Can they kick me out but not transfer the deed?

[MrsDixon]

I'm thinking of doing strategic foreclosure due to negative equity (35-40k) and a horrible public school system.

In two years when my 2nd child is ready for school I'll be paying $500.00 per month for ELEMENTARY school. When they get to high school it will be $8000 per kid. I should be spending that kind of money on retirement savings or college, not grade school.

Anyway, I can't see gaining that much equity to sell it out right within the next 2-3 years. Both of my loans were discharged in a BK and were not reaffirmed (10/2008).

I'm current on the 1st and I stopped paying the 2nd as of March. I emailed the 2nd mortgage lender with a 5% settlement on a 36K loan and haven't heard back.

Let's say I stop paying the first mortgage. My plan is to stay here until the last possible minute and saving all of the mortgage payments I would have made. With that money (20-25K) I can move to an area that has an acceptable public school for my kids. I would be renting a larger house for the same payment as my mortgage.

I've read all of these stories about deeds taking years to transfer. If I'm living here mortgage free will they move it along quicker? If they kick me out can they still take years to transfer the deed?

Thanks

[Brazzy]

It depends largely on the state and its foreclosure laws. Some states have lengthy processes followed up by long redemption periods. So basically the difference from state to state could be months (6+ in some cases). Its 3-4 months of no payments before the process is started and there is no telling when the process of the foreclosure would be completed. Its probably a good idea to take a look at your states foreclosure laws and see how it works. That will give you a better idea as to the time frame.

[MrsDixon]

I live in IL and what I've found is 210-270 days.

So that means that the bank will transfer the deed at the end when I'm moving out?

Why have I seen posts of people who are waiting years? Does it just depend on their state?

[secondtimer]

Stop paying, wait for correspondance, then ask for modifications. As long as the modification process is active they won't start F/C process.
At least this has been my experience.
Make the process work to your advantage until you decide what to do.

[ryan]

Mrs Dixon, in IL it will not take years, I can tell you that. We have a judicial system here regarding FC's. the AVERAGE right now in collar counties of Chicago is about 8 months from being served to sheriffs sale.

Generally, the people you're reading about who are in their houses for years waiting for FC are usually in extremely RE depressed states like Florida. There, the lenders especially don;t want the houses.