Longest wait for foreclosure?

[walker740]

We are just the opposite of everyone here...chapter 7 discharged 4/19/11, notice of sale date arrived in the mail on 5/7/11 and the sale date is set for 6/30/11. We stopped paying our mortgage 11/10, so we only got 8 months living rent-free. Thankfully we have already found a rental, and will be moving in a few weeks. Although I certainly wouldn't want to wait years, I do understand how depressing that would be, I was hoping for a little more time in the house to save up some money. It took most of the money we had saved to secure the rental. Our mortgage was an fha loan, the bank is not foreclosing, hud is, just a heads up for anyone else with an fha loan, it seems they move faster than the banks.

[JacaG]

This waiting years for foreclosure sounds like a good 60minutes story....it seems so shady. Its really depressing.
No payment for 1 year, Chp 7 discharged 12/2010, our house doesn't even show up on Zillow as preforeclosure.

[tobee43]

Here is an update after 2 hours on the phone with the Customer Service Dept, Bankruptcy Dept and Deed in Lieu Dept:

My husband and I declared Chapter 7 BK. The bankruptcy was discharged in 4/2009. As part of the bankruptcy we surrendered our residence. The debt was discharged however the deed has never transferred back to Bank of America. They started foreclosure proceedings in NY and in February 2011 their motion for foreclosure and sale was denied. I contacted the law firm assigned to the foreclosure and was told that due to an administrative action all NY foreclosures have stopped since October 2010. They have no way of knowing when it will commence.

I am now trying to purchase a home and I'm being told because foreclosure action had commenced but has not been concluded, no one will underwrite the loan as title is still in my name.

I tried to contact Bank of America to do a deed in lieu of foreclosure and they gave me details on the process - putting the house on the market for 90 days, etc, etc.

I do not think that I can legally do anything to assist them with the sale of the house. Shouldn't it be up to the bankruptcy trustee to make sure the asset is sold and the deed is transferred.

How do I get the deed transferred to Bank of America?????

Please help me if you can.

the only thing you can really do is to contact the Office of the Comptroller of the Currency...and file a complaint about the bank.

http://abcnews.go.com/Business/top-10-cities-layoffs-americas-pink-slip-capitals/story?id=13742250

that is the governmental agency that controls or handles complaints about banks and may be able to help you.
unfortunately, the trustee nor your atty will be much help sorry to say... no, the trustee unless you were an asset case would have no interest in the sale of the house by the bank.

why was the motion for foreclosure and sale denied??? there has to be a reason in the court papers as to why the bank was denied?

it would be a warranty deed vs quit claim deed

it does bring up the topic of what the differences are as to the issue of warranty deed vs quit claim deed.


warranty deed vs quit claim deed

the process of selling property is easier if you understand the basics of the sales process. marketing the property and dealing with buyers and/or the hassles of real estate agents can be aggravating, but the piles of paperwork and all the different forms involved are really the biggest issue. among these many forms and papers are warranty deeds and quit claims deeds, two deeds that are often confused with one another.

a warranty deed is a pretty basic deed that, for the most part, states the seller owns the property and there are no liens (debts, etc) against the property that will be transferred over. it is stating that the property is legally owned and there are no hidden tie-ins the buyer should be aware of. This deed ensures buyers that the property they are buying is actually owned by the person they are dealing with and they won't be met with any surprises later on. Furthermore, if another person were to try to claim the property down the line, the warranty deed would legally protect the new buyer and the buyer would be entitled to compensation from the original seller. The warranty deed is used in the majority of property sales.

on the other hand, quit claim deeds are presented to these buyers instead by a person who does not necessarily legally own the property, but instead holds responsibility for that property. Such instances where this can occur are upon a death when the property is transferred as inheritance, or when spouses are both on the name of the deed and a divorce is occurring. quit claim deeds, unlike warranty deeds, do not offer a great deal of protection to the buyers of the property. In truth, they should be avoided unless you know exactly what you are doing and have experience in buying and selling property.

we had two pieces of property and one did in fact accept the warranty deed and i drew up a release contract. it went smoothly, however Chase didn't move, will not move and apparently there has to be a reason, just as your case.

[ScaredINMich]

I am interested in this thread....we are with BoA and just stopped paying 2/11. I want it to go quickly so we can move on, but it isn't looking good.

[bearstrio]

Here is an update after 2 hours on the phone with the Customer Service Dept, Bankruptcy Dept and Deed in Lieu Dept:

My husband and I declared Chapter 7 BK. The bankruptcy was discharged in 4/2009. As part of the bankruptcy we surrendered our residence. The debt was discharged however the deed has never transferred back to Bank of America. They started foreclosure proceedings in NY and in February 2011 their motion for foreclosure and sale was denied. I contacted the law firm assigned to the foreclosure and was told that due to an administrative action all NY foreclosures have stopped since October 2010. They have no way of knowing when it will commence.

I am now trying to purchase a home and I'm being told because foreclosure action had commenced but has not been concluded, no one will underwrite the loan as title is still in my name.

I tried to contact Bank of America to do a deed in lieu of foreclosure and they gave me details on the process - putting the house on the market for 90 days, etc, etc.

I do not think that I can legally do anything to assist them with the sale of the house. Shouldn't it be up to the bankruptcy trustee to make sure the asset is sold and the deed is transferred.

How do I get the deed transferred to Bank of America?????

Please help me if you can.

[tobee43]

We aren't dealing with HOA fees so someone correct me if I'm wrong, but HOA fees up to the bankruptcy filing can be discharged, but HOA fees start accruing again after the discharge and those are new fees that someone must pay. Whether the association will come after you for them or put a lien on the house - I don't know.

If you look at post #2 above, you'll see that LookingFrwrd has been paying HOA fees for over two years.

we never lived in an HOA, but we do now. i handle the liens for the HOA (actually i'm working with 6 HOA's now in this general area), and what we are doing is not letting the titles clear for the banks until the HOA fees are pd, but we are not going after the BK past owner. shoot, they have enough problems. plus we already have gotten pd now, as of this past tuesday, by 2 banks for back HOA fees on foreclosed homes. i don't know if the banks pass on the costs to the new owners or what, really don't care. but so far it seems to be working better and we are recouping some of the past due amounts.

and yes, they are dischargable up to the bk, but not thereafter the dues, fees and late charges accumulate, and many times it's been taking a VERY long time for the foreclosures and resales to take place.

[freeatlast09]

We aren't dealing with HOA fees so someone correct me if I'm wrong, but HOA fees up to the bankruptcy filing can be discharged, but HOA fees start accruing again after the discharge and those are new fees that someone must pay. Whether the association will come after you for them or put a lien on the house - I don't know.

If you look at post #2 above, you'll see that LookingFrwrd has been paying HOA fees for over two years.

[phsunny]

Wow!

Yes - same with us. BofA is well aware that the property is vacant and utilities are shut off. They don't care.

That sucks!! I have a quick question......if we already have a bankruptcy on our credit.....why is a big deal to have another judgement if the neighborhood goes to court with us for the HOA fees? Thanks.

[freeatlast09]

Yes - same with us. BofA is well aware that the property is vacant and utilities are shut off. They don't care.

[tobee43]

Hi freeatlast09,

We have not made a payment for 1 year and 6 months. Our 1st is with Wells Fargo, our second is with Chase. Just last month we got a letter from a local lawyer who said their firm has been contacted by WF but have not reviewed the case as of yet. Well, we just moved out (we were ready) so we are hoping that foreclosure comes quickly now. We did some research on how to speed up foreclosure and it suggested that if we contact the lenders and tell them we had the utilities shut off that may put a fire under them to do something. Good luck!

i hope you have better luck then us. we did contact Chase in the middle of winter told them we were out and everything was being shut off, against our atty's advise, who told us just lock it and leave it. the utilities didn't matter to them at all...wind chills -30 below. Chase STILL didn't care, let all the pipes freeze, i guess. (actually i know).

[phsunny]

Hi freeatlast09,

We have not made a payment for 1 year and 6 months. Our 1st is with Wells Fargo, our second is with Chase. Just last month we got a letter from a local lawyer who said their firm has been contacted by WF but have not reviewed the case as of yet. Well, we just moved out (we were ready) so we are hoping that foreclosure comes quickly now. We did some research on how to speed up foreclosure and it suggested that if we contact the lenders and tell them we had the utilities shut off that may put a fire under them to do something. Good luck!

[tobee43]

Yep - banks won't foreclose so people are stuck. Banks won't lend to people who want to buy. People who are extremely qualified to buy simply won't buy because they're afraid of values continuing to drop (who can blame them). This is one vicious, ugly spiral.

it most certainly is! i just don't know what the outcome is going to be??? i mean, what the heck are they going to do with all this inventory in az, nevada and florida???? what????? it's so scary really.

although i guess these HUGE investors will pick the up for a dime and we'll end up with half the country renting from these investors who will become rich off of all of those poor people who lost their homes. it's so sad.

[freeatlast09]

...other than the fact, who are the banks going to sell them to, and how is anyone going to get a mortgage when the banks, in most cases, are simply not lending?

Yep - banks won't foreclose so people are stuck. Banks won't lend to people who want to buy. People who are extremely qualified to buy simply won't buy because they're afraid of values continuing to drop (who can blame them). This is one vicious, ugly spiral.

[tobee43]

That is crazy. Well, it looks like you're winning this contest for longest wait.

If I recall from your other posts, you were able to find an owner financed house to buy so good for you - at least you were able to move on even with the Chase incompetence.

I find this all so sad for so many reasons. Many people just want off the deed while others are ready to buy again, but can't because they're waiting for foreclosure. I wonder how this housing market will ever resemble anything close to normal?

what's my prize?? LOL!!!!!!!!!

yes, you correct, we did buy a really nice place that is 100% owner financed. and, i do think we will begin to see more land contracts as a buying tool to circumvent the entire banking system as a whole.

we as well, it was my "goal" to get our names off the deed, however, there simply is not much one can do when the bank doesn't move, at least not in our case where they have 20 years to do it! there are many reasons the banks are holding off, stats, for one, they just don't want to show the "real" number. that's just my opinion, only because it makes so sense in most cases why they don't move to resale these homes...other than the fact, who are the banks going to sell them to, and how is anyone going to get a mortgage when the banks, in most cases, are simply not lending?

[freeatlast09]

3 years approx. 7 months..........and still holding.

That is crazy. Well, it looks like you're winning this contest for longest wait.

If I recall from your other posts, you were able to find an owner financed house to buy so good for you - at least you were able to move on even with the Chase incompetence.

I find this all so sad for so many reasons. Many people just want off the deed while others are ready to buy again, but can't because they're waiting for foreclosure. I wonder how this housing market will ever resemble anything close to normal?