BofA/ Other Big Guys Still In FC 'Limbo' As of JUNE 2011

[ryan]

December of 2007 was our last payment. Weekly, BoA sends us offers for mods. We have not lived in the house for two years or so. The utilities alone were 3k per month, including maintenance. I wonder if they will ever do anything.

Wow!... that is uniquely Florida, and must have been a very expensive house.

[HomeNow2]

Ok, I called the 888-HOPE hotline number....hmmmmm, not sure I recommend it to everyone. It is a third party who takes down ALL the financial info and then SHARES IT WITH YOUR BANK. Now, I was not born last night but I do know that it would be best if YOU shared it IN WRITING with your bank instead of someone else doing that. Soooo, I hung up and 'phoned a friend' who highly recommended that I do my reading on line and then do it all in writing on our own with the bank. Anyone else have any insight on that one???

[CCCrazy]

888-HOPE worked perfectly for me...they took all my info, called my bank for me, my bank called me within 24 hours and I was put on my 4 month forbearance...

[4bkstuff]

What is the 4 month forebearance and who qualifies?

[HomeNow2]

Google search Obama's Mortgage Forbearance......you will see he passed it last fall, 2010. It is mainly for those who were laid off, on unemployment, etc. but you can get the full low down when you Google it....I am no longer on unemployment and we are now 2 payments behind.

Thank you CCCrazy! I may be calling. I think I'd rather do everything in writing but I may ask BankUnited that way.

[hedgecat]

I haven't paid my BOA mortgage for 19 months. I begged them to foreclose, filed Ch. 7, did not reaffirm, etc., etc. I'm not living in the house and they know that. I get a statement with an explanation they know I'm in BK. That's about it. Sigh...

[GrnEyedLady5]

I'm in the Cook Cty area, and am into my 4th month w/o payments to GreenTree--was originally with BoA last April. I get monthly notices and daily calls (usually once a day), and was even paid a personal visit two Sundays ago and had a note left on the door today. I cannot afford to keep the house I have, and will likely file Chpt 7 that will include the house. It appears from this forum that it will take quite a while for the FC process to go through. If that's the case, would it even matter to hold off on a BK until I get served a FC notice or notice of sale, or would it just be better to file the BK to include the house and try to expedite the whole process? I really don't want to have to stay in this house for more time than I have to, and want to be able to find an apartment to live in before anything gets out of hand. Also, when going into a FC, what am I obligated to respond to from the bank or whoever? So far, I am not responding to anyone. I do have a lawyer to help if/when I need him, but I'd like to know what other people have done or experienced when going into a FC and filing a BK.

[HomeNow2]

GrnEyedLady5.....why would you be in a hurry to leave a place that is FREE? You need to change your mindset and financially take care of yourself/your family first. STASH the cash for your retirement while you are not paying on the house. Those funds (retirement savings) cannot be touched in a BK unless they are HUGE.

No need to hurry the BK unless you are being sued by someone. Hold off. Let everything take its course. Not a biggie, you are not alone. I would also recommend that do a Google search on the HAMPster Game.

In times like this it is ALL about taking care of yourself first. Again, you have a LOT of time.....don't rush to move out of a place that is free.........especially when your name will still be tied to the deed and even with a BK that can come back to haunt/hurt you. Just stay put and ride the wave!

[GrnEyedLady5]

OK, thanks for the info. I guess that I am just too anxious to just get out of here. The place is very old and requires a lot of regular up-keep, especially since it overlaps onto a large vacant corner lot that I also own and need to maintenance. I did not want to spend another winter in the place, but I guess I should just hang in there until at least next spring. I would think that things may be different by then, or at least know better of where I stand with the FC. I'm having a hard enough time just trying to save money, and the normal costs of just owning the place--utilities, insurance, taxes, etc.--could be redirected toward something better like an apartment. The feeling to just bale-out gets greater by the day.

[dman]

Utilities are a necessity. Insurance...I don't know, perhaps you could reduce your premiums by lowering the coverage and raising the deductibles? The main thing you need insurance for now is liability. Taxes...that's something the bank would have to pay once they finally foreclose, I'd save my money.

[GrnEyedLady5]

OK...thanks so much for the advice.