Newbee with no clue!!! Help please!!!

[Struggling11]

We filed for Ch 7 in March 09. Dicharged Jul 09 and closed December 10. We did not reaffirm our mortgage and have been making the monthly payments. Long story short it has been more difficult to maintain those payments. We filed for a load mod back in July and were denied. We stopped making the mortgage payment in December.

We received a letter from Wells Fargo that stated we had thirtdy days to make full payment or they would proceed with Foreclosure process. My questions:

1. How long does it take for the foreclosure process? (we live in Delaware)
2. Will we be given notice to vacate (such as 30 days?)
3. If we owe back property taxes and are unable to pay them, what happens? Can they come after us legally?

At this point, we are trying to save as much money as possible to be able to obtain a rental. I am extremely nervous and unaware of the foreclosure process! My biggest fear is that the bank will put a pad lock on the door and we will be unable to gather our belongings!!!!

[discouraged]

Google Deleware Foreclosure Process - may give you some information. Here in Minnesota I went through the Foreclosure Prevention Office and they gave me the guidelines but each state has their own. Lutheran Social Services could probably tell you also.

[ryan]

It appears from a quick check that Delaware is a judicial FC state...so Delaware foreclosures must go through the court system. "A Delaware foreclosure typically takes 7-10 months from start to finish" is a quote i got from one website.

As to RE taxes, technically the PROPERTY owes them, not you. So, that should not be worry. All in all, you will have many months in all likelihood, as long as you answer the summons& complaint and make the court appearances. It would benefit you to read though some of the older posts about FC here as well. Good luck.

[laurannm]

Out of curiosity, was this your primary mortgage, and did you guys have any equity?

[Struggling11]

Yes primary mortgage and no equity.

[BKParalegal]

lastly, you will have approximately 30 days after the foreclosure before they will get an eviction order to move you out. A lot of time they will offer Cash for Keys for you to get out, after the foreclosure sale. I would say you have at least until August to get your stuff together. You own the house until the foreclosure, so no one can come and padlock your door....unless you live in Tunis or Egypt.

Good Luck

[Struggling11]

Thank you! I just wish I understood the entire process from beginning to end and then I would feel somewhat better! I appreciate the feedback!