How long do we have?

[nervousinohio]

I have a couple questions. . .We filed bk on 8/12/05 and had our 341 meeting on 9/30. I just received a notice of motion for relief from stay and abandonment from our mortgage co. (Chase) scheduled for 11/17. What does this mean for us? About how long after this hearing can we continue to stay in our home? We didn't stop making payments until we filed, so is it going to be considered a foreclosure?
Please help. . I am so sick over this whole thing. I can't sleep!
Any info will help.
Thanks.

[robivi3]

Just curious, why did you stop making payments?
Chase mistakenly filed motion for relief on us an withdrew the motion within one week. The payment was shuttled between offices, but not thirty days late.

my understanding is that it will be granted generally and will pave the way for chase to begin foreclosure, it is very serious. I was told that the process goes very fast by several attorneys.

[nervousinohio]

We our surrendering our house and we stopped making payments because our lawyer told us to. So I just was wondering about how long we still have in our house at this point. I gather that it won't be very much longer then??
Thanks

[PDXbk]

We're in the same boat. The length of time required to foreclose varies from state to state. In Oregon, where we live, it's 120 days after notifying the borrower. Our lender just filed a motion for relief from the automatic stay and that will take 30 days to be granted. After that, they can start the four-month foreclosure process. We intend to sell our house before they foreclose, which will give us about two months to sell it after we get our discharge. (You can sell your home up to five days before the foreclosure auction).

[EdytaHome]

You may stay in the house until they evict you! Of course many people, myself included, decide to leave well before that happens. On average it will take the mortgage company about 4 months to foreclose from the time they obtain a relief of stay. It takes them longer if you are actively living in the house. They have people drive by and take pictures and stop by to see if you are still living there. Serious, this is for real.

When we were moving, we had some guy do a very slow drive by, with a digital camera, taking pictures. We were outside looking at him like he was crazy.

We moved almost 3 months before the foreclosure sale because we needed to have a roof over our heads and wanted to secure that in time. I know it's hard but try to enjoy the time you have living there without paying a mortgage or rent.

Good luck.

You can also stay in contact with the mortgage company, I called them often to find out when the
auction sale was going to happen. They moved the date back 2 times.

I was also worried about back taxes due, which the mortgage company ended up paying at the
point of assumption of the mortgage.

[nodinero]

I have a couple questions. . .We filed bk on 8/12/05 and had our 341 meeting on 9/30. I just received a notice of motion for relief from stay and abandonment from our mortgage co. (Chase) scheduled for 11/17. What does this mean for us? About how long after this hearing can we continue to stay in our home? We didn't stop making payments until we filed, so is it going to be considered a foreclosure?
Please help. . I am so sick over this whole thing. I can't sleep!
Any info will help.
Thanks.

I made last payment 12/2002 per attorney in OH. Stopped 1st foreclosure attempt with the help of a real estate agent promising a short sale on 11/2004. Stopped 2nd foreclosure attempted with the help of same real estate agent promising a short sale on 5/2005. Executed short sale to relative for FMV on 5/2005. Still living in house - leasing it back from relative (essentially making mortgate pmts in relative's name) - filed Ch. 7 before 10/17, and hoping the Trustee lets the "lease" pmt. go through.

Ohio courts are backed up with foreclosures, especially in metropolitan areas like NE Ohio (Greater Cleveland). In a normal foreclosure, I would expect that once you received the lawsuit from the mortgage holder, you could stay in the house for 1 to 2 years in Ohio. However, by filing BK first, you may have accelerated that time frame, I'm not sure...

[nervousinohio]

Well, we decided to move. We will be out in a month. We will be renting from my grandmother for a while and she'd rather us be there before the "big snow" weather. My husband and I will be helping her out a ton (snowblowing, repairs, cleaning etc.)
We were wondering if we would be able to obtain a new mortgage within 2 years but with a high interest rate?? Or is it just standard that we can't be approved until 2 years has passed regardless? I know that my grandma would really like us to buy her home but I don't see how that is possible in the near future.
Any info?
Thanks.

[MTG_BANKER_OH]

Well, we decided to move. We will be out in a month. We will be renting from my grandmother for a while and she'd rather us be there before the "big snow" weather. My husband and I will be helping her out a ton (snowblowing, repairs, cleaning etc.)
We were wondering if we would be able to obtain a new mortgage within 2 years but with a high interest rate?? Or is it just standard that we can't be approved until 2 years has passed regardless? I know that my grandma would really like us to buy her home but I don't see how that is possible in the near future.
Any info?
Thanks.

You can qualify for a mortgage if you can get your credit scores over 580 with zero down. As long as you surrendered the home in the BK and walked away from it it will count as the same occurence with the BK and Foreclosure at the same time. The most important thing to do if you want to buy a home later on in life is to reestablish credit as soon as possible and get all of the negative tradelines removed or reported correctly that were in the BK. You could also look in to purchasing your grandmothers property in a land contract or a lease purchase. You just have to make sure that you make any rent payments with a check so there is a paper trail. Never pay cash for rent, you shoudl always have a paper trail, in terms of mortgage financing. I know this is a lot of information, but you can purchase again and in less then 2 years, it could be less then one year. I think it would be useful for you to take it easy and save some money after everything that has hapened. If you can try and reesablish some credit soon though even if it is a $300 credit card, You will be glad you did when you are looking to purchase something in the future.

Nick Kusan
Professional Mortgage Consultant
[email protected]
Lic.#15112 MB.#3860
Direct Phone (614) 410-9112
Direct Fax (614) 410-9108
Toll Free (888) 332-5301 Ext. 112
150 E. Wilson Bridge Road, Ste. 350
Worthington, OH 43085
Visit us at www.prioritymortgage.com

"Top 25 Greater Columbus Home Mortgage Lenders," as Published by Business First

[nervousinohio]

Do we have to open up a new credit card because we have two cc's that don't have any balances so we didn't include them in the bk. We also have 2 cell phones and have made all payments on time for them as well as all utility bills. (Do utilities count on your credit??)
Thanks for your info. We will hopefully save up enough just in case we can't get zero down.
I have heard of a land contract. . .what is that exactly?

[MTG_BANKER_OH]

Do we have to open up a new credit card because we have two cc's that don't have any balances so we didn't include them in the bk. We also have 2 cell phones and have made all payments on time for them as well as all utility bills. (Do utilities count on your credit??)
Thanks for your info. We will hopefully save up enough just in case we can't get zero down.
I have heard of a land contract. . .what is that exactly?

That is good if you have 2 cc;s that were not in the Bk are they still open? It woud be good to keep them open and use them and pay them off every month so they have an active history. Utility bills do not count on your credit but can be used as an alternative tradeline with some lenders if you are lacking credit history. A land contract is a contract which can be filed at teh courthouse as a legal document with a seller where you will live in the house and pay rent for a certain amount of time usually 1-2 years while you reestablish your credit. The the beginning of the contract you specify the price you are going to pay for the house and at the time of the contract expiriation or when ever you choose to exercise your option to buy you can refinance the house instead of doing a purchase loan where you can use any equity in the house as your equity, where as if you were doing a purchase you can only use the equity in the home after you purchase it. There are many things involved in this type of a transaction. It is best to talk with a local realestate professional to help you out with this transcation.

[nervousinohio]

Yes both the cc's are still open. Alright, we can use those then and pay them off. Neither one of them have large limits so that's a good thing!
Thanks for your help!