And here we go ...... spoke too soon! :)

[ssmdem]

Just said earlier today that we had received nothing from the bank and go to the mailbox today and find an Acceleration Warning (Notice of Intent to Foreclose). I've been watching online to see when a Lis Pendens is filed to give me some sort of clue -- but so far nothing there. We're in Florida -- any clue as to a timeframe from this notification?

We've filed Chapter 7 -- discharged -- and surrendered the home, so we know we're eventually foreclosing. Just wish I knew when to realistically start looking for somewhere else to move. We've passed up alot of "perfect" rentals in the past few months because we figured it made more sense to stay here as long as possible but don't want to get down to the wire and end up having to settle for something either.

Also, any advantage to hiring an attorney for the foreclosure process? Or is it just a waste of money since we voluntarily surrendering the home anyway?

[cory1848]

Just said earlier today that we had received nothing from the bank and go to the mailbox today and find an Acceleration Warning (Notice of Intent to Foreclose). I've been watching online to see when a Lis Pendens is filed to give me some sort of clue -- but so far nothing there. We're in Florida -- any clue as to a timeframe from this notification?

We've filed Chapter 7 -- discharged -- and surrendered the home, so we know we're eventually foreclosing. Just wish I knew when to realistically start looking for somewhere else to move. We've passed up alot of "perfect" rentals in the past few months because we figured it made more sense to stay here as long as possible but don't want to get down to the wire and end up having to settle for something either.

Also, any advantage to hiring an attorney for the foreclosure process? Or is it just a waste of money since we voluntarily surrendering the home anyway?

You have a long while. You can choose to challenge the LP (once you get it) and that will buy you lots of time. My last payment was August 09 and I am still here with at least another 6 months to go.

Let me add that I will really start looking for rentals once Summary Judgment has been issued and a sale date given. Until then, I am not even going to stress about it.

[tobee43]

i agree with cory...we are also in florida and shoot one of the houses on this block the HOA president said the bank hasn't ever moved on it...in a few years now!! i think you have a bit of time ... how long exactly really depends on the bank, don't be surprised if they come to you and attempt to work something out...even AFTER the surrendered since there is SO much inventory here. however, this maybe sometime or a chance for you to save some $$...rent deals are a STEAL where we are in central florida..

best of luck and try NOT to worry to much, although, i know that's easier written or said than done.

[ssmdem]

Just got the same notice on our rental property, and we're really not that far behind on it. So guess maybe they're being sent out since our bankruptcy was just discharged and closed. I still wonder if hiring an attorney would have any benefit. Would like to speed up the foreclosure on the rental property, slow it down on our home -- but certainly can't complain since I'm living rent free now. If we could stretch this out one more year, that would be PERFECT!! But I'll take what I can get.

A year ago when we first quit paying, there were TONS of rentals around here. Now they are getting scarce, so that worries me some. But a possibility that my husband may get a job out of town, so hate to get ourselves into a rental contract that we may have to break. Hoping we can just stay here until we know for certain about this job possibility next year. Keeping my fingers crossed!

[tobee43]

Just got the same notice on our rental property, and we're really not that far behind on it. So guess maybe they're being sent out since our bankruptcy was just discharged and closed. I still wonder if hiring an attorney would have any benefit. Would like to speed up the foreclosure on the rental property, slow it down on our home -- but certainly can't complain since I'm living rent free now. If we could stretch this out one more year, that would be PERFECT!! But I'll take what I can get.

A year ago when we first quit paying, there were TONS of rentals around here. Now they are getting scarce, so that worries me some. But a possibility that my husband may get a job out of town, so hate to get ourselves into a rental contract that we may have to break. Hoping we can just stay here until we know for certain about this job possibility next year. Keeping my fingers crossed!

well, maybe you can do a month to month??? do you really want to hire and spend money on an atty if you can use that money to either move if you have to....or catch up on your rent if that's the way you end up going??

[ssmdem]

I hear ya on the attorney. I guess I'm thinking if the attorney can do anything to speed up the foreclosure (deed-in-lieu perhaps) on the rental property to get it out of our names faster -- would like to get back into a mortgage as soon as possible -- and slow down this one -- even if it's only by 3-4 months, it's been worth it. An attorney -- maybe $2000?? -- rent around here is about $1600 a month. If they buy me an extra 3-4 months, it would actually save us rent money. If there's nothing they can really do - no certainly not worth it. I guess I just need to talk to a local foreclosure attorney and see what they say.