Discharged in FL, still no foreclosure/vacant 3 yrs. Should I rent it & do I owe HOA?

[venicehope]

Here's some info for all my fellow Florida neighbors (Sarasota County -Tampa Middle District). After filing for Ch. 7 in 2007 & being discharged in 1/2008 my home still sits vacant. The bank filed a Lis Pend in 6/12/2009, it went up for tax sale by county last July where Wachovia/Wells Fargo paid it's outstanding taxes (24,000) & has remained insuring the property. Although as of yet the bank hasn't changed the locks or even looked at the property. Wells continues to send me statements & offers to modify etc. The house's comp value is 400-450,000. The loan discharged was over 480,000. with not a penny of equity & a additional second mort. for 50,000. I live around the corner so I'm still aware of what's been going on with the house. We were told by our BK Attorney that we aren't responsible for anything including the Home owners Assoc fees. which would have to be paid by the buyer at foreclosure sale. Our homeowners assoc. had filed a Motion to Compel the Bank to proceed with the foreclosure. On Jan. 25, 2011 we received a Notice to Dropping Defendants & on Feb. 2, 2011 received a NOTICE of FILING of Original Note & Original Mortgage on 2/2/2011. Just received on Feb. 22, 2011 a NOTICE OF FILING of Executed Affadavit as to Amounts Due and Owing good through January 16, 2011. This is making me NERVOUS! The amounts that are listed are far more then what we were discharged of. Certainly because they've tallied the amounts including principal, interest, pre-acceleration late charges through 6/3/09, taxes, insurance, bankruptcy fees, but NO HOA fees?. Our HOA is listed as of being notified of each of these notices. Am I going to be responsible for these fees. Since 2007, they are upwards of 7,000. that I don't have! I recently asked an attorney acquaintance & he too told me not to worry about it. BTW had I known this house would have sat this long empty I certainly would have rented it out and made some added income. At this point I'm still considering it. As to the time line of noticed filed I'm wondering if anyone can say what the estimated time frame is after receiving these notices. Any info, advice or comments are greatly appreciated. I'm happy to offer any back as well.

[tobee43]

wow.....

well, i just want to follow what you decide to do.....we now live in florida...but our house we surrendered was in nj and it's been OVER 3 years and it still lay empty. we thought about renting it out, however, we don't want to get involved with any liability as the house has ponds and spa and large pool...so it was too scary for us.........

and.......

although our name is still on the deed, it was, after all surrendered to the bank. so it's really theirs to do as they chose..( i mean, i think so...could be wrong).

our next stop in another year will see an atty to see if there is a statue of limitations for the bank to remove one's name from a deed if they, the bank chose to hold the property.

also...aren't the locks changed. i know they changed the locks on the doors and have been maintaining the property since we vacated.

best of luck...which ever way you decide..i'll be following to see who climes in..

[venicehope]

I'm an original Jersey Girl myself, welcome to Florida!
I agree it's all puzzling. We were also concerned with the liability issues. The house does have a pool. We put the security fence up around it in the lanai for our own piece of mind. Oddly the bank hasn't changed the locks yet they are insuring the house? Frankly I don't believe anyone from the bank has even looked at the property. The landscape is full of weeds & dead debri. Some of the neighbors in the community have taken turns mowing the lawn (what's left of it) and trimming the beds. We still live in the neighborhood but aren't getting involved in maintaining it since it "isn't ours". BUT here's where there's this sort of gray area. The bank has dragged it's feet with the foreclosure for 3 years, while our name remains on the deed? They continue to mail me loan updates, & offers for modifying the loan, or returning the keys for cash etc. as if we still own the house. Funny as they are sending these offers to our new address, so clearly they know we aren't living in the house. Yet as many have , we could still be living there while waiting for the foreclosure to come about. So they are well aware of "non owning individuals living in these bank owned homes they are insuring. One would think there is some sort of statue of limitations right for the bank & the "owner resident"?
So much time had passed that we even jumped on the band wagon of question in wondering if they've lost the paperwork/documents. Thinking could we still technically still own the house? Apparently many on this site have squashed that too lucky to be true scenario.
Since we have now started to finally receive some court notices I'm hoping that things will progress with the foreclosure. But I still wonder if even at this point can it go on for more then 6 months. If so I would consider a short term/vacation rental. The renter could take out they're own renters insurance. IDK just a thought. It just ouches so much to think of the money we could have made had I rented it since Jan. 08.

[tobee43]

i saw you other posts and i am a abit puzzeled......now, and maybe i misunderstood this, but didn't wells fargo buy the house back for back taxes???

because if it did...that means the deed changed hands back to them and you can't rent it...nor really even go into the house...

now...if the bank did buy it back, really there is nothing you can do.

i had to chuckle...Chase also approached us about a (ANOTHER) loan mod AFTER our surrendering and discharge of our bk??? they, chase said WE re-opened the loan mod......what are they nuts ...LOL!!

we were in bergen county.......nice area, but do NOT miss it a bit. i had moved to jersey from san fran..so it was culture shock for me.. but i do like florida, i must admit.

i would consult an atty about renting out the place...shoot, you don't want to get yourself involved with fraud now...especially, since it's been a while.

again...let me know how you make out!!

[AtlBkAtty]

Google Jonathan Ginsberg. Check out his blog (I can't post links yet) for February 27, 2011, and follow the articles cited in it.

The way it sounds (and depending on your state's laws), you probably don't want to exert any control over property you've surrendered if there's any question about hoa fees.

[tobee43]

Google Jonathan Ginsberg. Check out his blog (I can't post links yet) for February 27, 2011, and follow the articles cited in it.

The way it sounds (and depending on your state's laws), you probably don't want to exert any control over property you've surrendered if there's any question about hoa fees.

there's tons when you google the name....is this one it?

http://www.thebklawyer.com/thebkblog/

[AtlBkAtty]

Yes, if you scroll down, you'll find his blog on hoa fees.

[trying_to_fix]

I'm in somewhat of a similar situation as I had a rental home that I gave up as a result of my BK.

I was able to include all expenses including HOA fees associated with the property until I was discharged. But after that point I rudely found out I was responsible for HOA fees until the home is officially foreclosed on. Like you I'm going on 3 years and the bank still hasn't taken it back! So I'm stuck paying fees on something that I can't use and is technically not mine.

It seems the real estate lobby paid someone off to make sure even in a BK circumstance they still get their money.

But from what I've heard there's really no way to force the bank to take it. So I check the sheriff's sales every month to see if mine is listed...no luck yet!

[tobee43]

Yes, if you scroll down, you'll find his blog on hoa fees.

you just need to go to your setting to enable yourself to apply links.

[tobee43]

I'm in somewhat of a similar situation as I had a rental home that I gave up as a result of my BK.

I was able to include all expenses including HOA fees associated with the property until I was discharged. But after that point I rudely found out I was responsible for HOA fees until the home is officially foreclosed on. Like you I'm going on 3 years and the bank still hasn't taken it back! So I'm stuck paying fees on something that I can't use and is technically not mine.

It seems the real estate lobby paid someone off to make sure even in a BK circumstance they still get their money. But from what I've heard there's really no way to force the bank to take it. So I check the sheriff's sales every month to see if mine is listed...no luck yet!

yes, those darn HOA's that's the way it works you can have the BACK fees discharged up until your bk is closed...but after that you unfortunately, are responsible for the payments of the fees until the place is sold...

however, normally, the way it works is you were insolvent and in many cases those fees and costs are pasted on the "new" owner. which i do hope works out for you.