undecided when to move out :Living in Massachusetts

[anxious1]

Hi, my boyfriend is in the process of filing for bankruptcy chapter 7, he lost his job last year and my income is not enough to cover all our expenses. Our last mortgage payment was done in february and we received already a letter from BOA giving us 150 days to pay otherwise the will start the process, they had given us until august 18th . my question is : when should we move out? i'm concerned we don't want to be evicted , should I start looking for an apartment ? please help I appreciate your advice

Thanks

[jeep75]

Is BOA the original mortgagee or are they your servicer? In MA they have ruled that unless they can show you the original note signed by whoever's name the mortgage is in they can't forclose. BOA has lost or never actually had a lot of Mortgage notes from Mortgages they service. Otherwise it will take 8+ months from August 18th.

[debee]

Same - I just read an article on another bk website that puts the MA foreclosure timeline at around 8 months. Sending you pm with link to the article because it spells it out step by step. Look for the pm under notifications, upper right corner of your screen.

edit to add: if you stay in the house you can save a lot while not paying the mortgage and possibly get a cash-for-keys deal as well. they don't start evictions until after the foreclosure sale (which doesn't happen until the end of the 8 months).

[sunshinepa]

If as other posters have stated and it will take 8 months, I would start looking for a place at about the 5 month mark. Have you checked availability of apts. in your area? Use the newpaper or the web to get some idea of what is available and keep an eye on it.

I think you will be okay to stay put for quite awhile. You already stated they gave you to August and then it will take some additional time. You have the advantage right now as you know you will be leaving.

Good luck.

[harris]

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edit to add: if you stay in the house you can save a lot while not paying the mortgage and possibly get a cash-for-keys deal as well. they don't start evictions until after the foreclosure sale (which doesn't happen until the end of the 8 months).[/QUOTE]


What is a Cash for key deal?

[debee]

Cash for keys is when the foreclosing party offers you money to be out by a certain date so long as the house is empty & tidy. (Nothing left behind, swept up, etc.) They usually offer a range such as: if you're out in 2 weeks - $2K, 3 weeks - $1.5K, 4 weeks - $1K, 6 weeks $500.

Several forum members have gotten offers like this.

[anxious1]

BOA is our servicer , the original loan was with BOA but they sent us a lettter some time ago telling us that the loan had been transfered to its subsidiary BAC Home loans for servicing.
Sorry to bother you again but it's gonna be around 8 months from august 18th , taking into account that our last mortgage payment was done in february?

thanks again

[debee]

There is no guaranteed timeline. It could take them much longer than the minimum.

This is what I've got for info on a minimum timeline:

First, you will get a 90 Day Notice of Acceleration (used to be 30 days). They give you 90 days to get current and if you don't, then it moves on to the next thing (or stagnates for days, weeks, months).

Second, you get an "Order of Notice" which gives you 30 days to tell the court whether you're in the military. Not req'd for foreclosure, but req'd for insurable title. Used to take 30 days, but the court is very, very backed up so expect it to take longer. (It's possible, but unlikely, that the lender can do this part later and proceed with the foreclosure without it. Very unlikely.

Third, after the Land Court issues it judgment that you are not in the military, the sale has to be advertised for at least three weeks. The lender has to give you a two week advance notice of sale. The lender has to run a second advertisement one week prior to sale.

Lastly, someone is the winning bidder and signs a memorandum of sale. At that point you're no longer the owner.

(I will send you a pm to the attorney's article where I got this info)

[anxious1]

Thanks so much for all help. It gives me some piece of mind to know that at least we're going to have more time to save for a rent deposit taking into consideration that our credit scores at very low already.

I appreciate it