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    #1

    Mail

    Hello. Our BK was discharged last month (ch7). We did not reaffirm our mortgages. We sent the mod packet into the mortgage company, but we prob will not qualify. We are prepared that we will prob loose our house. The more we think about it, it might give us a fresh start and get out from under our mortgages.
    I have been recieving many letters in the mail from attorneys trying to help me with my lawsuit?? Apparently the mortgage company has filed a lawsuit. Is this the NOD? If yes, what happens next?? Thanks for your help. I just want to be as prepared as possible
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    #2
    If the mortgage company has filed a lawsuit already. You're heading down foreclosure row.

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      #3
      Plus when you BK, it's a matter of public record and all those "helpful attorneys" are getting your information from the BK court and just trolling for business. A NOD will say just that "Notice of Default"...and you will get dozens of copies of it in the mail. A foreclosure lawsuit is just a way of taking back your house in a judicial state.

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        #4
        So if the lawsuit was just filed, about how long do I have in the house? If this is really a lawsuit, am I going to be responsible for court costs and such?

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          #5
          No it's not really a lawsuit per se..(it would help to know what state your in). If your state has "judicial foreclosures", then they basically sue you for the return of their property. If your not interested in retaining the property, then don't answer the lawsuit. The banks will pretty much automatically be granted the return of their property. As far as how long you have, consult an attorney in your area. Some states take forever, some are very quick. My state (California) is turning out to be average. From my NOD to trust sale took 7 months. California is a non-judicial state, so really the lenders only recourse is to take back their property. It's pretty much the same all over, some states just require a few more legal hoops for the lender to jump through before they get their house back.

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            #6
            We live in WI (which I believe is a Judicial state). What will happen next if we do not respond to the NOD? I am just trying to get a timeline. I also want to make sure I give us enough time to find a rental. Thanks for your input!

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              #7
              I'm in your neighbor state but know a little about WI foreclosures. Its actually BOTH a Judicial and Non-judicial state. Depends on whether your mortgage contract includes a power of sale clause or not (which you'd have to look into)...

              Average time to FC is quoted by one source as about 90 days.

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                #8
                Maybe this will help..http://www.foreclosurelaw.org/Wiscon...losure_Law.htm

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                  #9
                  Thank you! I appreciate it.

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