 70k!! but they needed new kitchens and bathroom and so much work at least another 50-70k just to make them liveable. when these houses were new went for approx 300k ( WAY over priced as they were built at the "boom" time period). now homes here are selling for 140-169k.

we rented when we first got to florida but it was no problem since we hadn't filed as yet. i know the foreclosure process in our area is still really really slow. i know here in our area Justpoor that renting is wide open since there are so many vacant places. even with a bk, money talks. when we brought this house it was a lease option to buy, owner financing. i exercised the option early, offered the owner more than asking price and gave him a large down payment. we never went through the bank. we see renting specials offered all over the central florida area.

also, remember florida is a judicial state. it MUST go through the process that usually takes at least 3 years, maybe some banks are moving quicker nowadays, but i doubt that since everything has to go via the court system and they are still fairly packed. places like calif, az, nv, it could be 90 days that you are out. but here in florida along with a few other states (i think approx 13 others) must go through this legal red tape, it's the law.

[freeme0215]

Condo finally auctioned on Feb 27th, purchased by Fannie Mae for 68,000..the remodeling alone on the condo was over 90,000...sad, so sad...in 2007 worth 300,000...again sad

[nioka]

I have a question; during the years you occupied your home without making mortgage payments did you pay the property taxes and insurance?

[justbroke]

I have a question; during the years you occupied your home without making mortgage payments did you pay the property taxes and insurance?

I would pay the insurance if I were occupying the residence. This is plainly for liability reasons and the protection of your personal property. You could let both lapse and have the mortgage company pay them. When I surrendered one of my investment properties, I stopped paying both the insurance and the property taxes. The risk was that should someone injure or become injured on the property while I still held legal title, that could become problematic.

I would personally maintain insurance.

[nioka]

JB,

I fully agree with keeping up the homeowners insurance policy.

I don't want to stir the pot on HOA fees issues, but doesn't property taxes have the same weight as HOA fees?

I believe the usual recommendation is to continue to pay the HOA fees while occupying a home about to be foreclose or foreclosed.
Why wouldn't property taxes follow the same guideline?

Thanks.

[justbroke]

JI believe the usual recommendation is to continue to pay the HOA fees while occupying a home about to be foreclose or foreclosed.
Why wouldn't property taxes follow the same guideline?

In most cases, HOA dues are a tax on the land and "run with the land" just like property taxes. However, HOA dues in most every state are also a "personal" responsibility! That's the downside of not paying post-petition HOA dues.

In a property tax case, you would never personally be sued; the property is subject to foreclosure. In an HOA dues case, not only can the HOA foreclose, they could chose to just personally sue you for the amount.

[DeadManCrawling]

Quick update here, and a question if anyone can answer:

We filed as of the date in my sig and the house has been supposedly in the foreclosure process for almost 9 years.

It is not in great shape, but the market has rebounded.

Current market value, as per my wife (a very experienced Realtor) is around 350-370k. The original mortgage was 320k with a 60k second.

She is considering placing the home for sale under her realty license for market value. At the least, she would make a commission of 3-7% depending on the sale agreement.

We received a tax cancellation notice for the IRS a few years back on the 2nd mortgage. Are we, therefore, free of that debt? If so, there could be a bit of equity in the house, depending on how many fees the bank has racked up legally.

Finally, a search of local court activity shows that the bank (Ocwen) has dropped all foreclosure filings and abandoned the legal process for now. There is nothing on the docket regarding foreclosure, except all the old filings by BoA from years ago, which have been dismissed due to failure to proceed on their part.

Thoughts?

Thanks, and best wishes to everyone harboring one of these zombies.

[justbroke]

We received a tax cancellation notice for the IRS a few years back on the 2nd mortgage. Are we, therefore, free of that debt? If so, there could be a bit of equity in the house, depending on how many fees the bank has racked up legally.

You should find the Clerk of the Court for your County's Circuit Court and look in the Public Records. Search by your name (last name first name... e.g. DOE JOHN). Find out if there was a "Satisfaction" of Mortgage recorded in the public record. If there is a satisfaction in the public record, then the 2nd no longer exists as a lien against the property.

There is no way to tell what they want to do. Some foreclosures have stalled for 4-6 years. Your stalled foreclosure, of 9 years, is atypical but I would expect there to be some that have gone on for almost a decade.

Keep us up to date. This is interesting!

[Monguls]

[QUOTE=Monguls;n781830]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

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.

Well, we hired an attorney who's been fighting the foreclosure for over 5 years now. When we moved out of state, we rented the place out and have a property manager looking after it. We have insurance in place that gets billed to (and paid so far by) the servicer, now Seterus. They pay taxes too. Rent pays the attorney fees, property management and maintenance and HOA, so the house is in okay shape and not a blight on the neighborhood. It would be nice to no longer be responsible for it, but at least there's a little income coming in for the trouble. Still, nowhere near what we put into the property over the years we lived there in the way of improvements though.

Seems like we are not alone in the endless waiting.

[scooter6251]

Your timetable is almost identical with ours.