How long can you stay after F/C

[myhearts07]

Yes, May 20th. So that leaves us with what maybe 4 months?

What happens if the house is not sold at the sheriff's sale? When would we have to move out?


Hearts

[dingdong]

Here if nobody bids on it, it reverts to the bank as the bank usually has a standing credit bid for the amount due on the mortgage. So essentially it is just the bank formally getting the house back.


Unless their is equity in the house and it is a great deal for some reason, which is doubtful in a foreclosure duing these times, the bank basically is just taking title back through the FC process.

[myhearts07]

Thanks for your response. Was I right about the timeline from where you estimated we might be at?

Hearts

[dingdong]

It appears you have about 8 months from the court date until you have to leave according to that timeline.

I am no way an expert in Illinois forecloure law, or in any legal matters, but from what I understand you have about 8 months.

7 months of redemption period + 21-30 days to confirm the foreclosure sale.


Illinois seems to have a very long redemption period.

Have you looked to see if they use only judicial foreclosure in Illinois?

[spearmint]

How long would I have in Michigan to stay in the house if an auction date was set for mid-April?

[dingdong]

Here is a link to a Michigan foreclosure timeline.

http://www.macombcountymi.gov/msuextension/documents/ForeclosureTimeline.pdf

[hnhlvr]

Yes, May 20th. So that leaves us with what maybe 4 months?

What happens if the house is not sold at the sheriff's sale? When would we have to move out?


Hearts

Your house will go back to the bank if it's not sold. My house was sold in Feb and suprisingly, Fannie Mae purchased it from IndyMAC. It's been 1.5 months since that date and yesterday I drove by to see if the keys still work and all the locks had been switched after the sale.

I think it's wise to have a new place to live all planned out prior to the sherriff's sale date!

[dingdong]

The timeline for foreclosure/moveout can greatly depend on your states redemption period.

Some states have very short periods of redemption ( 5 days) to long periods (7 months or more)

Can you imagine the headaches and possible lawsuits and title issues a lender would have if say the lender foreclosed, sold the home to another buyer and within the redemption period the former foreclosed homeowner had some sort of windfall or was able to refinance for some reason and came back within the redemption period and payed off the loan?


I have read cases where it actually happened, a homeowner redeemed within the statuatory period and the home had been sold at the sheriffs sale for cash. Big ugly mess with eviction lawsuits, etc.

[plantlvr]

Hi Dingdong, I'm also in California and I haven't made a payment since last Sept. and still no NOD! Keep getting statements from Countrywide though! I'm in one of the hardest hit counties in Ca. [ Central Valley] so that might have something to do with the whole thing. I was discharged from my Chapter 7 on Feb. 21st and did not reaffirm my mortgage. So I'm just going to live here and keep up the house and maybe I will be able to work something out with CW.

[dingdong]

Yeah, I have heard of many foreclosures simply falling through the cracks and people staying in their homes for years. Especially in places where there are many homes just sitting vacant with no hope of buyers.


I guess it is better for the lender to have someone there maintaining the home and paying insurance on it than let it just sit on the market to deteriorate or be vulnerable to squatters or vandalism.

Makes sense, at least until the market improves, if the owner still has title, than the lender isn't liable I suppose. Why kick someone out just to pay to have a home sit there and pay insurance on it.

I think if more lenders thought reasonably about the situation , they would just approach more home owners in trouble proactively and offer them loan mods, at least they would be getting some sort of payment for the home, maybe offer a 5 year forebearance type of loan mod ( where the home owner just pays the principle down for 5 years and foregives the interest for 5 years) or something until the market ( hopefully starts to recover).

At least the principle would go down during the 5 years and once the 5 years is up reamortize the loan to reflect the new principle balance and a possible fixed rate loan.

It is insanely stupid what is going on, there are ways to fix it, but not enough banks willing to get off their high horse and work at the fix.

[myhearts07]

You know I wholeheartedly agree with that. After reading over your responses last night, I got up this morning and printed the file that I have kept on my lender since my first contact with them last August. I was trying to figure out how I could get a continuance when I go to court in May. I was reading over the documented conversations and they have mislead me so much with what they were saying and that caused me to be confused, I was under duress and feeling threatened by them because we could not make an informed decision and had more questions and this was really pissing off the loan mod/specialist to the point where she was very irate with me in the email. We had hired a company to help us save our home and the conversations that they had and the sarcasm and nastiness in which they spoke back and forth to each other was very overwhelming, I had to stop reading the emails because I was getting upset and still not getting any answers. The lender just kept telling us no and even though we did what she said and our income was increased to a point where they could do a loan mod, they decided for us that a partial claim would be best. She did not tell us what other options we had and then I get an email from another department of this same lender saying that they have creative solutions for those who had been denied through loss mitigation and that they had more authority than this department had an one thing I missed was the following: the newly created department told me in an email that "Some loans are able to just get a lower interest rate, if you are behind in your payments we bring you current within the loan amount or we have done a first loan with a silent second (a second loan that does not have to be paid on for three years). Basically we are trying to keep your options open." They never ever mentioned this to us again outside of this email, we would have jumped on that with no payment on the arrears for 3 years--- we could have been paying that down along with the mortgage payment. SO, I feel that they misled us and did not give us our due process concerning the mortgage modification. What do you all think? Do I have a leg to stand on? I am taking this whole file with me to court, a copy for the judge as well to ask for a continuance as well as give me time to retain and pay for an attorney.

Hearts

[Aledrell]

13 months no mortgage payment house in CH7 bk used ch7 to stop fc. Holding out as long as I can, sticking it to the Man.

[queencreekaz]

13 months no mortgage payment house in CH7 bk used ch7 to stop fc. Holding out as long as I can, sticking it to the Man.

When did you file for BK? Was it close to the forclosure sale date?

[Riley]

Can somebody explain for me- I am in Indiana.... I received notice of Sheriff sale yesterday. The date for the sale is Jan 13th. So when should I be ready to leave. Also heard that a couple days after the sale then somebody from Mortgage co will prob come to see house and advise that if I leave the house in good clean condition then they could offer me $ to do that. Has anybody heard of that?