Is it possible the bank will never foreclose?

[JacaG]

We included our house in our Chp 7 that was discharged 12/2010. We have not made any payments on the house since 6/2010. I know it hasn't been long but I haven't heard anything from BofA since. I have called BofA (March 2011) and was denied a DIL, I am assuming because the house hasn't been up for short sale (the house was for sale for 1 1/2 years with no offer before we missed any payments). I called May 2011 to see how to set up a short sale and was told I needed to send in bank statements, tax returns etc. I am not going to send them anything so I will have to wait until they foreclose. Why do they want all of that info if the house was included in Chpt 7? I've read about homes just sitting for years, is it possible the house will never be foreclosed on? If the house sits vacant for years it sure wont be worth much. The house has already been vacant for 2 years.

[Billssuck]

I haven't made a payment on my house since 5/2010 and still nothing. We're with BOA too and I was assuming part of the delay was because we're in an active ch13 and they have to get the automatic stay lifted from the court before they can contact us. We're still in the house and plan to stay at a minimum until the courthouse auction. Who knows! I did just receive a statement from them changing the loan from Bank of America Home Loans to Bank of America, N.A. I know this was just a standard letter they mailed to everyone who has a home loan with them. Makes me wonder if the robo cop signing documents in the past with MERS is trying to be fixed with this current move they are making. Hope you get other replies to this post as I'm interested too.

[florida]

I haven't made a payment since Dec. 2009 - amazing huh?

[Billssuck]

florida...it's amazes me too! My lawyer thought we'd be out of the house within 3-6 months. I think it may be more like 3-6 years with the way they're going...

[CCCrazy]

I have no idea why banks want tax returns and bank statements - WF wants that info from me for court required mediation here in IL - they'll never get that stuff. W-2 and paystubs fine - but that's it.

[tobee43]

our property is in new jersey and although we left, it is still vacate and no foreclosure has begun. it is now hittting about 3 and a half years.

personally, we think they will never make a move other than possibly burn it down as it has flooding problems...(they had changed the formation of the road in front of the house about 3 years b4 we left and the water starting coming in), also drowned the leech fields, broke the foundation, got some nice black mold....shall i go on?? although we were living and had intended to stay there forever, since we owned the house 33 years, when we got served with summons of intent to foreclose, we left, and it was right in the middle of our loan mod...(which by the way was in month 15 or so).

at this point we don't care. we know the statue of limitations is 20 years for nj to get our names off the deed, but it still doesn't matter. and, yes, i'm certain we could have stayed there without paying, however, with just a montah average of electric bill of $500 and an oil bill of $600...not including ANYTHING else...we booked. now that total of $1100 NEARLY, (not quite) covers all our living expenses currently.

i would find out when the statue of limitations for your name to be removed off the deed in your state, if you are concerned about that. if not, really, i would just sit tight and wait it out.

[knitty]

We're in the same position: active Chpt. 13, 4 unsuccessful mod attempts, no payment since 3/10 yet no notice of anything from the lender (Beneficial/HFC). Last talked directly to HFC BK dpt. 7/10 with help from HUD counselor; said to send in nothing less than the $16,000 arrrears, and we've received nothing since then! eep waiting for the motion to lift the stay but nothing so far. We'll stay as long as we can, putting money in the bank, etc. We're in a small town and lots of foreclosed properties around. We were going to ask for a modification of the BK pymnts. as hubby is retiring July 1 and income will decrease a bit, but at this point I think we'd rather continue flying below the radar. Makes me sick thinking about all the houses deteriorating and literally falling apart.

[tobee43]

i know ours is for certain from what we heard. but there is nothing we can do. besides...we surrendered it, and it turned out to be one of the best things that we ever did.

it was hard...carrying in your babies where then were born through that front door and watching shut it behind it when they left for college...but, i have said it before and i will say it again...memories are in one's heart and not in someones walls. we carry them with us..forever.

[walker740]

We are in Missouri. Our chapter 7 was discharged on April 19th, we surrendered our house. On May 7th we received notice that the sale date is July 7th. That was quick!!! We were expecting...and hoping...to stay in the house for at least a year to save up money, we got about 8 months. Now we are trying to find a place to live, no luck yet. With the bankruptcy, limited funds, and pets, it's difficult. By the way, we had an FHA mortgage. The bank isn't foreclosing, HUD is.

[tobee43]

we had PMI so the FHA does cover our mortgage with insurance. however, after checking with FHA directly Chase has never put in a claim...why??? because there is a process to collect the PMI fro the FHA...and that is clean paper work, and a proper foreclosure process. so far, nothing!!!

[cory1848]

August 09 for me and nothing has happened since end of Sept 10. My past lawyer said 6-9 months estimate from April 2010 when we got our LP.

[mathom1]

Quick question for those of you in Chap 13 and letting your house go to foreclosure. What happens to the 2nd (we had it lien stripped) and if you still live in the house without making payments....doesn't the trustee want that extra $$?
Thanks

[ChescoChris]

Mine was vacated by an ex in July 2010 and no payments since February 2010. Bank of America of course -- I refuse to drive by it after seeing it with the yard overgrown and forelorn. BofA sent a notice of default/acceleration and nothing since. I am in Chapter 13 so I cannot afford insurance or maintenance. The neighbor across the street has been trying to sell for a year now -- its just sad really.

Mathom1: my lawyer stated that trustees don't want any property right now unless it can be easily liquidated to a contractor or realtor. Residential real estate is not a good cash producer for them right now.

[JacaG]

I guess I'll do some searching to see what the statute of limitations are in Arizona...I just wonder are there some houses that the bank will just let be and never do any thing with, is that possible? Because until our names are off the deed or whatever they do to get paid out with FHA loans we won't be able to buy again so it could be a really long time. Can I even list the house for sale again?

[overspent]

I have not made a payment sinc Nov 2009. Looking at Recontrust sales schedule , new sale dae not scheduled at least till mid October. Have a complaint pending with the Attorney General office against BOfA for forgery of Assignment of Deed of Trust. Waiting for BOfA to sue to foreclose.