BofA/ Other Big Guys Still In FC 'Limbo' As of JUNE 2011

[ryan]

I just wanted to report, that it certainly appears BofA and some of the other giant Banks are frozen in place with their current portfolio of FC's.

Myself and thousands in my state have been at least 8 months with no new hearings or actions on the Plaintiff's part. On a recent court visit, just to see what was happening, (I live very nearby) I noticed far fewer new cases, and almost no SJ issued that day. Quite a change from a year ago.

The news reports that these big lenders still have to get an agreement with the state AG's and the feds as to how much they will pay in penalty ($20 Billion)? before they will resume active litigation on all these FC cases.

I have my first new hearing in 2011 shortly, and expect it will be continued to year end, based on the cases I witnessed in court 2 weeks ago.

I'm betting these big banks are not dying to get these houses back anyway, now that they're worth a third less.

[Martha31]

The banks do want to foreclose on properties, so they can file insurance claims with the FDIC and get the full loan amount plus legal fees, property appraisal fees, and any other fee they can think of. In other words if the loan is for 200k and the property is worth 100k, they foreclose and file claim for 220k which they will receive. Then they sell the property for 50k. The bank wins again.

[CCCrazy]

Ryan is correct, there was a story on this in the NYT this past weekend. I was served with papers two months ago, filed my answer, and I still don't have my first court date. The article says that at the current pace banks are moving here in IL, it would take ten years for them to get thru the backlog. http://www.nytimes.com/2011/06/19/bu...reclosure.html

[HomeNow2]

Does it matter on the county in Illinois as to how long it takes? Is there a way to time when you need to move out???? Bank United is our lender. Does that matter?

Had a chapter 7 BK discharged 6/1/11 and was current on the house, included the house in the BK but checked the 'other' box to see about a modification.....don't really want a modification but had to do it that way or we would have been thrown into a chapter 13. So, now going to play the game and see how long we can sit in the house. Just paid the last payment! Hopefully can stay for 24 months+....we will see! After reading the article it may be longer!

Any insight on how to play the game of modification papers to buy more time is appreciated too! Again, that is NOT our goal. We do not want the house....it is too upside down. The longer we can stay and not pay is the plan. Plain and simple.

[CCCrazy]

I have no idea about the county, but if you're anywhere in the Chicagoland area I'm sure you'll be around for a while. I don't know anything about Bank United. I'd say go ahead and play the mod game, but eventually they will start the foreclosure process. I went 9 months of no payments before being served papers, but I was also unemployed at the time and helped by Obama's four month forbearance law that was passed last August.

You'll have a long time in your home. I'm on month 11 with no payments, Ryan must be nearing month 24 if he's not there already. When you eventually get served with foreclosure papers, just remember to file an answer at the courthouse within 30 days. That will force the bank's law firm to take you to court and will buy you a lot of time.

[HomeNow2]

Grundy County......SouthWest Chicagoland Burbs. Literally across the Will County Line. The attorney said too bad since Will County is taking forever due to all their foreclosures.

I was laid off in the fall of 2009 and have not secured full time work. My spouse is still employed full time but being down to one full time income really is not cutting it. Hmmmm, I will have to check into Obama's four month forbearance law. Thanks for that tip! I'll definately answer at the courthouse and go to any/all meetings.

Thank you again for the help and I will keep my eyes open for more replies and insights!

[CCCrazy]

Hi again - call your bank and say you were never given that four month forbearance - they HAVE TO do it for you. I'm in Will Cty and your attorney is correct - it's a mess where I live. I go for a half hour walk and see 15 foreclosed properties.

[discouraged]

Here in MN, it has been a year since I paid the mortgage. Received the NOD last September but nothing since. Of course, my house, which was valued at $124,000 when I bought it 8 years ago, is now valued at $65,000 so I'm sure they are in no hurry to get me out. It's just a waiting game at this point.

[HomeNow2]

CCCrazy.....we are now 2 payments behind with Bank United. Should we call them and ask for the Obama Forbearance now or wait until we are served, show up in court and then ask???? Trying to make this go as long as we can!

What type of papers did you have to send in for it? I have my 'lay off' paper work stuff.....just wondering what you had to send in and all.

Thanks!

[HomeNow2]

What is the 'NOD' ????

[CCCrazy]

NOD = Notice of Default...those of us in foreclosure states where banks have to go thru the courts (like IL) do not receive them...we get served with papers.

[CCCrazy]

HomeNow, I can't remember all the details since this was last August...but I remember that I called the HOPE hotline, 888-995-HOPE, and said I was unemployed and wanted to be put on the Obama Forebearance plan. I was connected with a HUD counselor (I think), she took my information and SHE called my bank and my bank called me within 24 hours sounding pissy and saying "we have to follow the law" and gave me a four month forebearance with a very minimal payment. Now looking back I wish I would have said, "I can't afford anything" and I think they would have had to accepted that. All I had to do was fax in the initial mailing you get from IL Dept. of Employment Security that says what my weekly payment is to my bank. You have to be put on this plan before you get served with papers so take care of this ASAP.

[HomeNow2]

Thank you SO much CCCrazy! I will be calling FIRST thing on Monday!

I was on unemployment but that is over. I lost my job in 2009. My spouse is working but yeah, we cannot afford anything. I will be sure to let them know that. I wonder how we get the 6 month forebearance since that is what the President has as the maximum timeframe.....I'll try for it!

I have been able to get temp jobs here and there but NO full time work. It is sooo sad. Trying daily.

Thank you again and again and again for your help and insight. It is greatly appreciated. Any amount of time to delay the process is worth it.

Any insights on the NYT article about Illinois foreclosures taking 10 years or something crazy? I really don't understand how that could be????

[Sweetpea3829]

What's this about the Obama forbearance 4 month thing?

If one spouse is still working, does that exclude you from the 4 month forbearance?

What about if you were not laid off rather you resigned your position?

[DeadManCrawling]

December of 2007 was our last payment. Weekly, BoA sends us offers for mods. We have not lived in the house for two years or so. The utilities alone were 3k per month, including maintenance. I wonder if they will ever do anything.