Chap 7 Walked away Surrender Moved Out Take the house already! Who else in same boat?

[1ginger]

Ok Im just curious. How many other people out there are waiting for the bank to sheriff sale or transfer deed. And have walked from their homes? This really stinks. We filled chapter 7 in Michigan and was discharged in September of 09. We had a Sheriff sale set for November of 09. Heard nothing. Husband got a new job in another state so we moved in March of 2010. We have been looking into what it takes to get a new home loan. Well after much research we have found out that we cannot get a loan until 3 years after transfer of deed. Called lovely Bank of America They said they do not know why our house never went up for sale or why it was cancelled. They do show me calling in to tell them that utilities were shut of in April. And that we had moved. They said they will foward it on. We have not heard anything for days. We have sence improved out credit. Now we will be dinged again when the foreclosure goes thru if ever. Also the fact that we cant buy until 3 years after they transfer deed! They could never do that. There should be something that could be done. But isnt. How is this going to help the houseing market if people are unable to buy homes in the near future? At our age at some point it will not be worth buying a home. Somebody needs to do something about it. Im curious to know how many other people out there want the bank to take back their home and deed but have not!

[cory1848]

Sit back, grab a cup of coffee and a bag of popcorn and read through the forums. Plenty of people going through exactly what you are. 3 years is the FHA requirement I believe for a new loan, and that starts the day the deed transfers. There is really no way to speed things along. Plenty of ways to delays things though. I am currently at 18 months since my last payment, and 10 months since I received the Lis Pendens. I still sit here waiting as nothing has moved yet.

[dp1969]

We are almost 3 years (in April) from our discharge in 2008. Its strange but after talking with our mortgage broker and him giving us the go ahead on buying another home, he has now come back and asked whatever happened with the house we surrendered? It's listed IIB on the credit report but no foreclosure. It was a sheriff sale...I do remember getting paperwork about it but nothing listed on the credit report. There has been someone living in it for 2 years...wonder when it will show up?

[kmmom]

In California - we are in the same situation - with CHASE - I feel like wrapping it up with a black bow and calling the media. I can not find out - if you did not reaffirm mortgage - it should then not show up as a foreclosure -on credit report - am I right?

[ItsJustMe]

It won't show up as a foreclosure. Well, I should say that it shouldn't show up as a foreclosure. It should be IIB. But your repurchase time frame is not based on foreclosure date, it is based on the transfer of title, unfortunately.

We just short sold our IIB home. It seems the bank was in no hurry at all to take it. Something like 15 months no payment and 9 months prior of spotty payments (every 3-4 months....while trying to mod) and all we got were a few letters and a note on the door.

[Billssuck]

I'm at 10 months with no payments but I'm taking a different perspective: I want to stay as long as possible, save money, and then have a true "fresh start" when our ch13/foreclosure are finalized. I have such a negative attitude about banks and home ownership now (not to mention the outrageous interest paid on home loans) that I will need many years to even blink an eye towards buying a house and maintaining it again. I want to live finally without the ball-and-chain of a house around my ankle. Since my automatic stay hasn't even been lifted yet and the bank hasn't even sent the NOD or anything yet, who knows how long I have to save money. If it's next month, then I will move sooner and get my life moving past this event. If it is a ways off, I will save money in the meantime. By the way, we also have "lovely" BOA !

[1ginger]

It would of been a no brainer for us to stay and live rent free. Great way to save money! But we had to move out of state. Which leads me to believe thats why they dont care if they ever forclose. Most people they push out because they know they want to keep there home, and they try to get them to loan modify so they can suck some more money out of them before they eventually loose the house anyways. They are just trying to slow dow they process so the public in general doesnt freak out and every one dump their homes at once. Its going to be a long time until the housing market eventually readjusts to the true economic amounts that people can afford for their homes. The good ole days of hiring in a Union job making over 20.00 a hour are pretty much gone. And I dont see them ever coming back. Unless foreign countrys get unions, and raiser their pay scale. In which it would be a level playing field for everyone.

[ssc2761]

I am in same boat. My home was d/c in Chapter 7 and surrendered on 7/7/10. I haven't made any payments on this BofA loan since 2/2009, so 24 pmts now. I just got a notice that I'm facing foreclosure dated 2/2/11. Who knows how long from here. I am calling the number on the notice to see what they say, because they say there are other options? Does anyone know how I can find out what is being filed by BofA and when? I mean as far as NOD and such. I check the county's recorders office and it doesn't say anything? Any advice is greatly appreciated. Thanks

[1ginger]

Knowledge is power....

ssc2761 I feel so sorry for you. This is so irratating. I dont know the answers for you on the questions you are asking. Sounds like your about one step ahead of me. I will tell you this. Keep me posted on whats going on. I started all my research last week and I have found out a lot of information. I have saved websites that I thought were useful or interesting. I have posted a list bellow. Knowledge is power! They are websites from all angels. Intresting once you try to get an idea of the whole picture. So here is where I am in the process. I sent a email last week to our old Attorney Generals office and Senator office. I also sent a email to our current Senators office. (I tried to find a email to send one to the President of the United States but was unable to locate which email would be the best. I would contact the Pope if I thought that would help.) I told them our situation. The whole situation and how we had to move out of state for a job. Because my husbands plant was closing. I told them we have improved our credit score and have been trying to position ourselves for a new home. Also told them what I found out about BOA that they are dragging their feet on the house we walked away from over a year ago... yada yada yada... I asked them how were we ever going to qualify again if there are no laws in place that force the bank to take over the deed of their home. They could never take the deed back if they dont want to and there is nothing we can do about it. How will this affect the housing market if people that want to be home owners cannot buy. Instead the US will become full of rentals. And the dream of owning homes will be over. As it is we are paying over double what we could buy the house we live in at the asking price they were offering it. Which they will never get that amount... hence the reason it is a rental now. Anyways. Im very impressed with the Senator office of the current state I live in. They contacted me back quickly by email. They asked that I fill out a release form and that they would contact the OCC on our behalf! Wow awsome. So I filled out the form and emailed it back. Just that easy so far. We will see what happens. I also have received a letter from the Attorney General thru snail mail in the old state saying that they foward my message to the OCC. I had never heard of the OCC before. But having two people sending me to the same place makes me think that there is something to what we are going thru. Now the bank has ticked me off. My husband and I thought we were getting our life back. But now Im spending hours on the computer doing research and not getting enough sleep which is making me grumpy and taking away time from my kids. But I believe what they are doing is sooooo wrong! What will this country come to. As they say the rich get richer. And the middle class is going to be wipped out. Dont get me wrong my husband makes very good money. And I use to when I worked. But now Im a stay at home mom. We are middle aged. And at some point it will make no sence to buy a home again. The problem that I fear is that once all of these homes become rentals... people will be able to charge what ever they want for rent. Killing the average person with rental payments for a house worth much less if you could buy it today. Of course then all of those people will then have power to inflate the houseing market agian because they will hold all the cards. And wont have to sell. They will be making so much on property rentals, why sell. I also sent a letter to BOA last week. Asking them to do a DIL. Stating how I would like them to report it on my credit report based on a article bellow. If there are no laws to make them take the deed. Yet they still control my future and my ability to move on with my life. Than I also think they should go by the rule that there are no laws how they report my foreclosure on my Credit Report! I informed them that although they would be granting me this on my credit report. Keep in mind that I would still be punished by lenders by not being able to buy a home until 3 years after the transfer of deed. I have listed several websites bellow. Use the information in them to look up more information thats what I did and how I came across some interesting things. Also look thru other tabs and documents on those websites. I only saved to favorites sites that I wanted to go back to and keep up with new post and information.

I CAN TELL YOU THIS. I MAY NOT BE ABLE TO SPELL. I MAY NOT SPEAK PROPER ENGLISH. BUT IM NOT STUPID. I know knowledge is power. I know that they count on people giving up because we are a lazy society in general. Or for some reason dont think we have rights. Why do they get all the power? Just as they have laws made or not made to protect them because they ban together. And have the abiltiy to be rub elbows with Politicians than ourselves. They may be able to buy Politicians. But lets remember it is the power of the votes that elect these officials. That should mean that we can ban together and show them that we have a voice too! Im not asking for something free, Im just asking for them to use comon sence. Because they have waited to do my foreclosure they have now forced me to do every thing that I can to protect my family and the future of my children. When Im dead and gone... I dont want my children to have to work their butts off just to pay rent. Again I say, I may not be able to spell, I may not be able to speak proper english, But Im not stupid.

It is not our fault we had to leave a Home, State and Family we loved. I tried for over a year to find a job for my husaband in the State we lived in. But we had to feed our family. And give our family a future. We had no choice to move. And the bank gave us no option but to give our home back. Also keep in mind. We owend the house for less than 4 years. And my husband pays out of his check every payday for the loan we took out to give the bank the 20% down payment they wanted to for go PMI. We could have done alot with that money. And the bank did get that money, had the ability to invest it to make even more money. Two years before we filled bankruptcy I received a settlement for a work injury. We used that money to fix up our home, I paid off all of my credit debt, and my husband paid 30,000 towards debt that he got in a divorce that he walked away from everything including equity at the time in his home. We had met with a financial advisor about investing that money. But decided that it woudl be more benificial at the time to pay off debt. I could of just burned that money and we would be financial in the same position where we are now, if I had a crystal ball.

Ok, Im done for the night. I probly will search some more site. Im sure my husband wondering why I havent come to bed yet. But lately I havent been going to bed until after 3 in the morning because I get so in grossed with trying to find information that will help us fix our situation. I mean it only makes comon sence. There has to be a way to fix it!

Here are the sites I have found informative.... happy reading!

http://www.occ.gov/

http://lindaferrari.com/wp-content/uploads/2009/04/linda-header-redo-1.jpg

http://www.creditinfocenter.com/creditreports/cr_time.shtml

http://gonzalolira.blogspot.com/2010/10/second-leg-down-of-americas-death.html

http://toughmoneylove.com/ I dont agree with most of what this guy says... but it is intresting to see what he posts and how people comment on his postings.

http://realestatecenter.bankofamerica.com/pages/map-search?Partner=reo&DestinationUrl=http://rec.informationlogix.com/search/SearchResultsByState.aspx

http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml

http://www.loansafe.org/

http://www.loansafe.org/forum/bank-a...a-program.html We dont qualify for this one of the reasons because we already moved.... but they are paying people to move!

http://www.bankrate.com/brm/news/cc/20010223a.asp

http://www.scoreinfo.org/Your-Credit-Future/Credit-Statistics.aspx

I know on this website you cannot see alot of the information unless you are a student, or member... but check out what they are talking about in general and then do a search on the web... it just give you ideas of topics to look up... you can look thru several of their tabs to get ideas...

http://www.allregsmortgage.com/pages/Press-Room.html

http://articles.moneycentral.msn.com/Banking/YourCreditRating/weston-raise-your-credit-score-to-740.aspx

http://www.biggerpockets.com/forums/16 Interesting... to see how the people think that will be our landlords in the future! I guess you have to have money to make money. Some day we will be back to that point again.

http://www.wilmothgroup.com/faq/bank-owned-homes.htm Another great piece of information to give you some insight to what is going on.

http://countrywide-foreclosures.blogspot.com/

http://www.homepath.com/financing/index.html Check out their First look Program.... they are well aware that investors are buying up all these propertys without giving a chance to the average home owner.

http://www.thedirectoriescompany.com/reos.htm

[1ginger]

oh one more site I forgot to post which is very very helpful as far as building you credit back

Fico Forums

http://ficoforums.myfico.com/

Two more links that I forgot that I posted on my facebook page....

http://www.businessinsider.com/worst-housing-collapse-in-us-history-2011-2#approximately-11-percent-of-all-homes-in-the-united-states-are-currently-standing-empty-1

A Frightening Satellite Tour Of America's Foreclosure Wastelands

https://www.businessinsider.com

Filings increased in 72% of cities...

[Bizic]

We too have BOA! They strung us along on a "modification" possibility, only to tell us that it isn't going to happen. We filed chapter 7...then decided chapter 13 to strip liens and keep home...our lawyer SCREWED up, now we are back to 7, and possibly denied our discharge...trustee clams bad faith, which is BULL! We are now waiting for THAT hearing. I want to withdraw the bk, and file again in hopes our home won't foreclose in the next 6 months before we CAN file again. I would like to keep the home, that was the whole reason for the bk in the first place! I am VERY upset with my attorney, because our case was pretty cut and dry. What can I do?

[OneDay]

My wife and I experienced financial difficulties beginning in 2006 which ultimately led to our bankruptcy and foreclosure filed in 2007 with the bankruptcy discharged Feb 4 2008. Over the last 3 years we have re-established our credit and stuck to our promise to follow a budget to ensure not being in the same situation again. This year we started looking at homes under the impression that we had a 3 year waiting period before qualifying for another FHA loan. We met with a lender at US Bank prior to starting our home search. We found a home that we liked in Lincoln Nebraska and pursued the purchase of the home. Everything was pre-approved and we expected to close on Feb 24 2011, however yesterday we were informed that the FHA shows the foreclosure discharge as Aug 24 2008. After an inquiry with our banker when she called to tell us that we were not able to obtain funding and will not be able to secure financing we are confused as to how the foreclosure date can be 6 months and 20 days beyond the bankruptcy date. The bank tells us they had no way of knowing the foreclosure date and went off the bankruptcy discharge date of Feb 4 2008.

Details and the time line of events is as follows.
-February 2007 home was surrendered to Wells Fargo. We moved out and contacted Wells Fargo on the surrender and asked where we mail the keys to. Stopped paying mortgage in Oct 2006.
-October 2007 we filed chapter 7 bankruptcy including the property in the BK.
-February 4 2008 is our bankruptcy discharge date.
-February 24 2011 was our scheduled closing now canceled.
-March 1 2011 we have no place to live.


I do not understand how the foreclosure date is 18 months after we surrendered the home,

[tobee43]

we have chase...it's been 3 years since we vacated the premises...they will not foreclose.... we have tried everything...we haven't even had a sheriff's sale YET!

we don't care anymore...we have filed complaints with Washington....FHA ..and the Office of the Controller of Currency...whom is really the agency that governors the banks.

we just closed on our new home in another state on the 15th...we didn't touch going through a bank...we did owner financing...and it went smooth and we now own another house and the other one is still sittin up in nj all alone...no clue what Chase plans to do or when..and frankly don't care. we got a mortgage by going AROUND the banks...

now your going to hear all types of stories ...you name will still be on the deed and you are responsible for the house until it's remove.....
you have to keep homeowners insurance on your surrendered house......no
you have to pay ...if you have hoa fees.....yes
you have to pay the taxes until it sales.....no

you'll get people that tell you different...at this point i know since there is a statue of limitation of everything except murder in this country there must be some type of legal statue to have the bank remove one's name from the deed other than sale transfer....especially, if the bank refused to foreclose or attempt to sell the property.

it's my goal to get this done..it was a priority for such a long time for me, until ....we re- focused ourselves...and went forward with buying this house...which by the way will be our very LAST home in our lives...so really i can care less about what Chase does at this point...however, it is a matter of principle for us and i do hope in the future i can get that deed in lieu done..(which chase refused, but another property we owned accepted). ...until then...the house sits empty.

also...remember the banks want to keep the national foreclosure stats DOWN for the media....if they foreclose on all of us the STATS will go up and out the roof....BK's up 200%!!!!

so..now to answer your question when.... will they finally foreclose...the answer whenever they feel like it.

also remember if you ever want to buy a house it will be from the date of the foreclosure by FHA...NOT your discharge from bk...nice..right!

best of luck to you! and please keep us informed about what happens!

[Billssuck]

tobee43...agree with your post. I'm 10 months since last mortgage payment with BOA and nothing yet. Can't believe it but I'm riding it out in the house till auction time (whenever that is). I might be able to buy a house outright (much less of a house than what I'm in now albeit) if they wait long enough; I just hope I'm not in the grave before it happens

[tobee43]

tobee43...agree with your post. I'm 10 months since last mortgage payment with BOA and nothing yet. Can't believe it but I'm riding it out in the house till auction time (whenever that is). I might be able to buy a house outright (much less of a house than what I'm in now albeit) if they wait long enough; I just hope I'm not in the grave before it happens

i'm sure you'll be around to do it!! and just keep saving that money...

we did have to borrow a small amount from a family member to get 5% from the owner...and it's a STRAIGHT 15 year mortage...shoot ...our taxes, insurance and mortgage costs us less than heat and electric did iin nj!!!!

just HOLD tight! and it will work out!