Notice of Forclosure in AZ

[bkaz]

Hi all, first post, new to the board.

I am in Chapter 7 now. I am surrendering property to the Bank.
One of the main reasons for the BK was all my back HOA dues and fines, I haven't made a morgtage payment since OCT. 2008. I talked to bank and they said it was "just sitting there" with no forclosure in sight.

I realize I will be responsible post discharge for HOA fees. This sucks!

My idea was to have a buddy of mine from work who needs a place to live stay at the place for real cheap (300 a month) so I can pay the HOA dues until the deed is out of my name.

My friend is having second thoughts because he thinks the bank can come in and change the locks and take all his stuff.

My main question is if I surrender to the bank in Chapter 7 how am I notified when they deciede to forclose and how long would my friend have to move out of the house once a foreclosure was started or the house was sold at an auction.

Thank you.

[bkaz]

bump

Anybody?

[DeadManCrawling]

The lender still has to follow state foreclosure law. Is AZ a one-action state?

I believe they do judicial foreclosure there, but am not sure on non-judicial.

Either way, you will be able to find out what is going on. If this is a judicial foreclosure, you AND the friend will be able to track it through the local courts, if they have online records as many do. That would provide a timeline of sorts.

There are also laws in place to protect renters. I am not sure if it applies to all states, but you should find out. A renter may not be evicted with less than 90 or even 180 days notice in some cases. You would want to have an actual lease to present as evidence if that is applicable in your state. That would be very nice protection for him. But from that point onward, I would assume the rent would have to be sent to the new owner or the lender.

[bkaz]

So I should be ok then letting him live in the property until the bank forecloses or auctions it?

I don't want to get into any more legal trouble.

Thanks.

[Meatstick]

You can track your foreclosure proceedings somewhat here http://recorder.maricopa.gov/recdocd...taSelect2.aspx.

I have followed many foreclosures in my crack head infested subdivision in Buckeye. It is a fairly good source of info. If your loan is serviced by BOA/Countrywide you can use the trustee's sale number that will be listed on the N/TR Sale document found at the county recorders site to search here http://www.recontrustco.com/. This link will provide the updated sale dates if the original date has been cancelled and will also list the minimum opening bid if there is one. The recorders site may/may not list the cancellation and new sale date.

I have seen more than a few get cancelled every month about 3-5 days before posted sale date.

Links good for Maricopa County only.

Who services your loan ?

[Meatstick]

Just to add once your home is foreclosed on and auctioned you have by state law 5 days to leave. That is 5 days after you have been notified in writing by the owner. If after 5 days you dont leave the owner will then have to file to have you evicted. You will have a hearing within 30 days of the eviction being filed and then if it is granted you will be removed by the sheriff and watch as all your belongings are removed and set in the street. I have seen this unfold twice already this year on my street where it took just over 7 months for one person to be foreclosed and evicted and the other took well over a year.

Just know your rights as some people who do buy your house at auction may try to force you out immediately or even change locks if your not there. Then it is up to you to defend your rights. They must provide proof that they are the legal owners of the home. Just knocking on your door and saying get the *uck out doesnt cut it.

Good luck !

[bkaz]

Thanks Meat that is good info, I really appreciate it.

Chase has my loan.

[cfgdag]

BKAZ.....

I see you haven't made a payment since October 2008 (a year and a half)...and you have Chase. Can you please provide info about how much you owe on the property and how much it is worth?

I have Chase and am now 5 payments behind. From what I can tell by my research (looking up data from trustee sales), the more $upside$ down you are with Chase, the longer they are taking to foreclose (over a year). I was just wanting your info to compare with what I have found. I owe 304K and currently my house is worth 150K. I look everyday on the county recorders website and so far there is nothing. My monthly statements keep coming but there is nothing unusual for me to think they are beginning the foreclosure process. I am hoping to have several more months here.....

Oh, and one more thing, I also included my house in BK7 (which was discharged in 12/2009).

[bkaz]

I owe around 187K and comparable houses in the nieghborhood are going for around 115,000.

[cfgdag]

Thanks for the info....just adds more data for me to speculate the more a person owes the longer it takes to start foreclosure.

Please keep us posted on what happens....Thanks!

[bkaz]

I will, I'm in Chapter 7 now and have the house listed as surrender. My creditors meeting is on 3/22.

I went by the house yesterday to check it out. Same as I left it. Except for the dead palm trees in the front and the weeds all over the backyard.

Was pretty wierd going back there.

I figure if I let my friend live there and clean up the place, maybe Chase will take it back by the end of this year?

[Meatstick]

I can only pray that Wells Fargo will drag our foreclosure as long as yours when it happens. We are filing Ch7 in 2 weeks and plan to stop payments once our case has been discharged. We are current on our loan which has about a $200k balance on a home that might fetch $80k at auction.