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10 years rent-free?

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    10 years rent-free?

    Stopped paying in April of 2010. Received notice of default from bank in June (I think) of 2011. Have heard nothing since. Predator law firm handling my foreclosure got shut down by the government. 6 months later (maybe) I received a letter from new law firm handling case. They had my parents as defendants. My parents have no ownership in the property. I wrote the new law firm telling them to remove my parents as defendants, re-file their motions and send me proof of my parents' signature on the mortgage papers. To date, I've heard nothing from this new law firm. I figure maybe I have another 10 years in this house rent-free? Opinions, please.
    Filed August 20 341 on September 23 Report of No Distribution - September 24 Case Discharged and Closed on November 23!!!

    #2
    Awesome if it works out for you, but how do you figure that long?

    Keep On Smilin'

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      #3
      That's just a figure I made up. At the rate this is going, who knows. If I can get 3 years out of it, I'd be happy. I would have saved enough for my kid's college education.
      Filed August 20 341 on September 23 Report of No Distribution - September 24 Case Discharged and Closed on November 23!!!

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        #4
        Three years is more likely than ten, but nothing is impossible.

        Every so often, I see a news story about a couple in South Florida. I believe they are on year 15 of rent-free, and no sign of it ending. It would be nice if we could calculate it accurately, to better plan. For the debtor, anyway.
        11-20-09-- Filed Chapter 7
        12-23-09-- 341 Meeting-Early Christmas Gift?
        3-9-10--Discharged

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          #5
          I just passed 2.5 years rent free. Think I will be able to make the 3 year mark myself.

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            #6
            Introducing the "Ritters" family.. living 5-year rent free on $1.29 million home in MD....

            Keith and Janet Ritter bought their Fort Washington home for $1.29 million with almost no money down at the peak of the housing boom. In five years, they have never made a mortgage payment.



            Do we have a winner yet..??

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              #7
              I'm in NY too. So far its been 3 years since I stopped paying, with the Lis Pendens filed in March 2010. From what a clerk told me at the settlement conference, when they do get around to filing the Foreclosure Action (which is the next step after I ended the negotiations), it will be 3 years from that point. Things may change, but for now I'm using this generous window to take a deep breath and get my life back together.

              The bank's attorneys were pushing a short sale on me but I realized it was a bad idea, especially with the other lien holders making it a complicated negotiation between the bank, the buyer, all of the interested parties and me in the middle of it all. It would have been high stress and of no benefit for me.

              If you've already received the Lis Pendens, make sure to attend whatever court appearances are required. Otherwise you'll get a default judgement which might speed up the process.
              // Non-consumer Ch 7 Filed on Oct-2012 // 341 Nov-2012 // discharge Feb 2013 // trustee's no distribution Jun 2013 // wondering about that foreclosure

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                #8
                Will do dave, thanks.
                Filed August 20 341 on September 23 Report of No Distribution - September 24 Case Discharged and Closed on November 23!!!

                Comment


                  #9
                  I only got 10 months between last payment to date of auction. I hoped BK would slow it down, but no such luck. Apparently GreenTree is on the ball!
                  10/27/11 - Filed Ch13 ------ 2/27/12 - Conversion to Non-Consumer Ch7 ----6/11/12 - Discharged!

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                    #10
                    A close friend is a GreenTree foreclosure Realtor. They move VERY fast, generally. The reason is: Most of the GreenTree homes are mobile homes and they are subject to a much quicker depreciation than homes built on foundation. There are many reasons for this, one of which is increased wear and tear and generally speaking, mobiles are not built to last in the same ways. Exceptions exist, I imagine.

                    In any case, a typical GreenTree mobile deteriorates quickly, so they move as fast as possible.

                    I believe GreenTree was recently acquired by Jim Walter homes, so there may be some changes coming, but this is my recent experience with my friend, on the front line with that lender.
                    11-20-09-- Filed Chapter 7
                    12-23-09-- 341 Meeting-Early Christmas Gift?
                    3-9-10--Discharged

                    Comment


                      #11
                      Originally posted by DeadManCrawling View Post
                      A close friend is a GreenTree foreclosure Realtor. They move VERY fast, generally.
                      Yep, our house isn't a mobile home, but it's moved to Countrywide to BofA to Greentree over the past few years, so it's definately on the 'high risk' list!!
                      10/27/11 - Filed Ch13 ------ 2/27/12 - Conversion to Non-Consumer Ch7 ----6/11/12 - Discharged!

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                        #12
                        Originally posted by AZNoName View Post
                        Yep, our house isn't a mobile home, but it's moved to Countrywide to BofA to Greentree over the past few years, so it's definately on the 'high risk' list!!
                        Same here. Countrywide to BofA to Greentree. They must be psychic. As soon as I had my first passing thought about not paying the mortgage, that's when GT took over.
                        Filed Ch7 - July 19, 2012
                        Discharged and Closed - October 19, 2012

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