Applied for Mod... now I have a foreclosure date??

[Inca]

I filed for and was discharged a chapter 7 bankruptcy earlier this year. I did not re-affirm the mortgage. I applied for a modified loan in June. Things came up in July to where I could not make payments on the house, and I have just stopped paying all together to qualify for the modification. I have been hounding them in the Mod. department every week since July.. with the same run around. Now I have a sale date on the house on Dec. 7th. I live in Georgia. What are my options? I know I can walk but I am thinking of my childrens school and their friends, and particularly my daughters teacher which helps my daugther out a lot. If it was just me and my wife we would have left a long time ago... Just because of the money lost in the house.

Anyhow... if the mod. is not approved by Dec. 7th... then how much time do I have here in Georgia? If the house is sold on that day will I need to move before Christmas? The loan is with BOA...

[nervous1]

Wow - except for the fact that I have not yet filed for BK7 (turning in my paperwork this Friday), we're in the same boat. Mortgage with BOA (I hate them). Georgia also.

Applied for loan mod. in June. Stopped making mortgage payments in July. Rec'd notice of foreclosure sale last week - set for 12/7/10.

Loan mod has been a huge joke. Have heard NOTHING. Have not hounded them like you say you have, but have called and have always been told that process takes "45 days." Hmm...it's going on 150 days now.

I'm planning on surrendering the house in BK. I was told that by filing now, an automatic stay will be placed and the foreclosure will be delayed.

Does anyone know how long we can expect to be able to delay the foreclosure. We're also in Georgia.

[Inca]

Yup... if you file now then the house will not be sold on the first Tuesday of the month and you will get some extra time in your home.

And if anyone can give an answer to how much time we have after the house is sold at the auction that would be great. (I don't think the mod. will go through... doesn't sound like they are in a hurry.)

[nervous1]

Hi - guess what we got in the mail this week? A letter from the loan mod company telling us they NEEDED MORE INFORMATION! I applied June 6...amazing. Junk mail, as far as I'm concerned.

As far as the foreclosure, gave our paperwork to attorney today. Trying to file before 12/7. The paralegal told us an automatic stay would be put on the foreclosure, then BoA would have to ask that the stay be lifted and then start foreclosure again. Said that would buy us at least 2 months, probably more.

Have you talked to your lender about Cash 4 Keys? Paralegal suggested we do that.

[bladerunner]

Gosh...maybe calling one of your elected officials or getting some press might help you out. My house is in foreclosure in Vegas...but the way BOA has been screwing people around... perhaps some bad exposure might prompt the bank to do something...but sadly, don't count on it...But, also don't remain inert....get busy...post on web boards, do a youtube, protest, picket a BOA office....write to your local paper....

[bladerunner]

afterthought...call into your local NPR radio station... I was able to do that many times in Vegas and talked on the air to several govt. people and attorneys for some options. You're not alone...

[willsurvive]

Don't give up hope . . .

We filed in Dec 08, the stay was not lifted until Feb 10 (yes you read that right). We did not pay the loan for 18 months. We are an asset case and it has taken a LONG time for the Bankruptcy to close. Anyway, finally June 2010 BofA starts foreclosure and in July we actually have a sale date (Nov 1st). We were prepared to walk because of our situation. We did nothing for a modification, no phone calls, nothing, just let things proceed. Then in August a Fed Ex package shows up with an offer of a permanent loan mod. The terms were pretty good and the way we look at it we were going to have to pay rent somewhere, so why not in the home we built? Anyway, we signed the mod (which states we still have no legal obligation to repay because of the bk so we can still walk) and began making payments. We have since made 4 payments, our sale date came and went, and now online everything is reflected correctly. We even received a statement for December a few days ago with a correct payment, etc. It seems very surreal, but just know that crazy things have happened with loan mods and they do exist. Also, I think just by you filing, you are going to buy yourself at least 90 days. Things may be very different for you because when we filed it was at the height of this foreclosure mess and BofA was in the thick of things and everything was a snails pace.

Good luck!

[DebtEnder]

Boa is a joke for MOD. Who I had, they took it over from countrywide. House foreclosed on Dec 1st last year. We moved out by Feb. House was not taken back , ie locks redone until May. Cash for keys was not offered AT all. Stated since we were owners, not renters they do not offer cfk. Would have been cheaper methinks to offer the CFK. House sold last month for 75k less then I owed on it.

[nervous1]

Rec'd another Fed Ex today from BoA. Saying disregard the packet they sent last week. (Wow....two packets in less than a week and these are the first I've had since JULY!!)

Filing BK next week. I was told by attorney's office that filing BK would put a stay on FC (now set for 12/7). There would be a hearing, BoA would have to ask for stay to be listed, then give me 30 more days notice of FC. Attorney's office says I have at least 2 more months here, probably longer.

I'm going to send in the loan mod info they just requested just to keep them strung along.

[ryan]

....I'm going to send in the loan mod info they just requested just to keep them strung along.

If you want to maximize your time in the property, thats what you want to do, imo....particularly with BofA. Good luck!