Timetable for IndyMac in California + Trustee timing?

[helpme2010]

Anyone have any timetable experiences for foreclosure with IndyMac and their trustees?

I am curious how long the timetable was for foreclosure after BK.

I received a notice of default before doing 2 loan mods, then defaulted on my final payment in my 2nd loan mod, then filed bk.

Now I wonder how much time I have after discharge next month until I am forced to move out.

[screentest]

Don't really know Helpme2010. I also have OWB/Indymac (aka: owned by George Soros and Michael Dell) and they just filed for relief of stay to proceed with foreclosure. I am 41 days post bar date in my case, still no discharge and I am 90 days last on the house. I will call them on Monday and try to get time line from them; however I know they are very eager to get get California foreclosures on the move because they have a "shared loss agreement" with the feds. They get paid 93% of the original loan amount when they foreclose so its a big money maker for them. Good Luck

ST

[helpme2010]

Don't really know Helpme2010. I also have OWB/Indymac (aka: owned by George Soros and Michael Dell) and they just filed for relief of stay to proceed with foreclosure. I am 41 days post bar date in my case, still no discharge and I am 90 days last on the house. I will call them on Monday and try to get time line from them; however I know they are very eager to get get California foreclosures on the move because they have a "shared loss agreement" with the feds. They get paid 93% of the original loan amount when they foreclose so its a big money maker for them. Good Luck

ST

screentest, please keep us updated with your progress. Being in California, I am scared about my timetable. I am just over 60 days past 341 and probably have another 30 to go before discharge, so I am hoping Indymac doesn't try to accelerate my foreclosure. I need all the time I can in this house.

[screentest]

I figure the earliest, based on California time-lines, they can get me out will be around May or June. This is if I do nothing to lengthen the time like offering a short sale or requesting a loan mod etc. They waited until 40 days after the 60 day wait to request a motion to dismiss so you have some time. Even when the end comes, you will have plenty of time to vacate. The faster you are able to move(after the sale) the more money you will be offered in "cash for keys".

ST

[helpme2010]

I figure the earliest, based on California time-lines, they can get me out will be around May or June. This is if I do nothing to lengthen the time like offering a short sale or requesting a loan mod etc. They waited until 40 days after the 60 day wait to request a motion to dismiss so you have some time. Even when the end comes, you will have plenty of time to vacate. The faster you are able to move(after the sale) the more money you will be offered in "cash for keys".

ST

screentest, you made a quote "I am 41 days post bar date in my case, still no discharge" - can you please tell me what 41 days post bar date refers to? Is that 41 days past your 341 hearing??? I am asking because it sounds like you are in a similar timetable as me with the same mortgage company in the same state.

You also estimate May or June (or at least hoping for that amount of time). I am curious if I have that same timeframe as you if I am 60 days past my 341 hearing (probably the end of December for discharge).

I have not received a motion to relief of stay yet, assuming I will get one.

[screentest]

The bar date is the 60th day after your 341, the final day for objection on the case. I am now 43 days past the 60 day wait, still waiting for official discharge. My case is probably in the stack of pending or "awaiting discharge" files that is most likely 300 feet high at this point. Southern California BK discharges are agonizingly slow because of the back-log. Some are taking as long as 90 days post day 60. With this long of a delay it is no surprise One West Bank filed the motion for relief so they can begin the foreclosure process.

When I entered BK, I was current on my mortgage and stayed current until September when I missed my first payment. I am now 90 days late and One West is moving the process along accordingly. The process they must follow is as follows:

They must first get a relief from stay or my case discharge before they can talk to me.
They then must contact me and give me my options including the HUD numbers etc. (Required)
After they make official contact with me they must wait 30 days before filing the NOD.
After the NOD is filed they then must wait no less than 90 days before they can file a NOS.
After NOS is filed they have up to 25 days or more to auction off my house and then assign it to a local Realtor for marketing.
Local Realtor contacts me and offers cash for keys and gives a variable deadline to move out anywhere from 14 to 90 days depending on my needs.

Add this all up at the most expeditious path and I figure May-June for a move out date.

If your NOD was filed prior to your BK filing then the BK and the automatic stay freezes this process in-place until your discharged or a relief is granted to One West.
Once either your discharge and/or relief from stay is granted, One West will pick-up right where they left off on your foreclosure.

There are many other stalling tactics you can use to delay the process even further if you like. You can request a loan modification packet, even if you don't want one, and send it in for review. You can then request 90 days to short sell your house and "hold" the foreclosure while it is under contract with a Realtor. One West has to agree to play ball on these options as well so its a two way street.

All-in-all your probably looking at the same time frame I have as of now.

ST

[helpme2010]

screentest, thanks. I brought up the loan mod idea on another thread and nobody knew if this would work or not (I thought it might because it put foreclosure on hold when I tried it before). Short sale is interesting. This won't backfire will it as I said I don't want to keep the house in chapter 7. Basically it's just a way to get the paperwork shuffling again on Indymacs side and as long as I don't sign anything, I should be ok, right???

I am going to paste your timetable into a word document for future reference.

screentest, I have my fingers crossed for you. Take this as long as you have to until you are ready to move on your terms!!!

[helpme2010]

screentest, any updates??? My attorney thinks I will be discharged by the end of this month (which would be over 3 months past the 341). Not sure this timeframe is accurate or not.

I haven't heard anything from Indymac regarding motion to relief of stay to move forward.

[screentest]

Still nothing. Of the 320 chapter 7s filed in Riverside Court on the same day I filed, (July 8th) I am still 1 of only 7 left that have not discharged. The court clerk will not help me or my attorneys as they have been calling the court every week to find out what is going on. This is ridiculous........tired of waiting...! Still nothing from Indymac/OWB either however.

ST

[helpme2010]

Still nothing. Of the 320 chapter 7s filed in Riverside Court on the same day I filed, (July 8th) I am still 1 of only 7 left that have not discharged. The court clerk will not help me or my attorneys as they have been calling the court every week to find out what is going on. This is ridiculous........tired of waiting...! Still nothing from Indymac/OWB either however.

ST

Screentest, I can only imagine your stress and anxiety at this point. I hope they discharge you soon already. I have driven through riverside a few dozen times and even watched an airshow at Andrews Airforce Base over there. I can't believe how many chapter 7's went on your day. I hope this ends soon!!!

[helpme2010]

Screentest, any updates with Indymac/OWB or your discharge??? Happy New Year by the way!

[screentest]

HI Helpme,

No...not yet. I am still in limbo. I checked with IndyMac today(online) and they have made no movement towards foreclosure and still have made no attempt to contact me reference my options. They applied for a motion to lift stay in November and had their hearing in December and now Nothing. PACER has not been updated either on the status of the hearing so I don't know what is going on.

5 months without making a payment so far and I am only 8 days shy of 3 months post the 60 day bar date and still don't have a discharge.

Tired of this..

ST

[helpme2010]

HI Helpme,

No...not yet. I am still in limbo. I checked with IndyMac today(online) and they have made no movement towards foreclosure and still have made no attempt to contact me reference my options. They applied for a motion to lift stay in November and had their hearing in December and now Nothing. PACER has not been updated either on the status of the hearing so I don't know what is going on.

5 months without making a payment so far and I am only 8 days shy of 3 months post the 60 day bar date and still don't have a discharge.

Tired of this..

ST

I wonder if they were just trying to call your bluff by the motion to lift stay. It's crazy that they pushed this through like this, then just do nothing afterwards. I don't know if your area is in high demand for home sales or not.

I can't believe how fast Indymac set up that auction date on me.

If you get desperate at the end to buy more time, you can file a chapter 13. My attorney says it will buy you a minimum of 2 1/2 months and possibly more time than that. It will cost $1700, but if you want to ride it out once your auction date comes up, I think its a great strategy. And I'm doing it.