About to start AZ foreclosure

[robabeatle]

Hi everyone. This site has given me the courage to foreclose.

I am current on my payments, next one due Aug. 1, 2010. I will not pay this. My payment is $1400 a month on a home that was bought at $185K. The mortgage now is $154 K and zillow lists it at $122K.
I had tried to get a loan mod, reduction in the past and of course the bank doesn't even want to talk. I always paid over the minimum payment, never late, spotless credit.

Well, having a house is not that important anymore to me. In fact I feel a huge weight off of my shoulders already. I plan to save up the money, move, and go back to get another masters degree. Heck, maybe Ill just travel for a while??

I am in Tucson AZ and wonder if any one else here from AZ and how long they stayed in the house after the last payment.

Thanks!

[seanjpatel]

It is a huge relief! I am in Tucson too, we stopped paying our 2nd home mortgage in Feb. and are in Ch 13. The mortgage company just got the stay lifted from the BK. It will take a minimum 90 days to forclose and 7 days to evict, theoretically. There is such a huge backlog in Tucson it is gonna take at least 120-180 days to forclose and evict. Also, the Mortgage co. may contact you to give you cash to move out earlier so they can get the home and turn it over. Basically, This isn't a fast process at all.

[robabeatle]

Please keep me updated. Id like to stay here until next June if at all possible.