CHP 7 & timeline for foreclosure

[hedgecat]

Ok -
Our case has been discharged (just a couple weeks ago) and so now we wait for the foreclosure?
They did not ask for a stay - and we haven't heard a peep...

I'm going through this now with BOA. I WANT them to take my house. They can't do anything until my local BK juridiction releases my case (I was discharged earlier this month). They told me to wait another two weeks and contact them again (not holding my breath this will do anything). Others on the forum have said they had to contact their local clerk and sweet talk them into finalizing the paperwork that is eventually sent to the bank.

[UpsideDown]

Sorry I didn't get back to you sooner, but I haven't been online in a week. What I mean is, the Lis Pendens has been filed (back in September) and we've received the foreclosure suit papers from the attorney (about 2 months ago) and still no sale date has been scheduled.

I called Chase today to inquire about the status and was told there is no real timeline at this point. It appears they move very slowly after the papers are filed. I assume if the RE market was better, they'd move alot faster. I still get a letter from Chase almost weekly saying to contact them about my options if I want to keep the house.

Today they told me for the first time that I can still sell it myself if I want. They said if I wanted to do a short sale, I'd just have to submit it to them for approval and that I could sell it up until the time it's sold at auction.

They are in no hurry to take back houses....at least here in the Tampa Bay area. I haven't made a payment in a year. One more thing....she also said that Chase would continue to pay the insurance, even though I'm no longer making payments to the escrow account.

[florida]

Ok -
Our case has been discharged (just a couple weeks ago) and so now we wait for the foreclosure?
They did not ask for a stay - and we haven't heard a peep...

[ryan]

I think the urgency of a lot of these lenders to press forward and remove stays, and try to adhere closely to fc schedules is state- specific. I don;t just mean the laws, I mean the overall RE economy. I have friends in Florida who have sat a year+ in their home with hardly a peep from the bank. Amazing. I assume its the awful market down there. Here in this part of Midwest where I am, I don;t see any slow up of FC timetables by lenders. Courts are packed, but moving along.

[cfgdag]

Upside Down....

What do you mean when you say they filed for foreclosure? What exactly has happened...and where are you located?

We are now 7 payments behind. About a month ago we received a notice saying pay XXXXX.XX within 30 (or so) days or we will proceed with foreclosure. Well those 30 days came and went and yesterday we received a notice from an attorney stating Chase has contacted them to reach out to us one last time for us to "save our home." It states they will proceed with foreclosure proceedings whether or not we respond. So what do you think this means? Do you think it's possible it will take a while longer to schedule a sale date or will we be moving full steam ahead now?

Mortgage Lender: Chase
Last Payment Made: October 2009
Loan Amount: 304K
House Value: 140-150K
State: Arizona

[UpsideDown]

For what it's worth, our BK was discharged and closed 11 months ago and Chase still hasn't foreclosed. Well, they've filed the foreclosure, but they haven't gone past that.
They've rescheduled the sale date 3 times and the last time I called them, they said there is no scheduled sale date at this time. We could still be living in the house. I wouldn't be too concerned that they'll do anything anytime soon.

[idainc]

Chase got my stay lifted.

How long from the day of filing until Chase made the effort to lift stay ? Thanks.

[cfgdag]

I live in Arizona (phoenix area) so I guess I have some time. BTW, we are a non-judicial state. Anyways....we plan on staying as long as we can to save up a nice chunk of money. And, we will have 90 days notice of our sale date, which is when we will start packing and looking for a rental. I just wish I knew how long Arizona takes. My co-worker had to practically beg her lender to foreclose after they got another house - 9 months after their last payment. She wonders how long it would have taken them if she hadn't hounded them and told them it was empty.

[BassBoy]

A couple of different topics here......and an old thread was revisited and posted to.

Anyways, the discharge automatically removes the stay, so the lender does not have to file a motion to lift the stay. Sometimes they file the motion to lift the stay after the discharge........probably so it's at least on record. I've seen this happen, and it's meaningless to the debtor.

Contacting your lender about the foreclosure is not of much help. If the foreclosure is judicial, then you will receive documents as to what's currently happening. Until you recieve the order for sale from the court, that's when you need to make arrangements to move. Also, checking with your county Sheriff's website will tell you the exact date of the sale.

And yes, it's possible with the huge wave of foreclosures, or not wanting the inventory right now, lenders are really gragging their feet. Let them do so because that's more time you get to live for free.

Until the time comes for you to move out, keep the insurance, Homeonwers Association dues (if you have an association) and utilities current.

[momisery]

WE have two homes, one is with BOA and the other with WF... They both filed to have the stay lifted, and our trusteee denied it until he could review our assets. Then WF went back in and I am not sure what they are doing now, I don't live in that house and it is in a different state. But we are discharged, and BOA still has not lifted the stay to my knowledge. They have not contacted us to move out in fact and we stopped paying in May. We do keep t he place up, we pay the insurance and it is winter. I suspect they will let us stay there and pay the water, sewer, and insurance until the time is a bit better to sell the home. While I am totally angry about the whole situation, I never set out to harm anyone so we will care for the home and leave it in good condition when we leave. Perhaps they have too many homes on the books right now and would prefer to keep them in their shadow inventory? Where you live makes a huge difference, CA, AZ, NV< MI are waiting a long time before they foreclose. Here in MO, not as long I am sure. But, we know we will have about 20 days once we are told, so we are packing so we can be ready. We have also been shopping for a new place to rent, but we are not moving until we have to. If we leave and anything goes wrong they could come after us is what I am afraid of.

[cfgdag]

I have a question for you also...

When was your last payment and when did you start hearing from them regarding foreclosure?

My last payment was October (have missed 3 payments) and haven't heard a peep from them other than a letter saying if I didn't contact them they may turn to their attorney to request a lift of stay. However, my ch7 was discharged and closed 1 week later, so I didn't respond. I am just trying to figure out when I can expect further contact from them regarding foreclosure.

[qsr]

How long does it take, and did you try to fight it?

[Newstart10]

Chase got my stay lifted.

[qsr]

Did Chase get the automatic stay lifted? I'm with BoA, but this is my biggest concern right now. I need to file before the trustee sale Feb 3rd.

[Redwing]

Still in the home, but facing the reality that we'll have to move in a couple months. Chase is still telling me that my "loan mod" is in underwriting, but I'm not putting much faith & hope in the approval process (not to mention the terible terms that Chase has been issuing lately). In the meantime the "stay" has been lifted from the CH-7, and the foreclosure process is moving on. We expect a sheriff sale date for the middle of March.

Depending what the terms are, and if Chase allows me;.....I'll try and still make arrangements for "trial payments", to buy me more time to find an apartment.

As mentioned before, we owe $175 on the 1st, and $42 on the 2nd;......and the market price of the house is approx. $185-$195

Thanks to everyone for all your thoughts, prayers, and encouragement!