Suntrust Mortgage - Timeline in TN?

[Clabbergirl]

I have a mortgage with Suntrust, and several months ago received a letter that if I did not pay X amount of dollars by 9/22/10, the house could be put up for auction.

I did not pay the mortgages and am filing BK, probably Chp 7 as things look now. Does anyone have experience with Suntrust or is in TN and can share how long they were allowed to stay in their house before complete foreclosure, and how long before they were evicted? I'm trying to decide if I should go ahead and file now or wait until Jan. I'm afraid the foreclosure process will be finished before I file, but then again that might not even matter, all things considered.

Thx.

[ryan]

Looks like its a pretty short time line in Tenn...

"In Tennessee, court foreclosures are very rare. Out-of-court proceedings are customary and occur when a clause exists in a mortgage or deed of trust that authorizes the lender to sell the property if the borrower defaults. Once the borrower defaults on the payment, the trustee assigned in the deed of trust has the authority to begin the foreclosure process and advertise the property for sale.

The borrower may stop the foreclosure process prior to the sale by paying the total amount owed plus any applicable fees. The typical foreclosure time line is approximately two months."

[free2breathe]

Didn't have Suntrust, but I can tell you that our Wells Fargo foreclosure took about 6 months from the time of our second default. I think we defaulted in March and our house was sold back to WF mid-September. The original sale was slated for mid-July, but they ended up delaying for 60 days due to the number of foreclosures in our county at the time. Once WF took the house back, it sold as an REO in November. Things happened way faster than I thought they would.

[AbbeyA]

I am in Illinois but we had a mortgage from Suntrust ... it all moved quickly for us. They filed to lift the automatic stay and started the process once the stay was lifted. Illinois is a judicial state so it is a long process (about a year from the NOD to the sheriff sale), but Suntrust was on the ball and moved forward immediately.

[researchnerd]

The timeline is based more on your local foreclosure laws than on lender. From what I can tell, it could be as little as 60 days, but they have to serve you with notice of the sale date at least 20 days before the sale. So if your foreclosure was going to happen this month, you'd already know about it.

20 days is plenty of time to file Ch7 (and stop the foreclosure) if you have all your ducks in a row first. If you haven't already, I'd recommend consulting with a few BK attorneys and getting your paperwork in order so you can file in a hurry if you have to.

[Clabbergirl]

Thank you. I'm working on the paperwork now. So far no notice of anything like that. Does it come in the mail or do they leave it on your front door?

[researchnerd]

Foreclosure notice comes in the mail, at least in GA. In our case they sent two -- one via regular mail and another via certified mail. They are motivated to be really sure you receive it. It also has to be published in your local paper.

In my experience -- there is no way you will not know. We got several letters threatening foreclosure before we were ever scheduled for actual foreclosure. Ours was supposed to happen yesterday (got postponed until next month) and we got a letter from the lender's attorneys last Friday saying in big letters, "WE WANT YOU TO BE ABLE TO KEEP YOUR HOME." It contained some options and forms to fill out...talk about last-minute! Foreclosure is a big, expensive PITA for the lenders and they want to avoid it if at all possible.

[Clabbergirl]

A man who said he was from Suntrust (and who had paperwork from them) came to the door yesterday and asked if my ex husband still lived at the residence. He does not, so the guy asked who did. I do, of course. He didn't serve me any papers or ask any other questions, just thanked me and left. Anyone know what this might mean in the grand scheme of foreclosures? I expect a notice of sale any day now as they could've put the house up for auction in September.