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Florida Foreclosure timeline

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  • Florida Foreclosure timeline

    I live in Florida, havent made a mortgage payment since August 2009, filed BK7 Oct 1, 2009 and included the house the is $60k upside down. Mortgage company requested and was granted lift of stay in December, BK discharged in January. The only notice I have received from the mortgage company is a info letter how we could possibly apply for the HAMP program.

    I have checked county records and no Lis Pendens has been filed yet. Read up that it takes about 180 days on average for a FC to be pushed through. I figured the BK slowed things down, so using January as a reference, I am planning on moving around July/August. That would put me at 12 months no payment. More research I have done suggests the 180 days doesnt even start until the Lis Pendens is filed for. Is that true? If so, that would mean I could be hear awhile. Not even sure what programs I would be eligible for or if those programs are even worth it.

  • #2
    You have a good while before your property will be sold at auction. You have at least 6 months probably more. I haven't paid for over a year and am looking at probably having a foreclosure sale in June since my hearing date is scheduled for May.

    Comment


    • #3
      Originally posted by Newstart10 View Post
      You have a good while before your property will be sold at auction. You have at least 6 months probably more. I haven't paid for over a year and am looking at probably having a foreclosure sale in June since my hearing date is scheduled for May.
      Thanks,
      How long ago did you get your hearing date info? I knew this stuff was going to go slow but didnt think that slow. I am in no hurry though, the longer I can stay rent free, more money in the bank.

      Comment


      • #4
        Last pmt I made was May 2008. I am still in the house and still do not have a hearing date for the sale. If you are in S FL the timeline seems to be closer to 2 yrs. Keep tabs on your case and continue to save while you wait for the final judgment.
        Filed CH 7 9/30/2008
        Discharged Jan 5, 2009! Closed Jan 18, 2009

        I am not an attorney. None of my advice is legal advice in any way..

        Comment


        • #5
          I am in close to Tampa. Florida Middle District. Hard to find any kind of stats of what is really going on here. All I have to go on is the 180 day estimate which from what I am reading up on, isnt too accurate.

          2 years? Wow. I was kind of hoping to move out of state come summer time but I think it wouldnt be a smart financial move to give up free rent while still keeping my day job. So I will sock away every penny I have until then.

          Comment


          • #6
            In New Port Richey, made last payment May '09. Lis Pendens filed in Oct, '09. Received notice of hearing for summary judgement on March 4th for a March 24th hearing date.

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            • #7
              Tampa Bay, made last payment September 2007.

              Still no foreclosure. Been discharged a year.

              Comment


              • #8
                grnclvrs,

                What lender?

                I am in your area and haven't seen any action from BoA. Stopped paying 14 months ago, and no movement at all. I am hoping they will soon.
                11-20-09-- Filed Chapter 7
                12-23-09-- 341 Meeting-Early Christmas Gift?
                3-9-10--Discharged

                Comment


                • #9
                  I'm in Pinellas County with a mortgage from E-Trade. Our last payment was Dec. 2009 and we had our 341 in Feb.
                  Does anybody know if E-Trade moves quicker? Isn't the timeline based on the backup of the individual mortgage company?

                  Also--quick question. I no longer pay my property taxes, right? We've always paid quarterly and it is almost time.

                  Thanks!

                  Comment


                  • #10
                    Florida,

                    Each lender is different, but they all have to follow state law, so there are some things you can watch for. You can look up "Florida foreclosure timeline" on any site to get an idea of the minimums.

                    Those of us in the Tampa Bay area are surrounded by foreclosures, so our timelines tend to run extremely long. Sometimes I hear about one getting done in 6-9 months, but that is pretty rare these days.

                    If you are not keeping the house, I would not pay the taxes.

                    If I recall, the Bay area is sitting on about 60k foreclosed properties as of last quarter, and the number is increasing. Total market for real estate was over 100k properties, and we have an estimated 3 years of inventory at traditional sales paces. But we are increasing all of those each month, usually, so things are looking more dire than ever.

                    And if we see signs of recovery, there is expected to be a rush of sellers who are sitting on the sidelines waiting for signs of improvement. Then they will add their properties to the slush pile, further exacerbating the problem.

                    My wife is a Realtor in the area and sees tons of properties selling on the lowest end, to investors for the most part, but at prices that continue to drift downward. There are not many sales in the middle and upper price ranges, as a percentage of overall volume. Those segments look to be hit pretty hard in the next 12-24 months.

                    All in all, banks have no real motive to hurry foreclosures in most cases. Why would they, when they can let you sit in the house, hopefully taking care of the property for them, until they feel they can sell the place? It is very much like a Twilight Zone episode in our area.

                    Have you folks driven around East Pasco? All those hundreds of thousands of homes that were scheduled to be built at the height of the boom didn't go up, but enough did that it looks like an Old West ghost town out there. Or up and down the through roads like 41? Amazing, to see entire developments closed up.

                    I see gated entries that must have cost 500k or more, chained up, forever closed, with foreclosure notices. Behind the gates, dozens of homes that never sold and are now falling into disrepair and being inhabited by bats, homeless folks, and criminals.

                    Sorry for rambling.
                    11-20-09-- Filed Chapter 7
                    12-23-09-- 341 Meeting-Early Christmas Gift?
                    3-9-10--Discharged

                    Comment


                    • #11
                      Dead Man-

                      Actually, we just took a weekend drive around pasco last Sunday. I was curious to look at some of the real estate because the rent or purchase price seemed "too good to be true".
                      But there are many, many available houses. Where did the people go????

                      We are just kind of playing around with looking. We intend to live in our house until the very end to save some money.

                      Regarding our area - it seems as though there is some news appearing in the St. Pete times almost everyday. I think you are right - the Tampa Bay area is in big trouble.
                      I think we are in for a long wait.....

                      Comment


                      • #12
                        I am so happy to read these posts! I'm in Bradenton. Foreclosure started 2/8/10. Filing BK next week. Was scared I would be pushed out in a couple of months. The apts I want to live in told me today no open BK's and must have ok credit. As of today my score is 537! I was afraid I would be homeless. Hopefully I'll have a few months to lift it up a bit. Time heals all, right?

                        Comment


                        • #13
                          Originally posted by Justpoor View Post
                          I am so happy to read these posts! I'm in Bradenton. Foreclosure started 2/8/10. Filing BK next week. Was scared I would be pushed out in a couple of months. The apts I want to live in told me today no open BK's and must have ok credit. As of today my score is 537! I was afraid I would be homeless. Hopefully I'll have a few months to lift it up a bit. Time heals all, right?
                          Justpoor... you will find lots of opptys for places to live. It may not be in the large apt complex that you might desire b/c they tend to follow the more traditional routine of credit check, etc. Your recent Bk disch may disqual that attempt.

                          However, last time I looked in FL there seemed to be many, many owners who were in various stages of default or foreclosure who had vacant homes that were willing to rent them (with full disclosure of the temporary nature due to pending fc action), for a below mkt rate on short term rental. If someone didn't mind living here for 6-12 months, then moving to here for 6-12 months, etc... for a known period of time until you get your finances back on track, this may not be a bad way to go. It may bring out the Gypsie in you, but it will also fill the bill temporarily w/o concern over qualifying for any rental application.

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                          • #14
                            Thanks Mensa. I'm going to check on Craigslist. If you know anywhere else I might find forclosed homes for rent please let me know. Thanks for the help.

                            Comment


                            • #15
                              Originally posted by Justpoor View Post
                              Thanks Mensa. I'm going to check on Craigslist. If you know anywhere else I might find forclosed homes for rent please let me know. Thanks for the help.
                              Try backpage.com and you may wish to send an email or fax to local real estate offices specifically mentioning that you are looking for a short term rental and that property in foreclosure would be acceptable. If you do so you might wish to consider simply listing a hotmail or gmail email address so as to cut down on junk replies... but I would get this out there in mass quantity.

                              Then you could post an ad on CL and Bkpg seeking housing.

                              Also you could search out the new fc filings at the court house and mail something to them... Desperately seeking a home to live in short term. Foreclosure acceptable. So this way if the property is empty you may get a reply from a homeowner. Maybe 500-800 mo rent, what diff does it make to the owner since they are losing the place anyway. The only issue with this approach is maintenance'; say the A/C breaks down; who fixes, etc? So not perfect but it may be short term solution.

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