Foreclosure Timeline - New Jersey

[myo1974]

Hi Everyone,

Just had my 341 meeting on Monday (today is Friday). Filing chapter 7 and surrendering our house. Stopped paying the mortgage about five months ago.

Our attorney said we would most likely have a year, at least, before they take the house, but I was wondering if any of you had experience/information about foreclosure in NJ after chapter 7/surrendering the house.

Thank you!
Myo

[tobee43]

that would us and it's going to be hitting 5.5 years and still no foreclosure. we had/have chase

[keepsmiling]

We know people who have gone 3 and 4 years here.

[AngelinaCat]

I think tobee43 has the record at more than 5 years waiting...

That being said, your case is entirely different, as is everyone elses' here. While you can get a general "guesstimate" based on others' experiences, it really isn't going to help you with your, unique, case.

Good wishes to you!

[myo1974]

Thank you all for your responses. As I said, my attorney stated we'd have at least a year, which would definitely give us plenty of time to save up a bit and then find a new place!

[jesseg]

Hi Everyone,

Just had my 341 meeting on Monday (today is Friday). Filing chapter 7 and surrendering our house. Stopped paying the mortgage about five months ago.

Our attorney said we would most likely have a year, at least, before they take the house, but I was wondering if any of you had experience/information about foreclosure in NJ after chapter 7/surrendering the house.

Thank you!
Myo

We are 1 year now, no payments. Foreclosure complaint has not even been filed yet. We are with BOA.

[myo1974]

Wow...everything I have heard/read tells me that it will probably be awhile. We are with TD Bank, by the way, and while I haven't really heard of any people having experiences with them, I still get the feeling it will be at least a year (if not more) before anything happens!

[catleg]

Skipped 1st payment in April. Expecting foreclosure suit soon but hasn't happened yet. I figure with some minor legal work I can stretch it out by at least a year once they file suit. Many many foreclosures happening in my town, far more than actual sales. Real estate prices have never recovered, we are at or below 2002 prices, but 2013 taxes. (maybe double from 2002, the revaluation really killed older homes).

[catleg]

NJ timeline is moving much faster now. I got foreclosure suit filed during the 6th month past due. (last payment march, filed during october).

[catleg]

Latest update: suit is still at the complaint stage. I wrote to plaintiff attorneys and requested extension of time to answer for medical reasons. Meanwhile found this interesting document on NJ courts website:

http://www.judiciary.state.nj.us/not...oreclosure.pdf

It lists the steps in a foreclosure from a legal point of view and also the relevant case law for each.
So for example, answering and saying the amount due is wrong is considered a non contesting answer.
The NJ courts seem to have got the abbatoir moving again, a warning for those in the pipeline.

[myo1974]

Catleg - did you surrender your home in your bankruptcy?

[catleg]

No, we are still living here post discharge payment free for now. (In other words we neither surrendered or affirmed, we kept up ch 13 payments for a few years then converted to chapter 7; when I think of surrender I think of the trustee being involved).
Getting ready to move, however.
Our lender is Wells Fargo and they are apparently pushing through all their cases to see if the "leaks" in the "pipeline" have been fixed.
So I don't expect any mercy from them.