What happens next?

[Miknan]

Discharged ch 7 and house included 11/11. We haven't paid WF in about 10 or 11 months. We received some certified letters from their lawyers saying they were going to accelerate towards foreclosure but since then, nothing. What happens next? How do you know the stay has been lifted? I don't think I've received a NOD yet. Just wondering if they are doing anything or if this will drag years and if there is a way to find out. I want it over.

[Miknan]

My wife called WF and they said we are in "active foreclosure". I'm not sure this mean the sale is imminent or if it means nothing.

[phsunny]

My hubby and I stopped paying our mortgage and have been waiting for WF to foreclose for 2.5 years with no date in site. They do not seem to be quick movers - at least not in Missouri!

[ValleYum]

Miknan,

Have you been to the forums at loansafe.org?

They have many boards there talking about foreclosures in various states and you might could find more/better answers there. They also talk about strategic defaults (walking away) there, too.

Since MI uses both forms of foreclosure you timing will likely be determined by which method is allowed in the contracts you signed when you closed on your current home. Do you know which foreclosure type is in your documents?

[ValleYum]

PS: The "stay" allowing a secured creditor to start proceedings to regain their property is "lifted" with your discharge unless the creditor filed for relief of stay during your BK proceedings, AFAIK.

[Miknan]

Thanks Phsunny and ValleYum,

I have no idea what type of foreclosure it will be. Does it really matter to me since I was discharged? I'm hoping it's sooner than later. I should try and do a DIL. I'll have to check out that other site.

[ValleYum]

Well, if you are trying to find out how long you have in the home before foreclosure is complete, it matters. Good luck offering a deed in lieu!!

[Miknan]

ValleYum,

How could I find out? How much of a difference would/could it make? Thanks.

[ValleYum]

Look in your mortgage documents that you signed.

A judicial foreclosure in MI is taking over 400 days while a non-judicial one takes around 140 days according to most sites I have read. I am posting from my Nook so I can't post links right now but I will post some for you about the length of time, etc. next time I am at my PC.

Do look at loansafe - they have some great info there.