surrendering house in Hampton roads, va

[Donna123]

Hello,

Just curious, most of the surrendering of property I see on the board, is in Fl, Nj, etc. Our mortgage is Bank of America. My husband & I have had to make some tough choices to try & live within our means, with a loss of a source of income. We had find
a nice townhouse, but we were concerned with the time lines of when we may have to leave & the landlord wanted us to sign right away. We felt bad, because the property
owners were understanding to our situation. But I do know once you sign you are stuck,
with rent even if you aren't moved in. I wanted to know if anyone in the Hampton Roads area have any timelines or experience with surrendering a home in ch 7 in Va. We haven't had our 341 yet its the 2nd week in September, if that helps.
Thanks
Donna123

[ValleYum]

From: http://www.virginiaforeclosureprevention.com/steps.asp and the Virginia Foreclosure Task Force

Virginia Foreclosure Timeline

The following provides an overview of the process from the late charge notice to the foreclosure sale date. Please note that this is based "on no contact/no loss mitigation" with the borrower and is considered the earliest a loan would be foreclosed on. These requirements and timeframes are governed by the insurer/guarantor, Deed of Trust, Code of Virginia and federal Law.

Action
1) A late charge notice is issued on the 17th day of delinquency. Collections and various other letters are sent between the 18th and the 37th day. On chronic accounts, collections begin as early as the 10th day of delinquency.

2) Around the 37th day of delinquency, a HUD 1 and or a breach letter is issued.The HUD 1 letter provides seven (7) business days for the borrower to respond. The HUD brochure also sent at this time. The breach letter provides a 30-day reinstatement period.

3) If the borrower cannot be reached, calls and "no contact" letters will continue from the 38th day to the 61st day

4) At 62 days delinquent, at three (3) payments past due, the loan is assigned to a loss mitigation queue for a possible work out. Over the next 10 days aggressive efforts are made to contact the borrower.

5) When the loan is 72 days delinquent and there is no contact with the borrower, the loan is recommended for foreclosure and referred to an attorney to commence foreclosure proceedings.

6) Once the attorney opens the file, it takes approximately 45 days to arrive at a foreclosure sale date. During the 45 days, the attorney will simultaneously do the following:

• Examine title.
• Comply with the Federal Fair Collections Debt Act by sending out a 30-day notice providing the borrower with a final warning of the foreclosure and a copy of ads placed in the newspaper. (Generally most Deeds of Trust (DOT) require ads to run for once a week for two (2) consecutive weeks. Some DOT’s require one ad for four (4) weeks. In the newspaper ad, The Code of Virginia only requires Trustee’s to provide a 14-day notice; however, most trustees allow a 30-day timeframe.) The 30-day notice is also sent to junior lien holders, homeowner associations and the IRS. This time also allows the borrower to appeal the debt.

In Virginia, in cases where the loan has been identified as a "Subprime" loan, the lender/attorney must provide an additional 30-day period in addition to the approximately 45 days, if the customer contacts them for a work-out. This may mean that the foreclosure sale would need to be cancelled for a 30-day period to allow the servicer to make a decision or determine if a work-out is possible.


On the day of the foreclosure sale, loans are approximately 117 days (four months) delinquent or 147 days if the loan falls under the "Subprime" definition.

Always remember, your mileage may vary! Good luck!!

[Donna123]

Thank you, very good information.
Donna123

[feelingnutsy]

Hi---Donna123---I surrendered a house in 2010---tried a loan mod---
didn't work out---and from the time I got the NOD---it was about 42 days
until the foreclosure sale---and move out time depends on what you can
work out with the bank/mortgage company---Virginia moves fairly quickly.

[Donna123]

Thank you, just trying to get a timeline. Our attorney will not elaborate except to say you have 60 days, & I have heard of people saying they had 6 months, a year etc. When we look at apartments it gives us a timeline, every place you look at that has a vacancy, is expecting you to be looking to move in within the next 30 days. We don't want to move too fast, we need to save toward moving expenses, at least an extra month security deposit.
Donna123

[feelingnutsy]

I fully understand your need for a timeline---and by law---
what your attorney said is about right---some 8 to 10 weeks---
which is what I experienced during the NOD/foreclosure period.

[IamOld]

Donna, VA is a non-judicial foreclosure state...so...I'd count on less time than more.

[Donna123]

Once again, thank you. My husband & I are making the rounds now looking at rental properties/apartments. We were approved about a month ago, but the move in date was
too soon & at that time, hubby was having second thoughts about giving up the house. So
will let you know how works out.
Donna123

[IamOld]

Donna123, I wish you the best of good luck!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[Donna123]

Once again thanks so much for your support.
Donna123