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After 12 years or so, house finally foreclosed. Florida

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  • After 12 years or so, house finally foreclosed. Florida

    I was badly injured in 2006 and we quit paying on our house shortly thereafter. This coincided with The Crash but wasn't really related. Our house was one of the first bought up by the Federal Reserve as part of the bank bailouts. This house, in Florida, has been sitting unoccupied for all those years. We bought a new house, this time with cash, after filing Chapter 7 in 2008 or so.

    The bank(s) refused to answer our requests for information about a foreclosure timeline. We later discovered that they could not actually answer anything. The house had been sucked into a fund called Maiden Lane, one of the very first bailout funds.

    Now, last week, the house was sold at a BK auction. To the bank of course. After it had been transferred 20 times or more over the years from one fund to another. We last saw the place around six months ago. It is filled with black mold, stinks to an incredible degree. Carpets are rotted. Water is everywhere, the wood floors have buckled. What was a lovely house is now a hazard to anyone who buys it, unless they tear it down and rebuild.

    At one point, when the market was really overheated, the house was worth 700k. We actually got an offer for 620k but I was still physically okay then and had no interest. After the crash, we tried to sell it and had an offer of 380k which would have paid the note and let us leave with no debt. The bank refused. The BK auction price was 225k.

    I have not posted here for years so most current users won't recognize me, but I felt like I should add our 'worst case scenario' to the forum for others going through something similar.

    Also, a few days after the foreclosure auction, I received three different FedEx packages from the bank offering to refinance. They were all duplicates. Hard to believe, really.
    11-20-09-- Filed Chapter 7
    12-23-09-- 341 Meeting-Early Christmas Gift?
    3-9-10--Discharged

  • #2
    Wowwww. I do remember reading your previous posts a while ago when I searched to read peoples' stories on how long the foreclosure process actually takes after bankruptcy. I am playing the waiting game right now too with the house I discharged in Ch 7, though it is nowhere near as long as yours was... The courts put in a judgement for foreclosure about a month ago... but there is a 90-day redemption waiting period in Illinois, so that means the very earliest they would do the sheriff's sale would be early July. I moved out way over a year ago, but I'm still paying for utilities at the old house. I am keeping just a couple lights on for security purposes and to keep the sump pump on in the basement, but I'd sure like to be done with those bills sooner rather than later.

    Zillow and Redfin and even the county assessor seem to think my house's market value is $240k. I laugh every time I read those estimates. The neighbor's house (similar house style/property size) sold for $180k last year.

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    • #3
      Hope yours goes quicker than ours. The final hit to my credit didn't start until the foreclosure was final, a couple weeks ago. So now I have years to wait, even though we hadn't lived there for more than a decade. We also had the foreclosure judgment happen. Repeatedly. Then the bank(s) would try to negotiate with us and would cancel the case. So, the house sat. Then was sold again and the process restarted. We have been doing this for all those years. Truly, I hope your bank/lender does it quick. That would be much better for you.
      11-20-09-- Filed Chapter 7
      12-23-09-- 341 Meeting-Early Christmas Gift?
      3-9-10--Discharged

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      • #4
        My house sold at auction Friday, thank goodness. Next steps are waiting for court to approve the sale (2-4 weeks) and then typically it's 30 days to be out of the property. We got the last few things of any value out of the house yesterday (a/c window unit, old washer and dryer that we are going to Craigslist at some point). All that's left are two lamps that we have on for security, a box of lightbulbs, a vacuum cleaner, and a few boxes for Goodwill that I plan to run over to the donation center this week. If the bank offers anything for us to leave faster and leave the place broom-clean, I'll gladly take it.

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