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    #1

    Foreclosure process question

    So I am in the foreclosure process right now. I was served in October 2011 and have been waiting since.

    My question is I have two Banks, 1st Mortgage BOA and 2nd Mortgage Suntrust. It seems the FC is being done by Duetche Bank for BOA? What does this mean for Suntrust?

    Can they delay the FC at all or do anything to get there money?

    The good news is I did a BK in 2010 and included the property so I am discharged and not financially liable. I am just wondering how long I can stay in the house even more and what the 2nd MOrtgager can do to delay things for the first mortgager?

    Thanks
    Tags: None
    #2
    Hello,

    Nevermind this question. I just received the Final Judgement to Foreclosure. So the process has been completed and the house will be up for auction on May 4th. How long after that do I have to stay?

    Comment

      #3
      That seems really quick. Did you fight the case at all?

      Comment

        #4
        Hi Cory1848,

        No we decided not to. Lawyers were charging 300-400 a month just to litigate the case with an up front fee in the 1700-1800 range. We really didn't want to spend any money to fight the case so we decided to just let it go to trial. Either way, we were hoping that it got dismissed like alot of these cases in Florida, or it gets foreclosed and over with (this happened LOL).

        Any ideas when the Cash for Keys program options begin? Is that after the sale or before? Do I need to call someone? We are planning to either throw our stuff into a storage unit and stay with my Mom and Dad for a little to continue saving, or rent until we can buy a house again.

        Tis Life my friends.

        Rikimaroo

        Comment

          #5
          Originally posted by rikimaroo View Post
          Hi Cory1848,

          No we decided not to. Lawyers were charging 300-400 a month just to litigate the case with an up front fee in the 1700-1800 range. We really didn't want to spend any money to fight the case so we decided to just let it go to trial. Either way, we were hoping that it got dismissed like alot of these cases in Florida, or it gets foreclosed and over with (this happened LOL).

          Any ideas when the Cash for Keys program options begin? Is that after the sale or before? Do I need to call someone? We are planning to either throw our stuff into a storage unit and stay with my Mom and Dad for a little to continue saving, or rent until we can buy a house again.

          Tis Life my friends.

          Rikimaroo
          I was charged $1500 flat fee up until Summary Judgement. This basically included filing answers to the Lis Pendens and that was all we really did witha few other things. That was 2 years ago and I am still sitting here waiting. We never planned on going to trial as we just wanted to delay things a bit. Never expected to be going on this long but I am not complaining.

          Anyways, Cash for Keys is a crapshoot. Wells Fargo wont do it but I have read that BOA will. I would call them up and just ask about it. You probably would have had more leverage in initiating it prior to the case being finalized but tell them it will save them eviction cost.

          Sometimes sale dates get pushed back so you may get some more time, but generally I would say be out by that date. There is no redemption period in Florida and you dont want to get evicted. When the house sells at auction you might have 10 days to be out but they dont have to give you those 10 days.

          Comment

            #6
            Yeah, I contacted several lawyers out here in the Palm Beach County area and none of them offered the Flat Fee, I would of JUMPED all over it. They all wanted to charged me a monthly fee because they would have to file answers every now and then, but that would be 400 bucks a month of more then 6 months if they delayed it. Seems like they shifted there pricing structure since they see that this can be dragged on for a while and there only taking a one time fee.

            It sucked. Thanks for the advice. I didn't know that, now I am even more worried. I figured after the sale I have another 30 days.

            Comment

              #7
              With foreclosure it could be six months or even a year, it all depends on the lender. If the house is sold at auction the new owner will evict whoever is living in the house. Probably the local sheriff will serve the papers.

              Comment

                #8
                Originally posted by lindadale View Post
                With foreclosure it could be six months or even a year, it all depends on the lender. If the house is sold at auction the new owner will evict whoever is living in the house. Probably the local sheriff will serve the papers.
                I thought there was a federal law that protected renters after the sale unless the buyer planned to occupy the house themselves.

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