Things moving fast in California I guess

[davidk74]

We are giving up our house and fileing for chapter 7. The crappy law firm we went with just filed. We missed our first payment in April and our NOD was filed 8/2. We really thought we would have more time. Any one try to find a rental before discharge? Will a co-signer help?

[goodyphilips]

will you be going for consumer 7 or non consumer 7? because things have reached to such a situation that no possible solution is possible. then do try to find out that you qualify for the non consumer then you will be spared from means test.

[spidge]

Your notice of default is part of the normal proccess. Anytime you get into the third month your mortgage company will generate this notice. Every situation is unique so consult your attorney on this, but in many cases the bank takes many months to get the forclosure going.

[bulletproof77]

Having just gone through this...NOD 11/09, NTS 02/10. Sold back to bank 03/18/10...Southern California. Banks are definitely speeding up the foreclosure process. I think that the days of years of "free rent" are over..at least here in the West.

[goodyphilips]

Well thats right i have even heard of people being sent NODS after defaulting for even 1 or 2 months and that too with out any prior warnings.

[albacore44]

yes, since the 1st of the year, i have seen 7 homes in my tract, taken back by the banks. And whats interesting to me, is that Foreclosures in the prior 2 years sat and sat, for months. These new forclosures all sold within 60 days, between $450-$500K which is roughly 2004 pricing for this neighborhood

[goodyphilips]

well right things are very bad, and yes the rates you are talking about foreclosed homes is old story. now few builders are offering brand new homes at those foreclosed rates.

[bulletproof77]

Mine sold for HALF of what I owed in the High Desert. Owed 210K, sold for 102K..And the new owner just found out the septic system is bad...his good investment will cost him 10K before he can move in...LOL, too bad, so sad..Enjoy that "bargain"....And the pool leaks too...