surrendering home?

[miss puff]

Sorry to hijack but I have a question too about foreclosure. This is the first month that we didn't pay a house payment. We live in MN and we get the 6 month buyback period, so we can live here really for about a year. I was wondering though. Can you sell the home during the buyback period and more importantly, do they ALWAYS put a notice on your door or only if the house is abandoned? How long do I have to leave that huge red flag on my door?

Good luck tlcemporium. Hope you get things figured out with the lender and the house.

[tlcemporium]

To my knowledge they always put the notice on the door. I know I filed for bankruptcy in October of 2005 and it was discharged in Feb 2006 and I moved out at the advise of my attorney, and here I could have saved a lot of money $550 per month for 12 months because the house is still causing me nightmares...good luck to you.. tlcemporium

[tlcemporium]

Haunted by the house....

The saga continues. The mortgage company has cancelled the writ of execution on the sale of the house and the sheriffs office called me to tell me the mortgage company has walked away from the home, so I call the mrotgage company and I am told we do not feel it is in our best interest to continue with the sale, we will not remove the lein on the property but we are not going to sell it either, so I am stuck with the property, am I correct in this thinking??? I am sreaming and stressed...HELP.

[CindyLou]

So, this won't help you, but doesn't that mean you can just stay there and not pay? And if you ever sale the home for more than its worth then they get their piece then??????? I've never heard of such a thing. You should be able to force them to DIL??????????????????? I'm confused here too.

[HHM]

Sorry to hijack but I have a question too about foreclosure. This is the first month that we didn't pay a house payment. We live in MN and we get the 6 month buyback period, so we can live here really for about a year. I was wondering though. Can you sell the home during the buyback period and more importantly, do they ALWAYS put a notice on your door or only if the house is abandoned? How long do I have to leave that huge red flag on my door?

Good luck tlcemporium. Hope you get things figured out with the lender and the house.

No, you cannot sell the home during the redemption. Just because you have the right to redeem, does not mean you have title. You would not be able to transfer title to the home during redemption.

Also, whoever buys the house at auction, or the bank, can evict you during the redemption period if they so choose.

[HHM]

The saga continues. The mortgage company has cancelled the writ of execution on the sale of the house and the sheriffs office called me to tell me the mortgage company has walked away from the home, so I call the mrotgage company and I am told we do not feel it is in our best interest to continue with the sale, we will not remove the lein on the property but we are not going to sell it either, so I am stuck with the property, am I correct in this thinking??? I am sreaming and stressed...HELP.

That's an odd one. The main implication here is that you are still liable for property tax. However, on the plus side, I suppose it means you can live their without making any type of payment until such time as the bank decides to foreclose. As has already been pointed out, however, if you ever go to sell the house, you will still need to pay back the note, including all accumulated interest, etc.

Also, you can't "force" the mortgagor to accept a Deed in Lieu.

[onlineuse]

I'm amazed by how little help bankruptcy attorneys can be after they get their checks.

Why did he tell you to move out? Ours has told us the exact opposite, stay for free. Could be 3 weeks or up to a year. Does anyone know if I'm still responsible for the taxes/insurance if it's in escrow as part of the payment? Seems like it would then be on the lender.

Long and short of it is I'm guessing you are like us. Our mortgage was for about 90% of the value, problem is the value dropped 35%. A home nearby that sold for 825k 15 months ago had a recent offer at 540k and it's been the only offer in 5 months. It's that bad up here. If they actually sold my house today I'm going to guess the 1st mortgage would be short about 100k, 2nd mortgage 35k. I think the banks just don't want these homes back.

We haven't paid now in 8 months putting us behind about 25k on the 1st, 2k on the second. Still though we've received nothing. We filed in September, had the stay lifted in October and still nada. I check the foreclosure sites each day and there is nothing. I asked the laywer today whats going on and he had no idea, just that he's seen some go over a year, others people have had the sherrif show up at the door with a 72 eviction notice (hour). I asked how that was possible and realized this attorney may not know what the heck he's talking about

I just cannot believe it's lawful for them to drag their feet. Is this Countrywide or one of their subsidiaries? All over the web they seem to be the ones waiting to take back homes.

[tlcemporium]

The mortgage company is Beneficial mortgage. I have called an attorney and it can not beleive what the mortgage company told me on the telephone, he is going to try to call them directly, he is afraid that if I move back into the house, then they will come back and try the foreclosure again in 6 months or so, that is my fear too, but on the other hand if I have to pay the insurance and upkeep on the property I need to do something with the house I can not afford to pay where I am living and the expenses and time on the other house. I thought when my bankruptcy was discharged the nightmare would be over, boy was I dreaming...the nightmare only started. I will keep you posted, but if anyone else gone through anything like this I would sure like to hear about it???

[HHM]

It seems more and more people are having this problem, banks not wanting to foreclose, or stalling foreclosure. Probably because of the general downturn in housing.

There must be some way to force the issue. I wonder if anyone has tried to sue a bank to force foreclosure, or sue a bank for breach of contract for not foreclosing, or sought a declartory judgment from a court that the title be put in the banks name, or sue the bank for damages for the tax and insurance liability.

There must be some legal theory that can be applied.

[BK'd-Betty]

So what happens if you don't pay the Tax bill?

In NY if you don't pay the tax bill, they sell a tax lien. Can't the lien holder of the tax lien force the sale of the home? If so, won't they have to pay the mortgage? Or do they just sit on that lien and let the interest compound.

Shouldn't the Mortgage Lender be worried about Tax and other liens? The longer they wait, the more risk they run.

This is BIZZARE!

[HHM]

No, you cannot sell the home during the redemption. Just because you have the right to redeem, does not mean you have title. You would not be able to transfer title to the home during redemption.

Also, whoever buys the house at auction, or the bank, can evict you during the redemption period if they so choose.

I think I will qualify this statement, technically, if you are within the redemption period, I suppose you could sell your right to redeem, so to speak. But I can't imagine there would be many buyers, why buy the house from you when they can pick it up at auction. However, strictly speaking, you probably could craft a deal where the buyer pays the redemption price...but I think you would have hard time making any profit for the reason I stated above.

[onlineuse]

Here's the weird thing about all this. In MA we are non-judicial, so the foreclosures can be quick. Most sites say 90 days.

I've gone through the foreclosure sites and found various homes listed as in foreclosure. I then go back and look at county records when available. What I find is an "Order of Notice" that gets issued by the land court. It basically reads Mortgage Company X has filed with said court a complaint for authority to foreclose in the manner following: by entry and possession and excercise power of sale. If you are entitled to the benefits of the Servicemembers Relief Act as amended and you object to said foreclosure you or your attorney should file a written appearance and answer in said court on or before (putting in a date here of November 15,2006) <-- this date is always about 45 days from the signed ruling date.

Judge signs in this case around October 1.

IE, in all foreclosures I can find there is this notice. The notice is dated 45 days before the objection date so am I right in saying this 45 day period is mandated in law BEFORE they can foreclose? IE, on the date listed as the date to dispute the foreclosure can commence?

In essence, the bank decides to foreclose today, December 1st. They get lucky and get a judge to rule today issuing this Order of Notice dated 12/1/06 with a relief/objection date of January 15th, 2007. Am I right that between now and 1/15/07 nothing happens, and presumably pending no objection on 1/15/07 they can immediately foreclose and force a sale in 21 days?

IE, I'm asking and presuming the clock doesn't start ticking until they get this order in MA, which than serves to make sure that the foreclosee is not a servicemember. I heard on a local radio station last week that some counties are running WAY behind on these things because of the number of servicemembers overseas.

Our attorney is utterly useless on this. They can't seem to tell us anything about the when's and how's. We are moving to the new place whenever we want, if we can squeak out 30 more days it's a significant savings, or even if we know we can leave stuff behind for 30 days we can move in an orderly fashion.

Thanks