Foreclosures Moving Faster...

[Flamingo]

I have friends in Delaware who had to let their home go. They stopped making payments in June of 2010 and the Sheriff's sale is scheduled for early May. Less than a year since the first missed payment. Just a heads-up for others to give them a timeline as to a recent situation....

[ssmdem]

Good for them -- well if that's what they are wanting anyway. I WISH mine would hurry up. The bank hasn't filed an NOD on either property. One is one year from the last payment and the other is 7 months. Our home (the one-year one) I guess they can take their time on - other than I'd like to get moving on with my life. It's spring, and I'm so in the mood to start landscaping and planting flowers but don't want to waste the money on it here. The rental house -- just last night, the house next door had an attempted burglary. Ours has already been broken into once - and I know it's just a matter of time before it happens again. Unfortunately, that;s the 7-month one so I know we've probably got even longer on that one. Neither bank has contacted us about anything other than before we filed for bankruptcy looking for the missing payments. Since we filed and notified them that we were surrendering the properties -- nothing.

[StrawberrySu]

Flamingo, do you think this may be dependent on the bank they were with? Or do you think the banks are all jumping back into foreclosure mode? My two rentals and home are with Chase, Wells Fargo, and CitiMortgage, defaulted in January 2011, no NOD yet, which I thought would be at 90 days from default.

[ssmdem]

I think it depends more on where you are located. One of mine is with Chase, and it's been a year this month with no NOD. The other is with Bank of America, and it's been 7 months with no NOD.

[StrawberrySu]

I think it depends more on where you are located. One of mine is with Chase, and it's been a year this month with no NOD. The other is with Bank of America, and it's been 7 months with no NOD.

Well a quick glance at my profile shows my location as "The Strawberry Patch", what do you think that means?

Actually, although Ohio has not been as hard hit as Florida, I think, in the foreclosures racket, we are pretty busy in my neck of the woods. So I am guessing it's gonna be awhile.

[mickinfish]

Surrendered home with Chapter 13 BK in July 2010. Received Notice to Accelerate in Sept 2010. Then the "Robo" scandal and have heard nothing since until B of A called yesterday about a loan modification. I told them I'm not interested in a loan modification since I'm not living in the home and would not qualify due to my wife's income anyways.
Finally, I got transferred to the BK Department of B of A. When I asked of the status of my surrendered home I was told that " it's possible nothing may happen with the home until my bk was finished". I reminded her that this was 4 1/2 years away. She said the bank was aware of that and I should contact my attorney.
I contacted my attorney and asked if it has been taking that long and he responded that even though things have slowed from the "robo" scandal that B of A would not "sit" on the house for that long.
I sure hope not, as I'm also ready to move on.

I will say it was comical having me take a phone survey on B of A after my conversation though...LOL!!!!

[Billssuck]

It's been a year since my last payment on my 1st and HELOC. I had default insurance on the HELOC, and the bank filed for that and got paid on it, but nothing else. We have BOA. I've read that some banks are waiting until the BK is discharged (about a year left for us till then) but I don't plan on putting on blinders and I realize something could happen any day. On my way to the house today, I saw a sherriff's rig coming from the direction of the house and I passed it on the opposite side of the road. Then I wondered if I was being served by them (but wasn't home) to start the foreclosure. Who knows...I'm just trying to save as much as I can until we go to auction...whenever that may be...

[albacore44]

thre are 6 homes in my tract that were taken back by the banks through auction, form 11/2010 through 2/2011. I know this since i watch Realtytrac. not one has a for sale sign, or anyone moved. it's like they are in a holding pattern. Of course i am in one of the highest foreclosure areas in the US, if that matters

[LookingFrwrd]

I contacted my attorney and asked if it has been taking that long and he responded that even though things have slowed from the "robo" scandal that B of A would not "sit" on the house for that long.
I sure hope not, as I'm also ready to move on.

I don't know about that -- we're with B of A and they've been sitting on our house for going on two full years now. And I've told them at least 15 times or so that 1) the house is vacant, 2) mortgage was discharged in BK 7 and 3) we are not now nor are we EVER going to be interested in a loan modification with them. And each and every time I call, it's like starting over! We still don't have a new sherriff's sale date set since our last one (which had been postponed 6 times) was cancelled on November 10, 2010. I, too, just want it over and done!!