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1 year post discharge, foreclosure ongoing . .

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  • 1 year post discharge, foreclosure ongoing . .

    We are coming up on the 1 year anniversary of our discharge. However, the bank has been really slow on foreclosing on the properties and we only last week received papers that they bought the houses (2) at auction themselves . .

    Anyway, for the VA guarantee, does anyone know how long we have to wait? I thought it was 2 years after discharge but we also have the foreclosures.

    TIA

  • #2
    Were the properties foreclosed on financed with VA loans?
    ~~ Filed Over Median Income Chapter 7: 12/17/2010 ~~ 341 Held: 1/12/2011 ~~ Discharged: 03/16/2011 ~~
    Not an attorney - just an opinionated woman.

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    • #3
      Originally posted by doomed View Post
      We are coming up on the 1 year anniversary of our discharge. However, the bank has been really slow on foreclosing on the properties and we only last week received papers that they bought the houses (2) at auction themselves . .

      Anyway, for the VA guarantee, does anyone know how long we have to wait? I thought it was 2 years after discharge but we also have the foreclosures.

      TIA
      Good question. We are in the same boat. 14 months out of Ch 7 discharge and still waiting for the bank to foreclose. Mortgage is non-VA.

      Do we have to wait 2 yrs after discharge or 2 yrs after the bank gets around to foreclosing?

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      • #4
        My understanding is that it's 2 years after foreclosure.
        LadyInTheRed is in the black!
        Filed Chap 13 April 2010. Discharged May 2015.
        $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

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        • #5
          Thanks, guys. No they were not VA loans. We're just looking for a loan now to cover a very cheap house, about $45k. Anyone know of a bank that will do a mortgage like that?

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          • #6
            no, the va, (since we also looked into it) told us at LEAST 2 years. fha supposed to be 3, but quicken loans said 2. i think it depends on the day of week at this point.

            just another thought, i know that many disagree with a co-signer, but that's going to be just about the only way to get it.
            8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

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            • #7
              Any idea if you can stay IN the house after foreclosure until your name is off title??? (Illinois) I saw something on the NBC 5 news last night 8/17/11 that Illinois is taking 10 years....not sure how that really plays out since I know the foreclosure only takes 2-2 1/2 years for our area right now.

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              • #8
                Originally posted by HomeNow2 View Post
                Any idea if you can stay IN the house after foreclosure until your name is off title??? (Illinois) I saw something on the NBC 5 news last night 8/17/11 that Illinois is taking 10 years....not sure how that really plays out since I know the foreclosure only takes 2-2 1/2 years for our area right now.
                Yes, you can stay in the house for a time after the sheriff sale occurs. In Illinois, the sale of the house has to be "confirmed" by a judge at a confirmation hearing. Another term for it is the "order approving" the sale of the house. Once the confirmation is signed by the judge, you have 30 days to be out of the house. If you are not out after 30 days, the new owner can proceed with the eviction process through the courts.

                Our house was sold at sheriff sale on October 12, 2010. The confirmation hearing didn't occur until late January 2011 and the name on the deed wasn't recorded and changed until Feb 4th 2011. You can find out the date of the confirmation hearing by calling the courthouse or by calling the law firm that is handling the foreclosure. The confirmation hearing date will not be set until after the sheriff sale occurs.

                If you don't have a date yet of the sheriff sale of your house, keep checking the sheriff's department website under the foreclosure listing. I found out about the sheriff sale date of our house in July 2010 by finding it on the Lake County Sheriff Dept. website. Our lender didn't send us a letter about the sale date until 2 weeks before the actual sale date. If I didn't do my research and find out about the date almost 2 months in advance, we would have been so much more stressed out by it than we actually were.

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