Filed last week and recieved a Notice of Intent to foreclose dated after...

[Panacea]

Filed last week and recieved a Notice of Intent to foreclose dated a couple of days after mortgage company was notified electronically.

Two questions here...and I'm running on empty today, so I hope I explain myself ok.

1. The BK filing stops all actions (unless they file relief from stay?). So this notice says I have till Dec 15th to pay up or they will proceed. Since the BK puts all this on hold, would the 45 days stop as well, then continue when they get relief, or I get discharged.

2. Also, they sent this out after being notified of the BK, does that matter?

[tobee43]

Filed last week and recieved a Notice of Intent to foreclose dated a couple of days after mortgage company was notified electronically.

Two questions here...and I'm running on empty today, so I hope I explain myself ok.

1. The BK filing stops all actions (unless they file relief from stay?). So this notice says I have till Dec 15th to pay up or they will proceed. Since the BK puts all this on hold, would the 45 days stop as well, then continue when they get relief, or I get discharged.

yes it does stop all the action and will only continue AFTER the discharge.

2. Also, they sent this out after being notified of the BK, does that matter?
most likely it "crossed" in the mail and i would give them a call with your docket number as, well if you want to send them a certified letter (we did).

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[Panacea]

Thanks for answering....so, from the BK file date, until they try to lift to stay, or discharge (or I explode from the stress!)....these days are not counted. Lets say they lift the stay Dec 3rd, then the 45 days start kicking in, and that last month didn't count in the 45 days!

I know I sound like an idiot, but I've had a crappy week!!!

[tobee43]

Thanks for answering....so, from the BK file date, until they try to lift to stay, or discharge (or I explode from the stress!)....these days are not counted. Lets say they lift the stay Dec 3rd, then the 45 days start kicking in, and that last month didn't count in the 45 days!

I know I sound like an idiot, but I've had a crappy week!!!

of course you don't sound like an idiot!! please no...i just know what happened with us...the process completely STOPPED...(actually for us i wish it hadn't...because we left and would like the foreclosure process to be over).

also...just a heads up...most banks do not foreclose during the holiday season...everyone already HATES most of them anyway.

you will just fine!

[DaisysMom]

I was in your position last year. However, I haven't filed BK yet...but was being foreclosed on. My question is....do you want to keep your house??? In my case, I got a modified mortgage and was able to save it. There are also several other options available. DM

[Panacea]

Thanks tobee.

No daisy, I'm surrendering the house. I'm just worried about when to actually start looking for a place. I need to save a bit more for deposit on rentals. I started looking around the area, but I'm looking too soon it seems, there are people willing to rent to me, just they are ready NOW. So I've got to take a step back and chill out. Just don't want to get toooo chill!

[tobee43]

Thanks tobee.

No daisy, I'm surrendering the house. I'm just worried about when to actually start looking for a place. I need to save a bit more for deposit on rentals. I started looking around the area, but I'm looking too soon it seems, there are people willing to rent to me, just they are ready NOW. So I've got to take a step back and chill out. Just don't want to get toooo chill!

no problem...yes, stay as long as you can...however, as soon as possible, since you are not paying your mortgage try and secure a place...even if you don't move in yet...why...because the sooner you able to do that, your credit may still, at least be somewhat intact...and you can find a place easier...as well as less deposits for utilities....just a suggestions..we did that, and ended up having really no problem getting a place!

[Panacea]

Today, I just received another Notice of Intent to Foreclose (Mortgage Loan Default) but this one included a loss mitigation application. It says I have to have it back to them within 30 days or the foreclosure will go forward.

I filed BK last week. Should I send this back now, or does the "stay" stop this timeline as well? Would it buy me a little more time in the house? Would they actually possibly modify my loan to something I could possibly keep up with?

[AngelinaCatHub]

Today, I just received another Notice of Intent to Foreclose (Mortgage Loan Default) but this one included a loss mitigation application. It says I have to have it back to them within 30 days or the foreclosure will go forward.

I filed BK last week. Should I send this back now, or does the "stay" stop this timeline as well? Would it buy me a little more time in the house? Would they actually possibly modify my loan to something I could possibly keep up with?

SOME CORRECTIONS: After your filing, and before your discharge the mortgage company can apply for a lift of stay [of the automatic stay] and proceed. How likely you will be out within six months and possibly more is anyone's call. From what I have seen it will be a very long time in months, not days and up to years.

Here is a link as to what they wish to do: http://en.wikipedia.org/wiki/Loss_mitigation

BE CAREFUL of what you sign without passing before your lawyer.

Stop worrying about a place to live. The rentals now are rampant. Many are in same boats as we are and will rent so not to lose.

Reality is our gov. is creating this Depression and I say it like it really is. It could be stopped. It may not be if it goes too long.

Your situation is not as grim as you think, but we have ALL been where you are now. Scared to death. Relax, this too will pass. 'Hub

[Panacea]

Thanks. Some days are good, some days I'm scared to death and that would be TODAY! So glad you all are here.

I know I keep going back to the "days" here, but the "stay" stops the day count, until they lift it, or discharge?

[biotechsolution]

There's no set "days" I wouldn't worry about that. SInce you are behind the mortgage company can apply for relief of stay at any point.
THe reality is that they most likely won't do anything until after the holidays. I would call the notice on the NOD and give them your case
number, that would at least put a stop to the letters and notices.
More than likely they'll probably wait utill after your discharge and then proceed, that way they won't have to deal with the relief of stay.

[BKlooker]

Hi Panacea,

I have been following your story, as I am in MD as well and very similar circumstances as yourself. I wanted to give you some info that my lawyer told me that might help you, from 1 MD filer to another.

1. Do NOT worry about getting kicked out of your house anytime soon....I am not sure when you stopped paying them, but my BK lawyer said the likelihood of them physically getting you out of there in less than 6 months from after you last paid them in this climate is about a snowballs chance in hell (his exact words). Consider the backlog on file on the part of both your mortgage company/lender and the state. My lawyer says the most likely scenario is 9-12 months, depending on where you are, your lender, etc. even once they foreclose, assuming they sell fast, then the seller has to work to get you out of there, etc.
2. There is no 1 definite answers, as it varies wildly from person to person, even in the same area.
3. Consider paying your lawyer to drag this thing out....my lawyer says he has many clients (they are a large firm, been at this over 20 years) who simply pay his off an extra fee once CH7 is over and they get transferred over to the FC department. It's quite easy to drag foreclosure out for months and months if you know what you are doing, especially with the backlog, combined with the holidays coming up.
My lawyer says on average with his firm intervening, people stay in their homes between 10 months to 1.5 YEARS or more, rent/mortgage free during that time period. The cost is well worth it...paying a lawyer 1-2 months worth of mortgage and living 1 year without paying rent makes a lot of sense! I would explore the option. He has one client now who got discharged in a CH 7 who has been in his home for 23 months now (surrendered the home of course in BK), and still no signs of any notice for him to leave anytime soon, as their firm has things pretty well locked up.
Keep in mind that depending on just how much your house is upside down and how long it takes them to get the home listed and find a buyer and/or enlist the help of the law to post eviction, you could be there endless months.

I hope this helps you! I am happy to give you the contact info for my law firm if you want it…so far my lawyer has been a God send for me. I am in the same situation as you mostly…this month with be the first I haven’t paid them, as I need to pay my lawyer with the money and get filed ASAP, so let the games begin….