Delay foreclosure in California

[DumbMe]

Thanks so much. Remember, it's us against "them", and the only way to come through it OK with the outcome you want, is to stay HEALTHY! And not emotional, which is hard to so, you're so angry at them and the situation that is NOT your fault! It took me years to feel that "it's not my fault, it's not my mistake, it just happened because of some house-flipper crooks, and greedy banks etal. who took advantage of a terrible program that gave away our money for the sakes of Wall Street, not us!"....people can win if they help each other - fighting does nothing, worrying and fretting hurts us, but staying healthy, and cold and calculating like they are, is necessary for survival and a good outcome, something good that each one of us deserves! And CAN get....keep well so you can think well (and research well)....it's the name of the game.

It's impossible to believe the banks or their image-repairing ads on TV. They're worse than the music business, more conniving and sneaky. I'd never believe their lies or promises, nor believe any of the script the workers read from their manuals over the phone. You just can't give them any tho't, except to do what you have to do for yourself, we're all in this same fix. No gov't program works, it's all mirrors and sham. Banks are able to pick up some extra cash because they know how to scheme the non-workable gov't programs imo.

[confident]

For you, I sure hope they don't change locks, I don't think they can do that until notice is put on your door and a certain amount of time has elapsed. Be sure to keep radio on, some sort of "evidence of life"....just in case is my advice. Don't change phone nos. until you're clearly moved out of the place....banks check with your phone to see if it's shut off or been changed to see if you've moved, that's been in my research a lot too. Keep the phone on with an answering device until you're completely moved out.

Thank you so much for your genuine advice. Yes it is time for action more than anything. Your feedback is valuable in our assessing where we really are at this time, because six months ago the terrain seemed to be different.

Here in the forum it seems we are out to learn from each other as well as help the new guy (as we've each probably had our share of "new guy"). It is an upward cycle that can only help us in our own climb, wherever we are in this circle.

My best to you, and to everyone in this boat.

[DumbMe]

Dear "Confident"....I sure feel for you, it's very unsettling at least about this period of your life - ugh.

I don't know ReconTrust, but have just heard (I've had my trustee meeting, it went well, very short and easy) that Wells Fargo is proceeding ahead with *all* foreclosures now, they're not holding for a shadow inventory any more. There's no putting them off with any compromise of maybe a "short sale" etc. anymore.

Once the Stay is lifted (takes 4-5 weeks from bk filing), which will happen to most others too I've been told by realtors, then they're off and running back on schedule to foreclose. Mine is 3 mos, and haven't rec'd NOD yet, but am sure I will once Stay is lifted in 1 week.

Realtors for short sales are angy at Wells Fargo, and other banks for speeding up the foreclosure process (to on-time per state laws, not delaying like they once did) as they've had short-sales foreclosed right out from under them, canceling the short-sales, and people then losing their homes earlier than when they planned, so be careful. I've heard that from 4 realtors and my attny firm too now.

In Calif. I believe you have at least 2-3 weeks once the sheriff posts the notice of sale on your door, at least 14 days to move out of the house. But with Bk on your Fico now, it's critical that your Fico be fairly OK (in the 600s if possible) so you can rent something decent from what I hear, or...have plenty of money to pay "extra" when renting and show it was not your fault about the bk and having to move (mortgage etc.).

It's kind of nightmarish, yes, but you can't let yourself get down, it's time for action, and preparedness. Also be sure to stay healthy, keep your mind in a good mood, get rest, and take something to help you take care of yourself, Chamomile Tea for sleep, Biotin for mood-elevation etc....Ginseng for energy etc.

And keeping your eye on the final outcome (the prize of peace in your life finally) is absolutely necessary! You (and I) will soon be OK with it all, just prepare for your move, get things ready once you find a place who will take you and family. Thank God summer is almost over.

For you, I sure hope they don't change locks, I don't think they can do that until notice is put on your door and a certain amount of time has elapsed. Be sure to keep radio on, some sort of "evidence of life"....just in case is my advice. Don't change phone nos. until you're clearly moved out of the place....banks check with your phone to see if it's shut off or been changed to see if you've moved, that's been in my research a lot too. Keep the phone on with an answering device until you're completely moved out.

Be sure to consult the laws of your state for time-line of foreclosure, all banks have to adhere to those laws, bk or no...after their Stay is lifted, and they *will* lift that Stay, count on that.

Good luck, and I meant to tell the other party who replied to me "thank-you for your message too"....I'm 1/2 way there, and looking forward to the move, got the ducks in a row now and am coming back to "life" as a person getting freed from the strangle-hold the bank and their predator mortgage had on my life. Sure would love to suee that darn bank, for ruining my life and lives of others too, they're so illegal using our TARP tax dollars for investments rather than helping the homeowners...

I don't believe what they plant in the newspapers, figures can be lied about so easily. Too bad we 100s of 1,000s of homeowners, in the millions now, don't file lawsuits against the banks and force them to treat homeowners with dignity and respect and use our tax dollars for the USE they were legally required to do! I had to almost laugh at a couple of economists who are just now figuring out that it's the "mortgage problems that is hurting the jobs"....where are their brains? It's always the mortgage crisis! No-one wants to spend any money when they're worried about the most basic of things: a roof over their heads. Politicians/experts living in a bubble!

Getting free from this illegal mortgage is almost like going up and then down (with worry) but is an exhilerating experience to finally see daylight. You feel a certain amount of dread with all this legal stuff to go through - dealing with banks and their "heart" (ironic here). Ask your bk attny too what to expect, good luck!

[confident]

I read through all four pages and am convinced I am on the right thread. Thank you all for your constructive information.

ReconTrust is what seems to be the foreclosure arm of BofA. We received NOD in early May, and 90 days later we got our Notice of Sale Date (scheduled for first week of September).

We just signed our BK papers this morning, and were supposedly on schedule to file and get the Trustees Sale postponed (we thought until at least after BK discharge after 60-90 days). The purpose of this was merely to buy some more time to stay in the property.

Does anyone have (or know anyone who has have) recent experience with ReconTrust foreclosures actually going on schedule despite filing BK before sale date? We were advised this morning that it is still possible for ReconTrust to request a "motion of stay" (?) and proceed with Trustees Sale as scheduled. If that happens, and the bank eventually owns the property again, the Sheriff can come and change locks anytime after, and they are not required to give us notice, unless the Sheriff comes when someone is at the property, in which case they are given a Notice of Eviction (?).

Any and all feedback is welcomed.

Thanks again.

[DumbMe]

Yes, you're right. It gives a homeowner temporary "hope" and staves off maybe a "walk-away" for awhile - I wonder if banks are really "desperate" tho'. I'd say they're just watching their own behinds and careful not to "break the Obama TARP laws etc." They're cleaning up with mortgage insurance. My attny said banks are even making PROFITS with a lot of the foreclosures and they sure will with mine with all my money in this place. HOA's are also suing for their fees too so be careful of that pitfall.

I had to trust what my realty-bankruptcy attny told me 2-3 years ago (he had always said from 2007 on that Wall St. caused this) that "modifications" are scams. It took me 2 years, 6 tries to finally believe him, I tho't I knew differently after all, wasn't I smart to rise to the top in my field? This is a different ballgame

My family friend and realtor was able to get a modification for her own mortgage with one bank, but there again she and her husband had spotless credit and proof of earnings. She said "it's a good thing they don't see our incomes now" and considers herself very lucky as even she says "most will never get any modification" and agrees with my bankruptcy attny on all he says.

Protect yourself and never get your hopes up - I'm saying that with the experience of 2 years of experienced trying but also, I'm finding even in the So. Calif. areas, that landlords now do consider renters with some credit problems, even bankruptcies, but not evictions (unless you got a ton of dough and excellent income). In one area with lots of homes foreclosed upon, they're saying "foreclosure victims WELCOME!" for rentals too.

[bulletproof77]

I totally agree with DumbMe...Banks have now decided it's "fight or flight" and with the current economic news in the tank, they will lie, cheat and steal to get every last dime from a homeowner they can. They have figured out that the bank makes a profit on foreclosures, so they will tell you what ever they think you want to hear. It was pretty interesting to hear on the news the other day that Skank of America is now "considering principal reductions "...Oh really ? How kind...And I bet that as of a year from now exactly ZERO will have been done..The banks seem pretty desperate..

[DumbMe]

It happens to all the big banks, with one hand not "knowing what the other hand is doing", at least that's what they say. I wouldn't go longer than the 3 months late pays as you will get the NOD on month 4 and it's up to the area where you are and the bank just how fast they will foreclose no matter what the state laws say. I know one man in his house for 2 years, and yet another not too far away who lost his home in the prescribed 6-7 months time. 3 mos. to NOD, 3 mos. after that and then sale on court steps. My attny says, his experience in So. Calif......3 mos. after the NOD is received by homeowner. Also he says you can't trust what banks say about modifications.

[freeatlast98]

B of A

I spoke to a real estate friend of mine who applied for a loan modification on her property. She was told not make payments until she received something official from BofA.
She was in constant contact with BofA the whole time discussing the modification. On day a NOD was posted saying the date of the sale for the house. She immediately called the bank and was told not to worry it was a mistake. Fast forward a few weeks later, a man was walking through the property and said he has just purchased the property. She again called the bank and they told her yes the property had indeed been sold. Bottom line, it appears BofA sometimes doesn't know what the other departments are doing.
I googled "BANK of America" foreclosure and it spoke about many instances when this happened often while people were making their trial modification payments. This scares me just the thought this could ever happen.

[bulletproof77]

Recontrust will send you a NOD if they have not already. You can also check the county website you live in (Public Recorder) and see if the NOD has been filed. If it has NOT, you still have a long way to go. Double check everything Recon Trust sends you (and you'll get TONS of the same stuff). I got my NOD from the same group, and from then on the clock starts ticking. From my NOD to sale date was 6 months on the nose..

[plantlvr]

That IS the "real deal"...ReCon Trust is the foreclosure "arm" of Skank of America. If you go to recontrust.com and hit a link, it goes directly back to B of A. You can also search recontrust.com for your sale date. They will be sending you BOATLOADS of the same paperwork, but the bottom line is the foreclosure process is well under way. ReCon Trust are the one's who processed my foreclosure..And as far as the "credit hit"..mine went from 750+ before Chapter 7 AND the foreclosure to now a 685 and going back up, one and a half years later..no big deal..

Thanks Bulletproof! Thought this was the 'real' beginning of foreclosure, but do they still have to send me a NOD? Will I still have 60 or 90 days before the sale?

[DumbMe]

Filling out the papers for Chap. 7. Unlike you, I'm ready to go, can't climb the stairs anymore and will never recover my $100,000 downpayment during my lifetime, plus my income is irreparably down from its high from a few years back, and with health issues too (I'm 75). So I'm not making payments and plan to exit the place before foreclosure concludes.

If you want to keep your home, I believe you have to continue making payments, tho' the research I did, some did some didn't and then the banks are more likely to do a work-out with you (I believe, not sure, please do research on this subject) and while you can claim it in bankruptcy, some have just merely continued the payments with our re-affirming it in Chap. 7 - a good sort of protection imo....and the Credit Agencies don't report it either way, either good or bad because of the bankruptcy.

In my case, that's good as I need to rent, but in your case you may want to make sure your mortgage payments "get on record" to hope your FICO score recover from bankruptcy. Good luck.

I've been researching for many many months and am lucky to have as an attorney one who writes real estate laws. If you can't make payments, consult your attorney as there are ways you can keep your home and get some sort of deal with the make for lower payments or ? With this new wave of middle-class now deciding to "walk away" or worse, file bankruptcy, something the banks just hate, I think your leverage is better these days to get the bank to help you.

[freeatlast98]

We are CA BofA w/last payment of 9-09. Haven't heard a thing form BofA. Filed 11-09 and recently discharged () so I'm thinking something should be coming soon, but who knows.

From what I'm getting, you stopped paying the mortgage and
then filed BK? Was it a Chapter 7 or 13? I was thinking of doing the same however, I plan to file Chapter 7 and want to be sure not paying the mortgage wouldn't cause more problems. I'm scared to do the wrong thing and lose my home.

[DumbMe]

That's great Bulletproof....good luck, you're on your way back up!

[bulletproof77]

I've had a lot of those too, but this looks like the real deal, it just tells me to contact my lender, not them. Right now I'm just concerned if a foreclosure will effect the credit I'm building back up.Home sick with the flu so will not do anything until I feel better.
Thanks for your reply!

That IS the "real deal"...ReCon Trust is the foreclosure "arm" of Skank of America. If you go to recontrust.com and hit a link, it goes directly back to B of A. You can also search recontrust.com for your sale date. They will be sending you BOATLOADS of the same paperwork, but the bottom line is the foreclosure process is well under way. ReCon Trust are the one's who processed my foreclosure..And as far as the "credit hit"..mine went from 750+ before Chapter 7 AND the foreclosure to now a 685 and going back up, one and a half years later..no big deal..

[DumbMe]

Good luck! I had another house I moved from because I tho't it was sold in 2007, and then the economy tanked, sale fell through and I spent my last dollar paying the mortgage on that for a few more months before it fell into foreclosure. It was a non-recourse 1st (but recourse Heloc 2nd) and foreclosure happened, with bank sale (to another part of the same bank) 9 months later. My credit score (from 765 or so), dipped how far down I don't know how far as I never checked, but within 1 year and 3 months Fico was back up to 700 because I paid all my bills on time (and 710 a month later), I paid my new place's mortgage on time etc. You should be in good shape fairly quickly if you keep all your other bills paid on time etc. just fine.

I bought this place at the top of the bubble with income now reduced almost in 1/2, I tried 6x for refi and/or modification with no success tho' the law says I did qualify, so I have to file for bankruptcy, it's the only way to get rid of this predator loan, and the "old 2nd heloc" which was discharged, but it's just time to start fresh again. Banks are now suing people who had foreclosures for the monies on their HELOCs (2nd mortgages) even if they part of the purchase price, makes no difference to them, and.....

HOA's are also suing through their nasty collection agencies who try slimeball illegal tactics causing you to spend money on the attny (they're especially ugly with seniors as they think you're either "too scared to fight back, just hoping it'll all 'go away', or worse, have too much dementia to even know what is going on and they'll put liens on property, bank accounts then" - those can be gotten rid of easily with bankruptcy either Chap. 7 or 13. The limitation is 4 years here in Calif., but you can bet your bootie banks know when to sue and they're doing it, as well as collections for the "discharged" debt still on record that any of us owe and will keep on for years after you.

Good luck with yours! You might be very lucky. I did talk to someone who got a modification lately, but it was a bank employee.

The only thing I have sort of a "hope" in is the new HAFTA program being unveiled right now where you can just "give the house/townhome back" to the bank, we'll see if it's a sincere program with teeth in it. Banks just play their games with the other programs (HARP & HAMP) in my opinion and experiences.