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    #1

    So confused!

    Hi everyone!
    I am so confused with this whole FC process. My husband and I filed for BK in May and had our 341 meeting in June, about a week ago. I stopped paying on the house in April. I'm not sure how soon we need to be out. I haven't heard from the mortgage company but have gotten a few letters from BK court about Wells Fargo, but not even sure what they mean. I think it is explaining that Wells Fargo is moving forward in the FC process.
    Anyway...I live in Virginia and would love any input on their own foreclosure timelines and experiences. Should we be packed up and ready to go at any time?
    Thank you!
    Bunny
    Tags: None
    #2
    Who knows when they will foreclose? And even if they foreclose, who knows if they will actually take possession?

    I would be ready to go within 30 days of any given time,but would stay as long as possible. Even if they foreclose on you, if you are in the home, you will still have possession and that delays them even longer.
    All information contained in this post is for informational and amusement purposes only.
    Bankruptcy is a process, not an event.......

    Comment

      #3
      I may have to slightly "disagree" with Frogger - in VA - non-judicial FC state - in theory you could be out in as little as 90 days from NOD - now whether WF WANTS the house that's another thing. I just really really really wouldn't count on more than 90 days.

      Comment

        #4
        VA is both judicial and non-judicial when it comes to the foreclosure process - it really just depends on how your house is titled (i.e., deed of trust, mortgage, and power of sale clause).

        You can read more info re: VA foreclosure process here:

        Virginia Foreclosure Law
        http://www.foreclosurelaw.org/Virginia_Foreclosure_Law.htm
        Foreclosure Law for the State of Virginia


        Agree with frogger - stay until you must get out, but be ready to go ahead of time.

        Comment

          #5
          Very true Pandora thanks!!! But VA moves VERY VERY fast.


          Originally posted by Pandora View Post
          VA is both judicial and non-judicial when it comes to the foreclosure process - it really just depends on how your house is titled (i.e., deed of trust, mortgage, and power of sale clause).

          You can read more info re: VA foreclosure process here:

          Virginia Foreclosure Law
          http://www.foreclosurelaw.org/Virginia_Foreclosure_Law.htm
          Foreclosure Law for the State of Virginia


          Agree with frogger - stay until you must get out, but be ready to go ahead of time.

          Comment

            #6
            Hiya Iam

            Yes, VA does move faster than most other states - or at least where I am they do, just as I'm sure given where you are..they do. 90 days seems about right but you can throw so many wrenches into that mix to delay the process that could buy one a wee bit more time

            Comment

              #7
              Originally posted by Pandora View Post
              Hiya Iam

              Yes, VA does move faster than most other states - or at least where I am they do, just as I'm sure given where you are..they do. 90 days seems about right but you can throw so many wrenches into that mix to delay the process that could buy one a wee bit more time
              Honestly, Pandora, I'd just be very cautious - unless one lives in a state like NY, IL, or even FL...I've got two nightmares (well I've got many)...losing a job and home is one of the top two!!!

              Comment

                #8
                I hear ya my friend - been there, done that, and wanted to jump! Hang in there, it will get better and everything happens for a reason. Firm believer in that old saying ;)

                Comment

                  #9
                  How is the law on "possession" in VA? Does a foreclosure automatically give them "possession" or do they still have to evict you if you don't move?

                  Possession is a powerful tool...
                  All information contained in this post is for informational and amusement purposes only.
                  Bankruptcy is a process, not an event.......

                  Comment

                    #10
                    from what I understand the process is unlawful detainer or purchaser must demand possession at foreclosure sale then Writ of Possession....

                    Of course..I would argue "9/10's"

                    Comment

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