Mississippi forclosure

[1qweenb]

I was closed in January(ch 7) of this year, thought I wanted to keep home so I rode through and continued to pay both mortgages, well family has outgrown this home and although I have put alot of work into it, we have only owned for 5 years. House seems to be very poorly built now that I look at a few things and really its just too small. I was going to keep it but there are so many forclosures and empty homes in my area I can't see anyone getting what they paid for it, or even close. Anyways I stopped paying first (CitiMortgage) about 2 months ago and second (Navy Fed) about the same time. We were going to just move but now I'm thinking of staying and saving until they make us go. Any idea of how long the process takes?? They both are still calling non stop(well Nay Fed is) but no notices or anything, nothing from Citi. Any comments or advice would be appreciated.

[keepinitreal]

Congrats on riding through on the house loans instead of reaffirming. Now you have options. Hopefully you can afford to put most of this mortgage money into savings each month so you can afford to move to a bigger place after the bank gets the title for this house in their name.

[MSbklawyer]

Any idea of how long the process takes?? They both are still calling non stop(well Nay Fed is) but no notices or anything, nothing from Citi. Any comments or advice would be appreciated.

Mississippi is a non-judicial foreclosure state, so once a creditor gets around to starting the proceedings, it's a pretty quick process. They publish notice in a local paper for 4 consecutive weeks and then they have a trustee's sale.

The real questions though, are how long it will take them to get the process started and then how long before they will move to actually evict you after the sale. The answers to those questions are so fact dependent that an answer, beyond a mere guess, is impossible. But if you have somewhere readily available you can go to when the eviction does finally come, what would be wrong with just staying where you are and saving up piles of cash?

[ssmdem]

But if you have somewhere readily available you can go to when the eviction does finally come, what would be wrong with just staying where you are and saving up piles of cash?

We're in the Florida panhandle, and this is exatly what I'm going to do. By the time we file for bankruptcy, we'll be about four months behind on our mortgage. We have a local friend who hasn't paid since Feb of 2009 and they're still in their home. Depends on what bank your mortgage is at too as to how fast they'll start the proceedings. For me, it's just what's the point of paying rent somewhere if this house is just going to sit empty? If there's a buyer and they want to get it - absolutely - I'm out of here, but if it's just sitting empty, I don't see the hurry to get out.

[MSbklawyer]

If there's a buyer and they want to get it - absolutely - I'm out of here, but if it's just sitting empty, I don't see the hurry to get out.

Big $$ Mortgage Banks absolutely HATE people like you. You know that, don't you? I shouldn't have told you that -- I bet you're going to have a terrible time getting to sleep at night now. ;)

[ssmdem]

Big $$ Mortgage Banks absolutely HATE people like you. You know that, don't you? I shouldn't have told you that -- I bet you're going to have a terrible time getting to sleep at night now. ;)

Nope, I was losing sleep WHEN I was paying that almost $3K a month mortgage - not so much anymore.

All kidding aside, I ran the numbers the other night - I really need to stop doing this kind of stuff, depresses the heck out of me! Over the past 3 years we've been here, I've paid over $100K in mortgage payments -- out of that, $12K went to principal - but we've lost almost $95K from what it was appraised at when we first built it. I know those numbers are small compared to some, but they still are just mind-boggling to me. The emotional attachment I have to this house pretty much disappears when you look at it from that point of view.

[norcal]

That is exactly where I stand, emotionally detached from this house (our first house). We are upside down about $200k, but it still took over a year of me convincing my husband that this was a sinking ship. I did my best to work with WF for over a year, to no avail. The people I was speaking with are on the east coast and have no idea what it's like in my neighborhood.

I actually had a manager from WF tell me that it would be very embarrassing for my family once the bank owned sign went up on our front lawn
I told him, that my neighborhood and the entire city is peppered with foreclosure signs. There is a house nearby that they were trying to short sale for months at $90k, then the house went into foreclosure and they raised the price to $100k....that makes absolutely no sense. I think the banks have thrown common sense out the window.

[1qweenb]

MS advice

Thanks to you all, I was going to move out but from what u guys have said I think I'll stay and save up some cash, there are houses for rent all the time around here so I'm sure that we will have a place to go when the time comes. Hopefully they will keep calling and trying to get me to pay them and take forever to start the process. Thanks !!

[pcn]

This whole idea sounds great in concept, but I do have a question. Maybe we are not typical, but I just dont see our situation being that different from most. We have a LOT of junk. We'll not be making the hoarding shows, but my worry is that if we do go this route that we won't have enough time to get our stuff moved once we are told "this is it, get out". What do people do, pack up most of their stuff except the immmediate needs and then just sit on ready? That seems like a very stresssful way to live to me.

[1qweenb]

???

I don't know, but I am going to take my time and pack, I need to get rid of alot of junk myself and this will be the perfect opportunity. I also plan on taking down all of my upgraded fixtures and putting the builders grade stuff that came in the place. I wish I could pull up my hardwood flooring and granite countertops, but oh well, I'll settle for the fixtures. I think we'll be good and ready when the time comes.

[ssmdem]

We'll be swapping out fixtures too. Would give anything to take these wood blinds with us that I spent a small fortune on - but they're all custom cut, so the chances of them fitting another house are slim to none. We've even got additional cabinetry that we're taking with us, although my husband isn't thrilled about having to take it back down.

I've already cleaned house and sold so much stuff trying to avoid bankruptcy that we pretty much could easily be out of here in a week if we had to. Thankfully it was all stuff I didn't really care about anyway.

[catleg]

Hmm, WF has 1.7 trillion of off-balance sheet assets. Something tells me they will be foreclosing at a measured pace, so as to not spook the housing market, let alone the stock market. :-)

On the other hand BofA is rumored to be ramping up their foreclosures, esp in California. See here and here.

As for the bank owned sign on the lawn, well, that's an empty threat if you really think about it for more than 30 seconds. :-)