Long post that covers several subjects. Your help would be invaluable.

[mike22]

My wife and I filed Chapter 7 on Dec 6th 2010 and our 341 was 1/11/11. The Trustee filed no asset/ no dist and we are in the 60 day waiting period. We are set to Discharge March 14th.

I have gone back and forth about keeping the home. All of the reasons to keep it are emotional and fear based. We applied for a Modification and it was approved. The Bank is a regional bank and while I am grateful they approved it I know that it is only a Band-aid and so we are not taking it and are going to leave our home.

The bank was granted the relief of stay this week and because the are a regional bank they will move fast. At the time that we filed a Trustee sale was set for the following week. I am assuming they will set the sale again very soon and will want me out of the home before the discharge is done. I am NOT certain of this but it is what I think will happen so if any of you know and can give me guidance I would be grateful.

We have started to look for a rentals and have found some possibilities. We have animals ( Horses, goats, dogs and cat) that will need to be adopted out if we rent any of the properties we have been able to find. Because of the current economy this is going to be a long process as we need to be sure the animals go to a good home. They are able to stay at two friends houses until then.

In addition to looking at rentals and all that goes along with it we have looked at lease option / owner contracts that would allow us to keep the animals.

We have a meeting with a gentleman today and his home is great, actually a big upgrade from our property for $150,000 less. It is something we can afford and he is willing to do a 5 year Owner financing deal with us. Providing we can work out the terms which I think that we can It looks like we will be able to get this home.

Can I do this before the Discharge?

The timing is so tight, not only do I think that we will HAVE to move before the discharge, I do not get the feeling that t Seller is going to want to hold this offer out until March nor do I want to risk someone else making an offer ( probably won't happen but too much at stake to risk it if I don't have to.)


This is a great home and it allows us solve all of our housing and animal problems ( we will likely still adopt out several of the animals (the goats and a horse) in order to improve our budget, but this would give us time to do it right without all the hassle and we could still keep the animals we can afford) (the animals are my kids)

Any thoughts about how my current bank will proceed and the timeframe and/or if I can enter into a owner contract before my discharge?

Thanks

[tobee43]

mike i truly do understand your situation...we were in our home for 33 years...and after all the tears and fears we too, had to sit ourselves down and make a sound financial decision that would best help us to meet our future goals. to leave our home was so emotional for us....raising our kids there, all the memories but we have since learned you carry the memories in your heart and not a bunch of walls....

so we packed up and left...we didn't have animals but had other items of great sentimental and financial value on the very large piece of land. we ended up donated most all of it to state and local agencies... a win win for us...as we rec'd receipts and all donations were tax deductible, as well as our lovely items (which i'm not going to get into today) were donated and now displayed in a state facility for thousands to see forever...which brings me to your animals...we lived in an ag county...so the 4h and also our local dept of ag would help with possible placement of one's beloved animals. (just a suggestion).

also, the place you looking out sounds great! and i just had to edit this.....the house...and it's approx 3 years now...still has not foreclosed....so that's that.

we at first rented and then moved to a place that i knew was owner owned and not bank owned...after a period of time i approached the owner about purchasing the property with owner financing. he, at first was not interested, but new after having the place on the market for a few years it was just losing more and more value...so he accepted our offer and we close next month on this house.

in as much as entering into a deal prior to your discharge, i would consider that a bit iffy for me...i would just rent with an option to buy if possible...because it's just an "option" and certainly not a reality at this point. so i would approach it that way....also if the owner still has a mortgage i would ask them to consider a land contract and wrap around his or her mortgage at the time, if your intention is to own this property.

once again...i wouldn't do anything other than rent with an option to buy until you get the discharge. but i'm certain there are many out there that may have another approach.

best of luck to you mike!

[debrouillant]

To the OP - even if the foreclosure sale takes place tomorrow, you would still have time before you actually have to move out. I work in the field and I know that to be the case. Most likely, you will get a call or a letter from an REO agent that is in charge of reselling the house for the Bank who will provide you with some timelines as to when you have to voluntarily leave the house. Most likely, it will be a Cash for Keys agreement wherein you will actually receive some money in order to leave the place cleaned up and not destroyed beyond recognition. I would be willing to bet anything you will be able to stay in the house until March. 99% certain of it.

Also, just because they got a relief of stay does not mean the sale could take place immediately. There is public information out there for when a sale is scheduled, etc - you know that when you filed for BK, the sale was scheduled for the following week. Well, you can easily look up to see when it scheduled for NOW, and then easily add 30-60 days before you actually have to vacate. Sometimes MUCH MUCH longer.

[BKIN2010]

There is public information out there for when a sale is scheduled, etc -

How do u go about seeing when the sale is scheduled?

[mike22]

tobee43

You alwyas have such thoughtful posts. Thanks for sharing your wisdom and parts of your story, it means alot.

After the meeting I am feeling like their is a way forward that is a win fo both parties. We were in agreement on basic terms and I will now be presenting an offer. We willl then have an agreement prepared by a real estate attorney and then of course have our own parties check it over and make the ajustments that are needed. In a evidence that this is a small small world my buisness banker has done buisness with his attorney for years and they have a mutal respect for each other. This helps the trust on both parts and these guys are used to revieing each others work so in this case I believe this will also work in our favor. It is likley that by the time all is said and done we will be discharged. I also checked with my BK attorney and he said there was no issue with proceeding and hoped it would work out.
As a bonus based on what debrouilliant said (thanks much debrouilliant) my time frames should work out. (fingers crossed)

I will keep you updated on how this goes. congrats on your home and I hope to learn more of your story in future posts.

All the Best

Mike

[lunasgal]

In New Mexico everything is documented through the NM Courts Website- That is how I am tracking it for my foreclosure and plan to stay in until I am offered cash for keys or have to move... My website is http://www2.nmcourts.gov/caselookup/app which is no help to you probably but might give you some direction I am in a similar situation as you- I have dogs, cats horses and goats- Luckily I have found hopefully homes for my goats as they are friendly and a friend is interested in them and I will board my horses and brings my dogs and cat as I am saving for a large pet deposit

Good luck to you!

[mike22]

Thanks a ton for your confident post. I hope that you are right. They are a tough bank and the credit department is pushing to clear the desks of works while the workout dept is trying to save some deals. Interseting battle. They are not BOA by any means but decent size at 17 Billion. The weird thing is that they sometimes function like a small local bank. These two departments are lss than 50 feet apart, I know this because I have been working with them for two years now to get to this stage. I hope that you are right but typically they have the local branch manager out to do the dirty work before the REO agent gets in the mix. Again fingers crossed for time. Tomorrow will likely be the day of no return as I have not taken them up on the offer and they said mid week was it for me.

Thanks a ton and it is good to have you here. Welcome.

Mike

[mike22]

I FOUND MINE AT THE COUNTY AUDITOR OFFICE. you go to the site and then there are options of reports that can be filled based on info that you type in. there are probably other ways as well but that is how I track it.

[mike22]

wow really similar situation but it is the right move I am sure in both of our cases, lost of work when there is so much to unwind and you actually care. Best of luck to you as well.

ps I read a great quote the other day that helped based on where i am right now. "Everything is possible when nothing is sure"

All the best

Mike

[ValleYum]

Hey Mike?

Had the notice of the sale been posted or the sale advertised prior to your BK? This timeline from the Attorney General's office here in WA may help you know where you are in the process and how much longer you have.

http://www.atg.wa.gov/uploadedFiles/Home/Safeguarding_Consumers/Consumer_Issues_A-Z/Foreclosures/Foreclosuretimelines.pdf

Hopefully you will get some info and reassurance from it.

Isn't the thought of this fresh start exciting? My discharge is set 1 day after yours! Let us know how this all works out!! I wish you the BEST for your future!!

[OhioFiler]

There is zero possibility that a bank could foreclose on your home, sell it and evict you before your discharge. I doubt that could happen in a six month timeframe.

[tobee43]

tobee43

You alwyas have such thoughtful posts. Thanks for sharing your wisdom and parts of your story, it means alot.

After the meeting I am feeling like their is a way forward that is a win fo both parties. We were in agreement on basic terms and I will now be presenting an offer. We willl then have an agreement prepared by a real estate attorney and then of course have our own parties check it over and make the ajustments that are needed. In a evidence that this is a small small world my buisness banker has done buisness with his attorney for years and they have a mutal respect for each other. This helps the trust on both parts and these guys are used to revieing each others work so in this case I believe this will also work in our favor. It is likley that by the time all is said and done we will be discharged. I also checked with my BK attorney and he said there was no issue with proceeding and hoped it would work out.
As a bonus based on what debrouilliant said (thanks much debrouilliant) my time frames should work out. (fingers crossed)

I will keep you updated on how this goes. congrats on your home and I hope to learn more of your story in future posts.

All the Best

Mike

thank you mike, that's kind of you to say...i just attempt to play it forward in hopes that someone can be helped by some of what we personally experienced in our journey.

i'm so happy to hear it working out for you and yours with this house!!!!!!!!

sometimes, one never knows what life brings. we are so much happier here in this home than a place we no longer could physically take care of and was like the "money pit" and would be that way forever...even our kids would have inherited like that ...so for us...it was a blessing and a new adventure!

and thanks again! we close on the 15th of feb,!! and then this house is ours..

make sure you keep in touch on the board it right!! since you'll be the only the "second" person i know doing this.. so i can't wait to hear what happens!!

[mike22]

ValleYum

Thanks for the link and yes it is exciting ti think that a fresh start is almost here. Thanks a ton.

All the best

[mike22]

Thanks for your post. I hope that you are right. This bank is a different animal. They have the branch managers ( the one that will be in charge of my home is my branch manager, fun stuff)
come out and inspect once I turn down the offer and then they say it is usually 30 days and you are out, she thinks they may give me 45 tops. After that it turns into eviction and my first thought on that is that I don't wnat that to be the case. I have young girls, they know things have been tight and they know we have made changes and know that more may be on the way but the last thing I want is the Sheriff to show up and make us leave.

This is spooky stuff to deal with, the easy thing to do would be to take the bank offer, which is a band aid amnd avoid all of this stuff. That is not what I am going to do. I plan to make the changes and deal with it the best that I can and I know it will be the better and more responsible thing to do for my family. Short term pain vs long time regret of trying to make it worl vs a full fresh start.

Again I hope you are right and I am grateful you took the time to post.

All the Best