Foreclosure Timelines and The Mortgage Forgiveness Debt Relief Act

[phsunny]

Hi Gang,
As some of you may remember we filed BK in late 2009. Our home was not included in our BK but we did not reaffirm. We haven't paid our mortgage in 2 years, moved out and turned in keys to local WF attorney 8 months ago yet we keep receiving notices (at new address) in regard to a "modification" when actually, we tried that prior to vacating and were turned down cold. But still all this time later not one word about foreclosure! According to real estate friend we are not even listed as "pre-foreclosure" yet. So here are my questions #1. Has anyone found an accurate timeline of foreclosures, say within the last couple of years 2010-2011? It seems like there is NO current information regarding these numbers and I am wondering why this information is no where to be found? #2. Since this whole process is taking so long, what will happen to folks like us when the The Mortgage Forgiveness Debt Relief Act extension to 2012 runs out and we have not yet been foreclosed upon? I would appreciate any thoughts on this matter!

[tobee43]

in each state, and in that state each county is different with their timelines for their foreclosures. there seems to be relatively no exact science to when the banks decide to make their moves. however, usually, the non juridical states move somewhat faster in the process than those that must go through the court systems.

in as much as the mortgage forgiveness debt relief act; you bk was filed in 2009 and you didn't list the house, but you have proof that you surrendered the house back prior to the end of the year 2012, as well as your bk proved you were insolvent, i really don't think you will have an issue. think about this if you can for a moment, in some states the banks have up to 20 years to actually transfer the deed, or they may even chose not to foreclose at all, although i find it hard to believe. yet, the statue of limitations in many states allow the banks to just sit and sit on them for years.

again, i think the fact you turned the keys over to a WF atty, (i'm certain you must have gotten something dated and signed when you turned them in), i think you should be fine.

i'm certain if anyone else has another view to share, it would be great!