Intent to foreclose received - scared to death!

[PANSYFACE]

Still trying to get old taxes prepared and filed = attorney is retained and paid for in full.
Just received intent to foreclose from bank of america - we have 30 days to pay up arrears - we have to surrender the house in our chapter 7 - but am trying to stay in the house as long as possible - i have lost my job - husband is self-employed - we have
no where to go and no way to rent without income.

I have read the threads on bank inspections, and other horrors - also that even if give up the house - people have managed to stay in the house after bk and foreclosure for quite some time.

Please tell me how we can stay here for a while- it's been my home for 23 years!
We don't qualify for loan modification to try to delay -

[helpmeout]

Well, filing will put a delay in the process. How long, I don't know. The fact that you filed BK may give you several months or only as long as it takes the bank to file for relief from the stay. Then it will depend on your state's foreclosure process. You can fight it, but how well that will work depends on your state's laws regarding foreclosures. In a judicial state, you have a better chance of delaying it. In a non-judicial state, there's not much you can do once the relief from the Stay is granted.

[PANSYFACE]

thank you for answering - I haven't filed yet because still working on income tax returns. Others have managed to stay in their homes for a while after filing, surrendering and being foreclosed upon -

[IamOld]

I'm so sorry to hear that Pansyface - but - I think your BK atty would have ideas as to how long and how you can delay B of A.

[shark66]

You've got ways to go from "intent to foreclose"...

And you'll most definitely throw them off by a couple of months by filing.

Honestly, a lot will depend on how "desirable" your area is...BOA is not fast to move in the less-than-prime real estate markets, at least in my very limited experience.

Good luck.

[sh9730]

Also, remember, you only have to FILE your taxes...you dont need to pay them to file BK. You can set up payment arrangements for the taxes AFTER the BK is discharged. Also, after you file BK, you may try to get another modification based upon your new financial situation.

Finally do a google search for "Hampster Wheel". There is a bunch of people who have stretched this process out for quite a long time.

[tobee43]

Still trying to get old taxes prepared and filed = attorney is retained and paid for in full.
Just received intent to foreclose from bank of america - we have 30 days to pay up arrears - we have to surrender the house in our chapter 7 - but am trying to stay in the house as long as possible - i have lost my job - husband is self-employed - we have
no where to go and no way to rent without income.

I have read the threads on bank inspections, and other horrors - also that even if give up the house - people have managed to stay in the house after bk and foreclosure for quite some time.


Please tell me how we can stay here for a while- it's been my home for 23 years!
We don't qualify for loan modification to try to delay -

we got our first summons of intent to forclose...almost 4 years ago. it was not b of a but chase. we did leave the property after 33 years, but chase still hasn't foreclosed.

the property is in nj and i check the county sheriff's site weekly and for almost 1.5 years they were not doing any sheriff sales at all in the county that our property was or is located in!! i check the county site this week and apparently they are starting them again. i would check you country site to see how fast things are going. the property we have is still not listed to even go into a sheriff sale...shoot we could have stayed all the 4 years..(actually it's more like 3 years 8-9 months).

i'm not saying the exact thing will happen to you, however, i also know another person who keep going to court and she stayed for over 2 years in bergen county just by going to court and asking the judge to have the bank extend her time to leave. apparently, it worked for her.

and just to i guess try and make you feel better, even if you are in the middle of loan modification it doesn't stop the process. we were right in the middle of a mod when we were served.


also, nj is a judicial state which means you can go to court and try and stall the process a bit. but you'll have a while before you rec your NOD.

best of luck to you and keep us posted!!