Taking things from house

[BCA2009]

Beggars can't be choosers. Second, check with your local recorder of deeds to see whose name is on title.

Deeds in Florida are recorded by the Clerk of the Court. That office is the official record keeper for all state court and official records. You can go on the website and lookup all of the transactions related to you (or anybody else, its amazing what you can find). Do a search on your name.

But unless you signed over the deed or it's been thru a foreclosure sale, it's still in your name.

[LoadedGuns]

See - there's the question I have never been able to get a direct answer for. Once the bank takes it back - is our name off the TITLE. I've been told both - one that it's bank owned but our name stays on the title until there is a new buyer -- and then that our name comes off and the bank is on the title. If it's the latter, then it doesn't matter. If it's the first though - it matters cause I want to wipe my hands clean of this title NOW!!

Beggars can't be choosers. Second, check with your local recorder of deeds to see whose name is on title.

[bulletproof77]

I guess I'm not explaining things right. We are eventually foreclosing. We've only missed our second payment this month - so I know we are still a ways off from having to leave. I have no intentions of leaving until I have to.

We do have another home to move into which is the one I want to swap things out with. I have no intentions of letting this one go until we have obtained another mortgage so that we always have the security of knowing we have a roof over our head. If we decide to rent instead, I'll still put this stuff in there. The rental needs some major upgrades anyway.

Will I want the same light fixtures or dishwasher in a year? - I don't know - maybe, maybe not - realistically, don't see why I wouldn't. The point is I don't want to spend the money on new ones for the rental when I own some that are only three years old.

I guess again - the question that never seems to get a clear response is does the title revert back to the bank when it goes back to them after the sale? If it doesn't - do they start trying to evict then anyway? And once we are forced out and the bank puts it on the market, I just simply want them to find a buyer as soon as possible, assuming our name is still on the title and not theirs at that point - hence the point to my original question.

So, I guess you are doing whats known as a "buy and bail" ? If you are already late on the first, a smart mortgage banker may be able to figure that out and good luck getting another mortgage. Banks are getting pretty hip to that practice too..Plus if you are only a month late, you haven't really begun the process. In Florida, you could be looking at years...As far as the title question, you really can't make a bank do anything. They may cancel your trust sale and just keep it in limbo for years. They will be in no hurry to unload your property as the banks all seem to have this false belief that property values will return to "those glory days of yesteryear"...And that will never happen..

[BCA2009]

YEAH!! Thank you!! That makes sense! I never could understand the point of the auction if they were simply going to make the minimum bid be the morgage amount. If I can't sell it now for that amount - they certainly couldn't.

Sooo, if they drag their feet in taking it to auction and complete the foreclosure process, we can stay here until they do though, right?? We are only forced out after the sale? But regardless, after the sale (if the bank wins the auction which I'm guessing most likely they will), it's theirs and out of our name - is that correct?

I have a friend locally going through the process now - they are trying to keep their home though and fighting every angle they can - and their last payment was 15 months ago. She says it probably would have been about a year had they not been fighting it - but I know our bankruptcy will add to the time process as well, so I'm guessing at least a year for us, maybe more. Their auction was scheduled for the end of this month, and they've just had it delayed another 60 days - not sure what all they're doing - but I don't want to go that delaying route other than the bankruptcy - but will certainly be willing to stay until they foreclose.

I appreciate your taking the time to help me better understand all of this!

Yes, it is your house until it is not your house. I have read about banks lying to people (in an attempt to get them to pay) or hiring a real estate agent to evaluate the home and the real estate agent may lie and say you have to move, but in Florida at least, if you own the home (the deed is in your name) it is your home. Call the sheriff if someone trespasses on your property without a court order.

[ssmdem]

The foreclosure sale bidding starts at $100 usually. If someone bids some grossly low amount, the bank rep bid a $100 more a few times until they get tired of the game then they will jump to their pre-determined lowest acceptable amount or some amount significantly higher than the other bidder is bidding. The bank representative has limited authority. They will bid the lowest amount they are willing to take and step back and step back and let anyone else fight it out if they want to. At the few I've been to, most of the the properties sold to the bank for $100. No one bothered to bid on them.

The deed does change names to the bank, if the bank is the highest bidder, even if it is just for $100.

If the bank doesn't complete the foreclore process by having the Courthouse auction, then the deed stays in your name. There is no way that I have read about to force the bank to foreclose on a piece of property. Just like you can't force a bank to repo your boat (ask me how I know).

This is in Florida, I don't know about other states.

YEAH!! Thank you!! That makes sense! I never could understand the point of the auction if they were simply going to make the minimum bid be the morgage amount. If I can't sell it now for that amount - they certainly couldn't.

Sooo, if they drag their feet in taking it to auction and complete the foreclosure process, we can stay here until they do though, right?? We are only forced out after the sale? But regardless, after the sale (if the bank wins the auction which I'm guessing most likely they will), it's theirs and out of our name - is that correct?

I have a friend locally going through the process now - they are trying to keep their home though and fighting every angle they can - and their last payment was 15 months ago. She says it probably would have been about a year had they not been fighting it - but I know our bankruptcy will add to the time process as well, so I'm guessing at least a year for us, maybe more. Their auction was scheduled for the end of this month, and they've just had it delayed another 60 days - not sure what all they're doing - but I don't want to go that delaying route other than the bankruptcy - but will certainly be willing to stay until they foreclose.

I appreciate your taking the time to help me better understand all of this!

[BCA2009]

The foreclosure sale bidding starts at $100 usually. If someone bids some grossly low amount, the bank rep bid a $100 more a few times until they get tired of the game then they will jump to their pre-determined lowest acceptable amount or some amount significantly higher than the other bidder is bidding. The bank representative has limited authority. They will bid the lowest amount they are willing to take and step back and step back and let anyone else fight it out if they want to. At the few I've been to, most of the the properties sold to the bank for $100. No one bothered to bid on them.

The deed does change names to the bank, if the bank is the highest bidder, even if it is just for $100.

If the bank doesn't complete the foreclore process by having the Courthouse auction, then the deed stays in your name. There is no way that I have read about to force the bank to foreclose on a piece of property. Just like you can't force a bank to repo your boat (ask me how I know).

This is in Florida, I don't know about other states.

[ssmdem]

If your property is sold at a foreclosure sale in the state of Florida, the Clerk of Court will send the buyer a Deed in the Buyers name within 10 days from the foreclosure sale.

The Bank can start the foreclosure process but until the sale takes place it does not change names in the county records.

This may not be true in states other than Florida.

I hope this answers your question. Take whatever you want out of YOUR house.

Good luck!

Okay - that part I get and is what I would LOVE to happen. However, the mortgage is about $65K more than what it appraises for, and honestly about $150K more than what other homes in the neighborhood are selling for. Yes, we made the mistake of being the biggest house in the neighborhood. So, doesn't the sale start bids at what the existing mortgage amount is? In that case, it's not going to sell and will revert back to the bank and become an REO property - right?? This is where I start getting different answers. Are we still titled on it at that point (or is the bank) - or does the title change when the bank gets around to selling it through a real estate agent? And if it's the latter, I'm guessing we can stay until the agent contacts us and asks us to move?? I don't want this to become an ugly eviction process -- I just plan on staying as long as we can to save up some money for the hefty downpayment we're going to eventually need one day.

I'm going to go ahead and swap stuff out. The rental, although upside down as well, isn't as bad off and I'm hoping if we can ride that one through that we can eventually sell it and break even on it down the road. It needs upgrading to do that, and replacing some of the stuff with our existing stuff here just saves us some money. This one is doomed to foreclose - the rental, we may still stand a fighting chance one day down the road. If I wasn't worried about essentially becoming homeless, we'd let it foreclose now too, as we're not reaffirming either mortgage. It's just with the pets and our eventual crappy credit, I can't help but worry about problems finding somewhere to rent, and keeping this one current right now helps me sleep better at night.

That's short term problems - long term is trying to make sure we can buy again as soon as possible. We'll have the 20% downpayment by the three year date -- just don't want that three year date to extend out to 5 or 6 because the current house doesn't sell.

[BCA2009]

I guess I'm not explaining things right. We are eventually foreclosing. We've only missed our second payment this month - so I know we are still a ways off from having to leave. I have no intentions of leaving until I have to.

We do have another home to move into which is the one I want to swap things out with. I have no intentions of letting this one go until we have obtained another mortgage so that we always have the security of knowing we have a roof over our head. If we decide to rent instead, I'll still put this stuff in there. The rental needs some major upgrades anyway.

Will I want the same light fixtures or dishwasher in a year? - I don't know - maybe, maybe not - realistically, don't see why I wouldn't. The point is I don't want to spend the money on new ones for the rental when I own some that are only three years old.

I guess again - the question that never seems to get a clear response is does the title revert back to the bank when it goes back to them after the sale? If it doesn't - do they start trying to evict then anyway? And once we are forced out and the bank puts it on the market, I just simply want them to find a buyer as soon as possible, assuming our name is still on the title and not theirs at that point - hence the point to my original question.

If your property is sold at a foreclosure sale in the state of Florida, the Clerk of Court will send the buyer a Deed in the Buyers name within 10 days from the foreclosure sale.

The Bank can start the foreclosure process but until the sale takes place it does not change names in the county records.

This may not be true in states other than Florida.

I hope this answers your question. Take whatever you want out of YOUR house.

Good luck!

[ssmdem]

I guess I'm not explaining things right. We are eventually foreclosing. We've only missed our second payment this month - so I know we are still a ways off from having to leave. I have no intentions of leaving until I have to.

We do have another home to move into which is the one I want to swap things out with. I have no intentions of letting this one go until we have obtained another mortgage so that we always have the security of knowing we have a roof over our head. If we decide to rent instead, I'll still put this stuff in there. The rental needs some major upgrades anyway.

Will I want the same light fixtures or dishwasher in a year? - I don't know - maybe, maybe not - realistically, don't see why I wouldn't. The point is I don't want to spend the money on new ones for the rental when I own some that are only three years old.

I guess again - the question that never seems to get a clear response is does the title revert back to the bank when it goes back to them after the sale? If it doesn't - do they start trying to evict then anyway? And once we are forced out and the bank puts it on the market, I just simply want them to find a buyer as soon as possible, assuming our name is still on the title and not theirs at that point - hence the point to my original question.

[Flamingo]

Yes, we will be filing - surrendering the house. I care because I want it transferred out of our name ASAP so we can start that 2 or 3 year post-foreclosure clock to start ticking before we can get a new mortgage. I do not want to be renting for years down the road. And our rental property that we are planning to be move back into for now is not in the area we want to be in - it's way too small and cramped for our family -- I lived in it for three years before, that's about as long as I can handle it.

Your issue is that you feel you need to leave the place tidy so that the bank will move the house quickly to get it out of your name. It doesn't work that way although some banks move fast with the foreclosure process. It can be quite a while before that title changes hands and note you will be responsible for the home while the home is still in your name (i.e. insurance purposes). If you are going to rent, where are you going to put the stuff that you plan to take out of the house? Will you still want the same stove or light fixtures over a year from now? If you are foreclosing, it may be several years before you can even get a mortgage for another home.

[ssmdem]

Once the bank takes it back through the trust sale, it is their property. It really doesn't matter when the name change takes place. In California, once a bank "redeems" their collateral, it's their problem..So they can screw around all they want and play their little "title games"....The bottom line for me is that they exercised their legal remedy, so it belongs to them, not me. They can't have it both ways. This is just more of the banks little mind games. They want THEIR property back, but they want YOU to still take care of it..Sorry, it doesn't work that way.

BUT when they are looking back three years when we're applying for a new mortgage down the road - are they looking at when the bank took possession or when the name was changed on the title? That's really my main dilemna here right now. If they screw around and don't change the title until someone buys the property - isn't that hurting us in the long run? We want to get into another house as soon as possible. My husband can retire in 17 years. We're going to have to find something that will put us comfortably into a 15 year mortgage - so he's already going to have to work an extra year to pay that mortgage if we have to wait three years - we really don't want to push it any further beyond that. If they would do a deed in lieu, we'd jump on it instead of riding it out and living here longer - just simply for that reason. Sure, I want to be able to save as much as possible while we're not paying a mortgage - but also ready to be a homeowner again -- just a MUCH MORE affordable home!

[bulletproof77]

Once the bank takes it back through the trust sale, it is their property. It really doesn't matter when the name change takes place. In California, once a bank "redeems" their collateral, it's their problem..So they can screw around all they want and play their little "title games"....The bottom line for me is that they exercised their legal remedy, so it belongs to them, not me. They can't have it both ways. This is just more of the banks little mind games. They want THEIR property back, but they want YOU to still take care of it..Sorry, it doesn't work that way.

[BCA2009]

See - there's the question I have never been able to get a direct answer for. Once the bank takes it back - is our name off the TITLE. I've been told both - one that it's bank owned but our name stays on the title until there is a new buyer -- and then that our name comes off and the bank is on the title. If it's the latter, then it doesn't matter. If it's the first though - it matters cause I want to wipe my hands clean of this title NOW!!

Either way taking the things you want to take won't effect how quick it gets out of your name, and don't worry about replacing shelves in a closet. If somebody wants to buy the house, closet shelves or the color of the dishwasher isn't going to make a difference. If you are filing Bk, it absolutely makes no difference. If it's just a foreclosure it may make the house sell fo a little less and the deficiency will be a little more.

The bank has no idea what was in the house when you bought it, all they have a right to do is sell the collateral for whatever they can get out of it.

For arguments sake, lets say you started a remodeling job on the house and were paying for it as you went along. Then you lose your job in the middle. If you file bK or get foreclosed on, they sell the house for what they can get out of it and move on. they can't make you put it back in the condition it was in. They can just take the collateral.

[ssmdem]

If the house is going to be foreclosed on, it will be out of your name and possession after the the trust sale. It may very well sit vacant for months or years. After all, it will belong to the bank and they will do with it what they will. My foreclosed home has been vacant for a very long time. Sooo..why would you care what any potential buyer thinks ? Any future buyer will just go on price anyway. After you leave, a commercial "trash out company" enters the property and strips pretty much anything that is not nailed down, so take what you feel you want to take. Just don't do any damage to the house in the process. I wouldn't worry about any future buyers and what they think. Personally, as far as my old house, I can't wait for someone to think they got a great deal on my former "upscale" home and find out the gunite pool is cracked and leaks...That ought to be a hoot..

See - there's the question I have never been able to get a direct answer for. Once the bank takes it back - is our name off the TITLE. I've been told both - one that it's bank owned but our name stays on the title until there is a new buyer -- and then that our name comes off and the bank is on the title. If it's the latter, then it doesn't matter. If it's the first though - it matters cause I want to wipe my hands clean of this title NOW!!

[ssmdem]

If this is an eventual foreclosure why do you care? Also, are you filing bankruptcy, or have you already? Once those are answered I think we can help you more.

Yes, we will be filing - surrendering the house. I care because I want it transferred out of our name ASAP so we can start that 2 or 3 year post-foreclosure clock to start ticking before we can get a new mortgage. I do not want to be renting for years down the road. And our rental property that we are planning to be move back into for now is not in the area we want to be in - it's way too small and cramped for our family -- I lived in it for three years before, that's about as long as I can handle it.