Hello,
Back on March 1st I received notice that my mortgage company filed for foreclosure.
I filed a dispute within the appropriate time limit, toward the end of march. Check my previous posting if you'd like more details on that.
Basically, I'm waiting for the bank to file a response to my dispute. According to the clerks, until a judgement is awarded in favor of the Plaintiff (Mortgage holder = bank) the pre-Foreclosure period / etc. does not begin. Since a response hasn't been filed to my dispute, a judgement cannot occur. Also, the clerks say that the bank will probably ask for a summary judgement, which I guess means a judgement based upon the facts already known, which doesn't require a hearing.
The value of my house is probably at least 20% less than what is owed on it. Currently I'm assuming that the bank is hoping that I'll be able to find a buyer and negotiate a short sale, or something. They are currently paying the property tax and for a minimal insurance policy (structure only / etc.)
So, how much time does the bank have to file their response to my dispute?
Given that IN is a judicial foreclosure state, is it true that this might stay in limbo for over a year?
Any insight or advice regarding situations like this would be greatly appreciated.
Best of Luck!!!
Wingnut
Back on March 1st I received notice that my mortgage company filed for foreclosure.
I filed a dispute within the appropriate time limit, toward the end of march. Check my previous posting if you'd like more details on that.
Basically, I'm waiting for the bank to file a response to my dispute. According to the clerks, until a judgement is awarded in favor of the Plaintiff (Mortgage holder = bank) the pre-Foreclosure period / etc. does not begin. Since a response hasn't been filed to my dispute, a judgement cannot occur. Also, the clerks say that the bank will probably ask for a summary judgement, which I guess means a judgement based upon the facts already known, which doesn't require a hearing.
The value of my house is probably at least 20% less than what is owed on it. Currently I'm assuming that the bank is hoping that I'll be able to find a buyer and negotiate a short sale, or something. They are currently paying the property tax and for a minimal insurance policy (structure only / etc.)
So, how much time does the bank have to file their response to my dispute?
Given that IN is a judicial foreclosure state, is it true that this might stay in limbo for over a year?
Any insight or advice regarding situations like this would be greatly appreciated.
Best of Luck!!!
Wingnut
