Florida Foreclosure

[gtx76]

I was served papers today and have 30 days to respond. I have three questions:

1. Any ideas of the minimum time I have until I have to vacate?

2. Does any of the recent bailouts have any help for me being able to keep my home? I have tried to work out something with my mortgage company "Bank of America" for the past 4 months. They refused to accept any payments unless I can come up with $30k up front.

3. I have heard about Bank of America having to settle suits from mortgages that originated with Countrywide. My loan was with Countrywide until my monthly payment doubled in just one month. I then refinanced with BOA. BOA overstated the value of my home by $100k, so when I tried to sell it 6 months after financing it was worth 60k lees than I had refinanced it for. Do I qualify for the settlement?


Thanks!

[AngelinaCatHub]

Hey, I’m not a professional. Here is my thoughts. “Half of something, is better than all of nothing.” I would bring that up to B of A and to the right person, explain, “you can rent cheaper or buy lesser, and they lose.” I think we are in big time problems so I would not panic. It probably would take them three months minimum to get you out. More if you work the deals. I hope this helps a bit. ‘HubAC

[HHM]

1. Not sure, but you can google Florida Foreclosure Timeline and that will the answer question. Technically, you can stay in the house until someone goes to the trouble to evict you. If you were just served with the notice, you probably have months.

2. Nope, none of the bailouts help anyone who is already in default.

3. They do not mean settlement in the way you are thinking about it.

[AngelinaCatHub]

1. Not sure, but you can google Florida Foreclosure Timeline and that will answer question. Technically, you can stay in the house until someone goes to the trouble to evict you. If you were just served witht eh notice, you probably have months.

2. Nope, none of the bailouts help anyone who is already in default.

3. They do not mean settlement in the way you are thinking about it.

[gtx76]

1. Not sure, but you can google Florida Foreclosure Timeline and that will the answer question. Technically, you can stay in the house until someone goes to the trouble to evict you. If you were just served with the notice, you probably have months.

2. Nope, none of the bailouts help anyone who is already in default.

3. They do not mean settlement in the way you are thinking about it.

On the settlement BOA has agreed to refinance the payments at no more than 34% of your monthly income.

[Scooter10]

The information for the BofA/Countrwide "settlement" is found, on the countrywide home page. Then on the right handside ---- "Learn about financial Hardship...."

Nut I agree with HMM, "They don't mean settlement in the way your thinking."

[fltoo]

Please don't rely on this, but, my mortgage is with Countrywide, and I am in default 14 months now and no sign of foreclosure. Friend of mine in same boat, her loan with Wells Fargo, was foreclosed in 8 months.

[tanyusik]

FL foreclosure answer

I'm not sure what papers you have been served with. If it is just notification that foreclosure process started, so called Lis Pendens, you have almost a year before you need to vacate. And if this is the case, you still have a chance to apply for so called Hope for Homeowners program initiated by government. It is better to apply with the lender, who currently has the mortgage on your property. This program gives you a chance to refinance and get new loan based on 90% of the current value. So your loan amount will be reduced and you will have low interest rate fixed for 30 years. You will need to qualify for this mortgage based on your current income.

If the papers you've been served with are about the fact that your property was sold on the foreclosure auction, that means it is too late to apply for any loan program. The property doesn't belong to you any longer. It may take up to 5 months before Sherif delivers you eviction notice. Their office is backed up now. But once they do, they will give you only 24 hours notice, so you may need to look for rental in a month or 2.