Delay foreclosure in California

[confident]

Dear "Confident" been meaning to write here again. How did your thing turn out? Did you find a place to rent yet? I've yet to get a NOD even, and it's been 4 months, so don't know which way to plan yet.

Thanks D. I do have updates and would love an opinion.

On one hand we did find a nice place to rent, granted it's about a third smaller than our place but it's lots of things we like in a home and we're ready to move to our new home. Granted, too, I've not been a tenant in a long time, but it will be easy to get used to and we have a very understanding landlady/landlord (mother and son). Thank you for sending happy thoughts on this end.

On the other hand, our sale date, scheduled today (already a postponed date), was yet postponed to next month. Argh. Though we welcomed the first postponement with great relief, each new date now just equates to us paying HOA for a property we won't live in anymore. It's ironic for me to wish for the foreclosure to go through, considering the theme of this thread, and after all my previous posts about needing to delay it. Hehe.

[DumbMe]

Banks

Yes, I personally think from all the research and lawyer experiences the last 2 years about this, that the big banks truly thought they could game the new system put in place with the new administration - by their "friend" that they could just charge fees and get recompensed for those illegal fees by foreclosing on who they considered "iffy" homeowners, no matter if they were in Modification or not, and especially on those who have a lot of skin in the game, the banks make a LOT of money by foreclosing then.

Trouble is they had to sit on the properties as it was way over the top, and try to keep a lid on their activities and so now there's a "shadow inventory" too. Haha, talk about a "parallel world", there it is. People are really angry this year, about a lot of things and property is sure one of them, the way banks treat us all etc.

That's why I declared bankruptcy (actually I am bankrupt now since I tried 4x to get a refi, 2x to try to get a modification and got turned down, even tho' I've lost 1/3 income and yet can pay a lower mortgage - I had put down 20% down-payment on my place dumbme! and nooooo, they'd rather foreclose on me, it's more money for them then!).

Bankruptcy is the only thing banks are worried about, he only thing banks don't like us to do, and bankruptcy even in my case of business on the side, wound up to be a lot easier than I tho't - don't let bankruptcy fool you, it's hard to fill out the papers, but once that's done, and you have a good attorney, it's very easy if you plan right before you declare bankruptcy and your Fico comes right back up in 1-2 months!

They'll scare you into not filing for bk saying it'll hurt your Fico, that it's shameful and will hurt you, but it's not true. The bigwigs in power would lose power (and money, i.e. Buffett owns a lot of shares for instance in Wells-Fargo! One of the worst offenders in the scam - I'm sure he knows about it all too) if their game is exposed for hurting the honest homeowners!

Like doctors saying "you have cancer" they say that against filing for bk....and it's just scare tactics. The banks don't want anyone to file bankruptcy, that exposes banks' with their scams of illegal fees and reclaiming properties they shouldn't from honest homeowners who put in a lot of money on their properties like I did, while cutting deals with the ones who shouldn't have gotten loans in the first place (thanks to the banks and their stupid policies of giving loans out like candy!).

Timing of foreclosure is very iffy, fast in some and slow in others, so it's hard to judge, you have to be on your toes.

Dear "Confident" been meaning to write here again. How did your thing turn out? Did you find a place to rent yet? I've yet to get a NOD even, and it's been 4 months, so don't know which way to plan yet.

[dgran4500]

You are 100% correct. he banks would rather carry the bad paper so they do not have to report the lose. That would make their so called reports worse then they are. Maybe they think the houseing market will get better yea right.

[DumbMe]

I know, doing something you're not used to doing is sure different. But have faith in yourself, you'd be surprised how much landlords love good people and there's so many in bankrtuptcy now, it's almost an "in" thing....landlords themselves are sometimes in bankruptcy too. Everyone has been hit hard out here in Calif., other places too. Do a little research on Google, you'll be surprised. Most everyone hates the banks, and certainly understand and are more-united than I've ever seen before in recent times, over the unfairness of what is happening to us all.

[confident]

Just look good, be nice when applying, and prove you're good for the rent but had a rough time with mortgage etc.etc.etc. Good luck, let me know how it goes, I'll be doing the same in 1-2 months, pulling for you!

Thanks I'll keep you posted.

Sigh!

[DumbMe]

If you Google "Renting a place while in Bankruptcy" then put your state name, you'll probably find a lot of suggestions and posts relevant to what you want. One of which is when you fill out a form, just leave the line about bankruptcy blank, (leave the line with SS number blank too and tell them you're trying to "raise your Fico score, so please don't check credit report".

And also carry one of your pre-bankruptcy credit report. If you don't have that, I'd go ahead and subscribe to one of the 3 reporting agencies, I like Equifax the best, and print out your credit report with all 3 credit reporting agencies, Equifax, Experian and Trans-Union on it, and it should show a "zero" balance of your debts as you're "in bankruptcy" to show you're "almost discharged and therefore with no debts but do have income, and through no fault of your own, you had to give up your home etc.

Where you're at right now shouldn't be a negative....actually credit card co's automatically send you credit cards and apps for cc's once you're past the 341 trustee meeting, so you've got good stuff in your credit now - my Fico rose some 10-20 points almost immediately. You're "almost out of bankruptcy" (hint: close to being discharged), you don't have any more debt, you are reliable, and have a job, and show them where you have been responsible in bill-paying etc....

I've researched this a lot, and it seems that most will rent to you just fine with BK even if you're not discharged yet - like someone else said, it's "eviction" that is troublesome. I'd think with the 341 trustee meeting time now past, they'd probably assume correctly that you're not going to put "them" into your bankruptcy when you rent from them.

Millions have had to rent after (and even during) bankruptcy, and you'd think there'd be a lot complaints if they couldn't rent. I didn't see that on my weeks of research on-line.

Calif. is a very lenient state (because of all the foreclosures and BK's I guess) for landlords to rent to you (I've seen some ads say "foreclosure victims welcome!"), maybe with extra security deposit and/or maybe an extra month, which I think someone else posted here about too.

Just look good, be nice when applying, and prove you're good for the rent but had a rough time with mortgage etc.etc.etc. Good luck, let me know how it goes, I'll be doing the same in 1-2 months, pulling for you!

[confident]

Now the tricky part is finding a place to rent DURING bankruptcy. It seems like not enough foresight on our part (though admittedly we did not have a plan B when we thought BK would unquestionably delay foreclosure). But, at this point, any and all thoughts again are welcomed.

[DumbMe]

We can help each other you bet. Good luck, and will keep in touch too. I don't have to move for awhile but yes, it's a worrisome time so they don't "change locks", and think place is "abandoned" - they do check your phone, so it's important to leave answering device on until you get everything out of the place and of course keep in touch with bank and attny. Don't think twice about "memories" when moving, you're creating a new BETTER life now! Straight up is my motto, if I can do that at 75, see a lot of goodness and act on it (and won't be fooled again), so can you!

[confident]

I'd say that keeping in touch with the bank sounds like a good plan, but also with your attny! Sure happy that you have extra time!!

Thank you. This does mean a lot, as do your encouraging words.



I will continue posting what I deem relevant experience, as I know that, for me, yours and others' real-time stories in various phases really do make a difference.

[DumbMe]

I'd say that keeping in touch with the bank sounds like a good plan, but also with your attny! Sure happy that you have extra time!!

[confident]

Also - update - we called BofA this morning to verify our sale date and they said September 17. We asked "whether someone will notify us of when we have to move out" and we were told yes, the foreclosure atty will contact you. (?)

I suppose this is norm? Sounds mighty generous, after what our BK atty told us that there may be no additional notice after sale.

[confident]

Thanks I'm going to call our BK atty and see what he thinks about that. Now just trying to find out if it's just as easily moved back as it was moved forward...crossing my fingers that it doesn't work that way!

[DumbMe]

Wonderful news!! Sounds good if it's true (Pacer? If it's on Pacer it must be true), sure hope so for your sake! Break a leg!

[confident]

Oh my goodness: I just checked recontrust.com for our sale date (originally set for September 3) - it now shows our sale date is September 17....

Is it time to rejoice? Should I expect it might be moved back to original date - this Friday?

Time is all I ask for. This weekend, especially.

All experiences and feedback welcome.

[DumbMe]

So sorry, didn't understand the urgency, I totally agree, first things first. Good luck to YOU!!