MI Foreclosure Question

[tigerman]

I was discharged Jan of this year, we are moving out of state next summer(Jun of 2012). We plan on just walking away but I keep reading about how people stay in there homes for over year and still the bank hasnt foreclosed, just wondering if we should just go ahead and stop paying now and save some money but we're kinda of scared of getting kicked out too soon. Is there an average time line for MI foreclosures? We are with BofA and are current. I know everybodys loan is different as well as other areas but was just wondering if somebody knows an average timeline for Foreclosure in MI?

Thanks

[tigerman]

Just to gave an update, I finally talked to my bk attorney and he told me there is a 6 month redemption period after the sale and a 12 month period if you are on more than 3 acres (which I am). Up to a 90 day period to see if a mod can be done before the sale so he told me I could be looking at 15 to 18 months til I have to leave my house. Hopefully this info will help somebody else out and if you have any additional info please add to this.

[Billssuck]

I'm not in MI (I'm in MO) and I'm with BOA too. It's been 16 months since I stopped paying (I was current at that time too) and I think we still have a long haul to go before anything happens. We are in an active ch13 so I think that is one hold up with our case. I've been downsizing, rented a storage unit (just in case I had to have a quick place to move my items plus I am putting things I want to keep but don't use everyday), and I am sorting/destroying unnecessary paperwork, etc. in the meantime. Think I'd be done but still got more to go. Best of luck to you!

[msally1947]

I am two yrs into a ch 13 . Did not think you could foreclose without amending your plan. My attorney only suggested a short sale when I mentioned we might need to get out of the house. Billssuck, did you have to amend your plan or anything?

[Miknan]

I'm also in Mich doing a ch 7 and including my house in BK. But I want to try and do a mod. When should I attempt this? I have my 341 meeting 8/22. I have Wells Fargo. From what I read it doesn't sound promising.

[mickinfish]

In my personal experience and that BofA has no idea what they are doing, I'd say you got awhile before worring about anything...GoodLuck