How long have you stayed in your home?

[justbroke]

What's the difference between a NOD and a complaint for foreclosure of mortgage? Got served the Complaint of Foreclosure of Mtg today.

The Notice of Default is a pre-amble to the Complaint. The NOD is an official notice that you must cure the default within so many days, or the Note would be accelerated.

The Complaint -- or lawsuit -- is the formal legal acceleration and demand to cure or be foreclosed upon.

[myhearts07]

Also, on the complaint, my name is listed, and I am not on the mortgage. Is it because my name is on the title????? What should I do? ONe of us needs some credit for the future?

[myhearts07]

What's the difference between a NOD and a complaint for foreclosure of mortgage? Got served the Complaint of Foreclosure of Mtg today.

[cindy02]

Rover, how many months do you think can buy if you file bankcruptcy?

[rainelli]

Hello!I've been in my house for 30 years now....

[Rover]

I stopped paying on a 1st and 2nd mortgage in June, 2007. Total payments were a little over $3,000 per month.

In December, 2007, foreclosure lawsuits were filed on both mortgages.

To delay things, I filed many pretrial motions (to dismiss, to strike, etc.) pro se. It wasn't until mid-2008 that I had to file Answers to the lawsuits.

Here it is February, 2009, and the court process is still dragging on. I have lived payment free in my home for 21 months. That represents a savings of over $63,000.

I'm not sure how much longer the court process will continue to drag on, but I would expect at least another 4 months -- an additional $12,000 savings.

I also have a total of $12,000 of property taxes unpaid and $700 of unpaid homeowners dues.

On the eve of the foreclosure auction, I will probably file Ch 13 -- which will buy me a few more months of rent-free living.

When the house is finally sold at auction, I figure I will have saved almost $100,000 in "rent", property taxes and fees. On top of that, the house now needs around $100,000 of repairs (roof, lanai screen and deck, tile, carpet, paint, etc.)

Originally, I intended to use Ch 13 to permanently stop the foreclosure. But when I add up all the arrears costs (mortgage payments, attorneys fees, taxes, etc.), repair costs plus a portion of the unsecured debt I would have to repay in Ch 13, it is now a better strategy financially for me just to let the house be foreclosed after I can't stall any longer. Then, file Ch 7. I can rent a better house for $2,000 per month, and buy again after housing prices have fallen even farther.

Back in 2007 when I stopped making payments, I had around $200,000 of equity in the house. Since then, the house has declined in value by at least $100,000. So, trying to sell the house doesn't really make sense anymore because I've already captured whatever equity I now have in the house from the savings on rent, property taxes, etc.

It's nice living rent free and anyone can do it. No one is suddenly going to show up at your front door with a posse. The process is predictable and easy to learn. I've convinced my family that in this economy it's a good move financially to move to a new house -- and maybe a better house for less money. They're actually excited about it.

[myhearts07]

Wow. The attorney said that we would need at least $12K saved when we move out so that we would have to pay security deposits and whatever else they required at the time when we moved in. I am not filing and once the BK is filed and discharged, we are going to clean up my credit and get my debt paid off so maybe the landlord won't ask for so much based on my credit and debt ratios. I hope to be able to find a rent to own situation where our rent can go into us buying the house. That would be great. I don't know how long it would take to go the regular route trying to get financed and all that with my income. I had a loss last year and though hubby is ok on salary, he will have a foreclosure and a bk on his credit so that might really hurt us. But I am through worrying about all that and I realize that we need to live for now and not so much the future because it is not promised to us. Hearts

[slam22]

We made our last mortgage payment in March '08. We are still in our house in San Diego and now with our discharge last fall and our BK now closed we have just been throwing all of the cash on to the pile. No NOD has been filed as of yet so if it happened on Monday we would have at least four more months before we would have to be out. We feel pretty fortunate.

[Doghouse]

I last paid my mortgage for the month of Sept '08. Have not paid a dime since Oct '08. No notice of default yet. Attorney had told me it will probably take up to a year or longer for the whole process here in California. I will be filing for BK first week in March. Hope to live rent free till at least Oct '09 or longer.

[myhearts07]

I am just learning about the foreclosure laws here, so I won't be much help yet. I live in ILLINOIS>

[plantlvr]

Hi Hearts, can I ask what State you live in? I'm in California which is a non-judicial State. Was wondering if foreclosures take longer in judicial States or is it just because there are so many foreclosures to deal with is the reason it takes so long?

[myhearts07]

Hi all, Hearts here. We have not made a payment since Aug. 08 and no NOD. Had been trying to get a mod so that we could keep the house, but no. Just saw a BK attorney today and he said it could be 12 months from the time that we receive the notice of default from the lender that we would need to be out of the house. We'll see I guess. It is hard to start over but ... wow...

[cindy02]

Citysh,

I feel the same way. I moved out of my house after I missed two payments and it took about 14 months to foreclosed. I feel so stupid for leaving early but I panicked too.

[beachymama]

I have not made a payment on one house since Dec 07, and still no LP or anything filed. I don't live there, but it is down the street from me, so I keep an eye on it, keeping up the utilities, pool and lawn. The insurance was just cancelled for non-payment though.

The house I live in, I have not made a payment since Aug 08, no LP (same lender), no phone calls. Just a statement each month with late fees accruing.

I have asked the lender to work with me on a modification for both homes. I received a good decent mod for the old home (empty) but nothing on my home that I want to keep.

[wonkettegirl]

I know! I can't believe that people rip out appliances, wiring, etc. The term "trash out" is just what they call it when people come to load up what is left behind. Kind of an insulting name, I guess, but what can you do. It kills me that I spend SO much time/effort sprucing the place up trying to sell it and all that hard work was in vain. Ah well.