Longest wait for foreclosure?

[MD69107]

MD here. Made the last payment in August of 2009. Filed Chapter 7 in Jan 2010. Closed out in July 2010. Foreclosure was filed in April 2010, but still haven't got a sale date as of yet. Been turned down twice for modification, so just waiting til I have to move out. I've come to the point that they can take this house and this mortgage and shove it.
The loan was a Fannie Mae 30 year fixed with Chase as the servicer.

[tobee43]

Thanks... it was actually our refusal to give up post petition financials to BofA that made them give up. It's a long thread, but a fun read if you missed it.

http://www.bkforum.com/showthread.ph...e-%28Chap-7%29

unreal!!!! what will they do next.

i had just mentioned this before. i think, or believe that some trustee's put poor people like you through this to discourage others from filing bk. i mean, what was the point?? other than not close your case and try to get blood from a stone.

and what ever made them give it up....whoppppppppeeee for you!!

[freeatlast09]

glad to hear they finally gave up!

Thanks... it was actually our refusal to give up post petition financials to BofA that made them give up. It's a long thread, but a fun read if you missed it.

http://www.bkforum.com/showthread.php?68870-Can-trustee-require-current-financials-18-months-post-discharge-%28Chap-7%29

[tobee43]

Actually - a no equity house could still be sold by the Trustee. Why? For a 'carve-out' fee. Our house was/is underwater, but the Trustee tried to sell it for two years. He gave up last week and finally closed the case. It's a crazy world out there.

wow...what a waste of time and effort...what is with some of these trustee's??? usually, and i say usually, they won't bother if there is no equity. i hear you on the "carve-out" fee...nice!

glad to hear they finally gave up!

[freeatlast09]

that would be correct. unless the trustee felt there was equity in the home and it was surrendered, then the trustee could force the sale. and, thereby, the no- asset 7 would have been converted into an asset 7 and not have been closed by the trustee until the sale of the house. if that's the case, and there is equity, the courts would pursue the sale.

i know there are SOME homes that still have equity. just not much!!

Actually - a no equity house could still be sold by the Trustee. Why? For a 'carve-out' fee. Our house was/is underwater, but the Trustee tried to sell it for two years. He gave up last week and finally closed the case. It's a crazy world out there.

[tobee43]

I see you received your discharge in 2009. Is the case closed? Was it a no asset case? If there isn't any equity, the Trustee usually has no interest in it. (I'm assuming there was none). If the case is closed, you should be able to try a DIL with the bank.

that would be correct. unless the trustee felt there was equity in the home and it was surrendered, then the trustee could force the sale. and, thereby, the no- asset 7 would have been converted into an asset 7 and not have been closed by the trustee until the sale of the house. if that's the case, and there is equity, the courts would pursue the sale.

i know there are SOME homes that still have equity. just not much!!

[tobee43]

We are in a Chapter 7 and surrendered the house. I don't know if we can legally go through the deed in lieu process with Bank Of America because I believed that the asset is not ours to sell. If anyone has had any experience with this please post. Thanks.

we have, and have tried everything to get a deed in lieu, however, in our case as i stated previously, it cannot be done, because the bank and i think most of the banks what the money they lost back from the government, which means they must go through the "process". if your surrendered house still has value, i can't see what they would refuse since they, the bank, would not need to recoup any loss from the government on your home. (our old home is now over 200k underwater).


if your bk is discharged and no asset 7 closed, you can re- approach b of a and see if they will do a deed in lieu, however, if it was an FHA loan with PMI, it most likely can't happen, or will not happen. also,

if, you do have any equity in the house, the bank wants it, so it would need to go up for auction and sold. once the house is sold that is when the bank changes the deed itself .....when there is transfer of ownership. thrn your name will be removed from the deed. no other way unfortunately, i still would check to see in your state what the statue of limitations is on the transfer. like i said before, the property we surrendered that statue is 20 years, so the bank can virtually hold on and not change our deed for 20 years if they so chose to.

[freeatlast09]

We are in a Chapter 7 and surrendered the house. I don't know if we can legally go through the deed in lieu process with Bank Of America because I believed that the asset is not ours to sell. If anyone has had any experience with this please post. Thanks.

I see you received your discharge in 2009. Is the case closed? Was it a no asset case? If there isn't any equity, the Trustee usually has no interest in it. (I'm assuming there was none). If the case is closed, you should be able to try a DIL with the bank.

[bearstrio]

We are in a Chapter 7 and surrendered the house. I don't know if we can legally go through the deed in lieu process with Bank Of America because I believed that the asset is not ours to sell. If anyone has had any experience with this please post. Thanks.

[tobee43]

If we had not had the 8 months we would have ended up living with relatives, something I did NOT want to do! So, yes, I am very grateful that we were able to save up some money!!!
I did know things move quicker in non-judicial states, but with the economy so bad and so many foreclosures, even here, for some, it is taking a while. My sister hasn't made a house payment since April 2010. She is in a chapter 13. The bank recently got a lift from the stay, but still no sale date. They moved back in September, so, like many here, they are anxious to get the house out of their name.
Good luck to everyone still waiting...

actually, it's odd, i have seen some foreclosures in ca on this forum go like clockwork while others just sit...i don't understand the exact criteria the banks are using in the non-judicial states, doesn't seem to be any rhyme to the reason.

i'm glad for you as well being able to save a bit before you had to leave. we did as well but we were in a judicial state and knew people that were in their homes over 2 years!! we just didn't want to stay in the cold anymore and we are certainly glad today we left.

i as well wish all good luck in this journey!!!

[walker740]

hud is part of the fha....

in 1965, the Federal Housing Administration became part of the Department of Housing and Urban Development (HUD). Since 1934, the FHA and HUD have insured millions home mortgages and 50, 000 (approx) multifamily project mortgages.

also missouri is primarily a non-judicial state, so when yo see so many staying for over a year or more, in their houses when in the foreclosure process, those are likely the lucky 23 judicial states which have to go through court proceedings to actually do the foreclosure, in missouri they don't have to.

i'm certain though, you were grateful for being about to at least save for the 8 months!!!

If we had not had the 8 months we would have ended up living with relatives, something I did NOT want to do! So, yes, I am very grateful that we were able to save up some money!!!
I did know things move quicker in non-judicial states, but with the economy so bad and so many foreclosures, even here, for some, it is taking a while. My sister hasn't made a house payment since April 2010. She is in a chapter 13. The bank recently got a lift from the stay, but still no sale date. They moved back in September, so, like many here, they are anxious to get the house out of their name.
Good luck to everyone still waiting...

[tobee43]

same in nj or at least the county our old property is in, but it's not for ALL same reasons.

i know about the order stopping most all foreclosures actually though out the country back last oct., however, many banks have now began the process again. so, either the order may have been lifted and or, those that are going through are those foreclosures that can be backed up with proper or correct paper work.

i'm assuming you in a chapter 13 since you want to consult your trustee. i know with our no asset 7, i didn't have to consult anyone, however, Chase wouldn't move and will still not move an inch, no deed in lieu of anything...

and, actually, if your home is an FHA, it must go through the FHA process for the back to get the money back on the loan. it's like an oxy moron!!! it COSTS to foreclose! why not just sign the release and the warranty deed, end of story, wash your hands.....but NO, the FHA has guidelines that must be followed for the banks to recoup their money or loss on the properties. they must foreclose first, then attempt the sale, then file for a reimbursement of their loss.

good luck bear with it, let me know if you learn anything about what to do, i have worked on it over 3 years and actually just have given up, but you may and i HOPE you are more successful than i have been!

[bearstrio]

Administrative Order dated 10/20/2010

In New York, there was an Administrative Order of the Chief Administrative Judge of the Courts dated 10/20/2010 stopping all foreclosure actions because of Robo-filings. Since that date nothing has happened. It looks like I may have to go through BOA and begin a deed in lieu application but before I do I will consult with the trustee to see if I am legally allowed to do this.

[tobee43]

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.

hud is part of the fha....

in 1965, the Federal Housing Administration became part of the Department of Housing and Urban Development (HUD). Since 1934, the FHA and HUD have insured millions home mortgages and 50, 000 (approx) multifamily project mortgages.

also missouri is primarily a non-judicial state, so when yo see so many staying for over a year or more, in their houses when in the foreclosure process, those are likely the lucky 23 judicial states which have to go through court proceedings to actually do the foreclosure, in missouri they don't have to.

i'm certain though, you were grateful for being about to at least save for the 8 months!!!

[freeatlast09]

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.

You just stopped paying a few months ago? Reading this thread may depress you.

Well... at least we all have this forum so we can all cry together.