House Foreclosed on today!

[BKIN2010]

The foreclosure was today. "SOLD TO BENEFICIARY". What next? How much time till they kick me out? Bank of America (Country Wide) was the lender...

[screentest]

BKIN,

Your home will be assigned to a local realtor that will contact you in the next several days to weeks and give you your options. This will include a cash for keys offer to be out by a certain date. The sooner you can leave the more cash you will get. If you chose to stay they will begin an unlawful detainer action against you and this could take an additional 60 days to complete if you don't contest the action.

We were given 4K (Cash for Keys)to have my in-laws out in 2 weeks, 3K if a month, 2K if 2 months etc.

ST

[BKIN2010]

Thanks for your response ST. Did you have bofa? Did you attempt any modifications? After how long did you end up moving out?

[screentest]

Yah, we tried mods but in the end we just didn't care anymore. We had Wells Fargo. They did also offed to rent the house back to our in-laws for a year at market rent. We declined. It was time to move on.

ST

[BKIN2010]

Thanks! I guess i just have to wait and see what happens. i plan to start looking for a rental starting tomorrow. I read somewhere that the banks begin unlawful detainer proceedings even while they doing the cash for keys.

[screentest]

Thanks! I guess i just have to wait and see what happens. i plan to start looking for a rental starting tomorrow. I read somewhere that the banks begin unlawful detainer proceedings even while they doing the cash for keys.

Yup, they started UD action against us as well right away. It didn't matter, we had already moved them out a week before the sale date. We just had to clean up a little, collect the check and leave the banking industry in the rear view mirror forever.

ST

[Wantmypeace]

BKIN--You said you have Wells. How long did it take from NOD to sale? And, did they file a relief from stay? If so, how long between the relief from stay and NOD? I'm curious because we have Wells, and they just filed a Relief from Stay. Our BK7 discharged in May. Any info would be helpful! THANKS!

[Wantmypeace]

Screentest--What bank was your loan with? What options did they give you for moving out? I'm so worried about all this! THANKS!

[screentest]

Hi Want,

My in-law's loan was with Wells Fargo/ASC. I handled the entire attempt at mod and foreclosure process for them as they are in their late 70s. After their chapter 7 began, wells filed for a motion to lift stay; however they did not file until 2 weeks before they were discharged so it was a moot point.

After the discharge, Wells moved forward with the FC; however we began delaying the process by requesting a loan mod etc. After several months we decided to let the house go and made no further attempts at delaying the process. The entire process from first missed payment, chapter 7 and then foreclosure took almost 18 months.

Once the foreclosure sale happened we were contacted by a local realtor 2 weeks later and given our options. Because my in-laws had a Fannie Mae loan they were offered an option to rent back the house for 1 year at market rent. We declined the offer and moved them into a senior community.

The realtor then offered us cash for keys to be out according to the following deadlines:

$4000 - to be out in 2 weeks. (We chose this option)
$3000 - to be out in 1 month
$2500 - 2 Months etc.
The final offer was something like $1500 to be out in 3 months.

Hope this helps

ST

[Isobel]

Hi Want,

My in-law's loan was with Wells Fargo/ASC. I handled the entire attempt at mod and foreclosure process for them as they are in their late 70s. After their chapter 7 began, wells filed for a motion to lift stay; however they did not file until 2 weeks before they were discharged so it was a moot point.

After the discharge, Wells moved forward with the FC; however we began delaying the process by requesting a loan mod etc. After several months we decided to let the house go and made no further attempts at delaying the process. The entire process from first missed payment, chapter 7 and then foreclosure took almost 18 months.

Once the foreclosure sale happened we were contacted by a local realtor 2 weeks later and given our options. Because my in-laws had a Fannie Mae loan they were offered an option to rent back the house for 1 year at market rent. We declined the offer and moved them into a senior community.

The realtor then offered us cash for keys to be out according to the following deadlines:

$4000 - to be out in 2 weeks. (We chose this option)
$3000 - to be out in 1 month
$2500 - 2 Months etc.
The final offer was something like $1500 to be out in 3 months.

Hope this helps

ST

Great post - I live in California and also have Wells Fargo/America's Servicing Company. Stopped paying in Feb 2011, apparently they sold it to NDx West and a Notice of Default was filed May 23, 2011. Quite nervous not knowing where I'm going to live, but I guess I may have a little more time... I plan to file Ch 7 (hopefully not 13) July 1st...

[Wantmypeace]

Wow! Such great detailed info. Thank you so much for sharing, Screen. I have one other question: from the time you stopped trying the mod, how long did it take for them to file NOD and then to actually sell the house?

I didn't know that Fannie Mae loans meant they had to offer the rental option. We have Wells Fargo, so I'm not sure that that's an option. If it were, we'd definitely jump on it and rent here for a while! Cash for keys sounds great, too! We've had our home for 15 years and have kept it in really good condition.

[BKIN2010]

BKIN--You said you have Wells. How long did it take from NOD to sale? And, did they file a relief from stay? If so, how long between the relief from stay and NOD? I'm curious because we have Wells, and they just filed a Relief from Stay. Our BK7 discharged in May. Any info would be helpful! THANKS!

No. I had BofA. They did not file relief of stay. Everything stopped when we filed..even the mod that we were already in process of. Got discharged in mid April and foreclosed June 3rd. NOD in December.

[Wantmypeace]

Wait, June is before December. How did the NOD come after the foreclosure? Or was the NOD before you filed in April? That would make more sense...that must be it...thx!

[BKIN2010]

No. I had BofA. They did not file relief of stay. Everything stopped when we filed..even the mod that we were already in process of. Got discharged in mid April and foreclosed June 3rd. NOD in December.

Yes Wanymy...you got it lol

[screentest]

Wow! Such great detailed info. Thank you so much for sharing, Screen. I have one other question: from the time you stopped trying the mod, how long did it take for them to file NOD and then to actually sell the house?

I didn't know that Fannie Mae loans meant they had to offer the rental option. We have Wells Fargo, so I'm not sure that that's an option. If it were, we'd definitely jump on it and rent here for a while! Cash for keys sounds great, too! We've had our home for 15 years and have kept it in really good condition.

Want, It was at least 6 months from NOD to final foreclosure sale without us trying to stop the process.

I dont know if a fannie loan required the rent back option or it was just another option they offered. I would take it in my situation if they offered it however.

ST