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Colorado Foreclosure Process

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    Colorado Foreclosure Process

    This is my second post, the first one was ranting about how we moved out of our house in December and rented a place because our attorney said we could be evicted from our house now, in April. I have a very sick wife and couldn't risk that happening, so we left right away.

    It is now April, we are close to our discharge in our no asset case, and other than the bank getting a relief from stay, there has been no foreclosure action taken, yet, knock on wood, and the house is empty.

    My question for the board is does anyone have any updated info on how long foreclosures are taking in Colorado these days? Our property is located in the mountains, in a resort area. It was our primary residence. I called my lawyer and he said he had no idea (which is odd, because that's business and I think he should know. I think he doesn't want any liability by telling us, honestly). His receptionist told me many banks now aren't starting foreclosure until after discharge. Is that true?

    I am thinking of getting a job back up in the mountains, and residing in the house until the NED gets filed. From what I am reading on the board here, some homes are left alone by the banks for years.

    I am pissed that I didn't read more here, before we panicked and left like we did, it was a real nightmare. I've learned more about chapter 7 and chapter 13 in a few hours here than I did from my $3,000 attorney, who now also wants $325 per hour more to answer my questions at this point. He is a real smart ass, too, never giving me a yes or no answer. I hate him. He did do a good job with the filing, though, I have to give hime that, just poor with advice.

    The mortgage is one of those BofA, Lasalle Bank, WAMU option arms. We were paying Chase, I guess they were the servicer.

    Any help anyone can give me is greatly appreciated.

    #2
    Unfortunately, you're attorney is right, no one really knows. You are asking the attorney to know the internal policy of a specific bank, not realistic. Also, even though the attorney is involved in foreclosure by virtue of being a BK attorney, the involvement is really on the fringes.

    In any event, being in CO, I do know that foreclosures move more like molasses in the mountain and resort ares vs. the metropolitan areas. If I had to guess, the foreclosure will probably start after your discharge, or very soon after, and it will take about 4-5 months before a sale date.

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      #3
      I am certainly not expecting my attorney to be privy to the internal operations of the bank, just to what he is seeing in the marketplace and in his practice on a daily basis. I can understand not wanting to share, and on taking a worst-case approach when it comes to giving advice. I also agree that he is really not an insider. Just like when dealing with medical professionals, I see the same need for individuals to educate themselves as much as possible about the situation. Thanks HHM. I have another question: where are these homes that sit for years before any action is taken located?

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        #4
        I agree with HHM; your attorney doesn't really know how long the fc could take. Each home is financed by different lenders and each person has different circumstances (i.e. some are just fc others are fc with bk...like mine). I live in MO and haven't paid on my mortgages in a year and nothing from the bank yet. While a friend of mine was not in bk and her whole fc took less than a year from the start of missed payments and we live in the same area. Go figure. BTW...my attorney thought we'd be done with our fc in 3-6 months...yeah right!
        CH13 filed 5/21/09; 341 6/17/09; confirmed 7/14/09]
        Discharged: 7/25/12

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          #5
          Thanks Bills. I see what you mean about different circumstances, like fc with or without bk, hadn't thought about that. It appears that fc with bk adds time to the process. Sounds like your attorney gave you the same "worst case" advice mine did. I am assuming you didn't run out in a panic, like I did, though. I have been through so many bad luck situations (aka "government regulation of my businesses") in my life recently, I never expect anything BUT the worst case to happen these days.

          Comment


            #6
            We are 12mos not paying our mortgage, still no action by BOA or second Greentree, My step son left his home over 3 yrs ago,Hernando county florida, still no action on it. He wanted to move out of state so he is not sorry he left it.
            chpt 7 ,5-2009

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              #7
              So today we receive the NOI letters from Chase. I researched here what these acceleration letters mean, and it appears some people get them every month. I have sent an email to my attorney asking for advice on what to do, if we should respond. We had applied for a modification last fall, before filing Ch7, but were declined because we didn't put the bank's address on the 4506T and they said we had to start all over. I have completed hundreds of those 4506T forms in my business over the years and always let the bank or whoever wants them insert their own address. It smelled like a runaround to me.

              Should I call them and ask for a modification? I wouldn't mind keeping the house if we can strip the second and reduce the first, honestly. But wouldn't I have to refile under 13? Wouldn't I need to have steady employment, as opposed to being self employed as I am now?

              Also, Chase in their letter says I will be liable for foreclosure fees. My lawyer told me in a Ch7 those fees can't be charged. Which is it?

              Thanks, thanks, and more thanks to all who respond here!

              Comment

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