all I want to know

[denisejohn65]

I have hearing July 20th 09. I'm not keeping condo or car. I want to be rid of this condo....what can I expect?? How long do I pay HOA and I canceled insurance... I have to see lawyer again and I will ask questions. Please someone please answer about how long it will take to be rid of the condo? Do I have anything to worry about at the 341? All the calls have stopped..it's spooky. I worry about having something go wrong? I'm so NERVOUS! How do you all get through these feelings everyday??????

[dingdong]

Once you are discharged, you will no longer be responsible for the debt incurred by the mortage.

Your lender will either have to file a Motion for relief from stay to proceed with foreclosure OR wait until you are discharged to proceed.

The FC process is very dependant on your lender, how quickly they move to FC and your state laws on foreclosure.

Some filers have found that the lender can take a year or more to FC.

A lot depends on the market in your area and your lenders situation, whether they are busy or overwhelmed with foreclosures.

Some lenders seem to be letting properties sit, not FC, because it costs them more money to maintain/insure the property when the market is so slow that no one will buy.

[denisejohn65]

That is not good to hear....I live in CO

[dingdong]

You can possibly live there for free for quite a while and save some money on rent.

It could be a very good thing, actually

[denisejohn65]

I moved in with my bf already. I need his emotional support!

[daedalus]

We are in a similar situation, and my attorney told me that until the bank actually takes title to the property, it is our responsibility. I would at least recommend that you continue to maintain the property, as any fines received from the city will have to be paid by you.

We are still in our home, and have not yet received a NOD from the bank on either loan (stopped paying January). They are just as underwater as we are on this property.

[bkmaggster]

DH and I moved cross country and rented out our house. 5 months later the renters bailed out and stopped payment on the previous months rent check.

Because the house was abandoned, the mortgage company has moved very quickly to FC. The original sale date was in April - 4 months after default. We negotiated w/them to hold off for 2 months, which gave me time to file for BK.

So, these stories of it taking a year+ to foreclose are not always true, particularly if you have abandoned the house.