Foreclosure after discharge question(s). Bank is BofA

[jb1219]

question for you.. did your house not sell at the trustee auction? is it common for a house to not be sold at auction and thus you got into the situation? sorry for the novice qustions.

My BK was d/c on 7/7/10, the last time I made a payment on the house that was surrendered was 2/2009. Just today 2 years after the last payment was made, I received the first indication from BofA that I'm facing foreclosure.

[ssc2761]

BofA actually never started the foreclosure process on this house. They only contacted us a handful of times via letter asking us to make payments. Right when we hit 2 years of no payments, they then asked us to participate in the short sell program. So if the house doesn't sell by sometime in July, the will do a Deed in Lieu for us. One update I have is the realtor dropped the price to $159k from about $183k, as the bank set it way too high and it wouldn't sell anywhere close to that. So hopefully we get some movement now. I will update if anything else happens during short sale process.

question for you.. did your house not sell at the trustee auction? is it common for a house to not be sold at auction and thus you got into the situation? sorry for the novice qustions.

[jb1219]

ahhh ok... thanks for clarification! i was confused and forgot that foreclosure proceedings are separate from bk. thank you.

[ssc2761]

We still have had no offers, but it may be due to the realtor not listing the house properly. Now it is on realtor.com and metrolist, which is a site everyone uses down here in northern california. The house is listed about $23k less than the bank wants it listed at and still no offers. The bank recently agreed to lower the price $4k, which is total B.S. and a waste of everyones time. I guess we'll have to present the first offer that comes to the bank and see what happens. We should only have about 2 1/2 months left to short sell or the bank will DIL. Will update again if anything happens.

[ssc2761]

An offer was made for $150k, which is almost $30k less than what bank wants. Problem is similar homes on the street are selling for around $150k. It doesn't seem like the short sell will happen unless bank seriously considers lowering the price. Seems like a major waste of time for all parties. The people that made the offer, withdrew it after the bank came back real high. I will update if the bank does anything here. I believe we only have 2mo left to short sell, otherwise a DIL will occur.

[ssc2761]

About a month and a half left for the 4 month short sell process. If not offer accepted by bank, then we'll have to DIL. The house still listed at $150k, and bank has only this week agreed to a price of $167k. I think we are getting no offers because it is obviously listed as short sell. I hope we get an offer that the bank will accept soon. The house is in move in condition. We left it in great shape and it was only built in 2005. Wish me luck, otherwise DIL.