Zombie Titles

[nioka]

I am trying to find a good solution to dealing with an impending bank and/or HOA foreclosure. Many here have offered several viable solutions however I think the final choice is dictated by the individuals circumstance.

I was trying to find a TN timeline for an HOA foreclosure when I came across this article. If I am to assume the information to still be valid then I am in for a long stay paying only the HOA fees initially and the tax bill and insurance as they come due. No matter, that is still a cheap living option and it would allow me a cheap place to live while I rebuild my credit after bankruptcy.

According to the article banks are misleading HO's into thinking their name is off the deed when in fact it is not. If you are facing foreclosure please read the article.

http://www.reuters.com/article/2013/01/10/us-usa-foreclosures-zombies-idUSBRE9090G920130110

[tobee43]

most answer you get will be from " individuals circumstance" on this forum,and while some of work us work in this field or are extremely knowledgeable in the topic of bk. but again, you want an answer and this is it varies state by state. your foreclosure is NOT based on your HOA or your BANK it depends on whether your state is a judicial or non- judicial state. that will determine how long the process changes.

the best way for us to check was at our counties sheriff's site to see how fast they were moving in our area.

you can continue to ask the same question 100 times and if a 100 people respond you will get 100 different answers. ask your atty is usually the right answer if you don't' fill comfortable with any other information.

[Pjmax]

Now that you are aware of all the possible 'what ifs', your plan to stay in your home should work out. As Tobee said, every situation is different, and counties and states are different. Ask your attorney what the general timelines are in your area. If you do get a notice of foreclosure and sale, keep an eye on your county websites to see if it actually sold and the deed changed hands.

I know in this area, the sheriff's sales seem to get postponed constantly (we were watching one in particular, our 'neighbors from hell.') The house never did get sold and they are still there. It shows up on the sale list every now and then, and then disappears. I would look up the eviction rules in your county. If the property is sold, deed changes hands and you are still there, an eviction should give you at least 30 days, but check your county procedures on that.

It's good to be aware of everything that could go wrong, but at some point you should relax a little and take things one step at a time, or you'll make yourself crazy.

[nioka]

tobee43,

If I said something that offended you I apologize. I never questioned the regulars here and BK. I only meant to say that I got several different answers to particular questions and that I thought it was because each person has different circumstances such as location, a HOA presence, judicial or non judicial, etc. I truly appreciated the answers I got here at BK and for me it provided a few different ways to proceed.

I have asked three different attorney and in some cases got different answers.

Thank you for the tip in the county sheriff's site. I will give it a try.

[justbroke]

The answers are varied as much (or greater than) the number of people asked. For example, Bank of America could be aggressive with one homeowner, while they are slow to even file a lis pendens with a different homeowner -- even on the same street in the same HOA. The banks have loss mitigation departments and I can personally say that I don't understand how they even make these decisions!

Of course, there are many external factors out there. Is the person still living there? Are they paying the HOA dues regularly? Are they keeping up the property? These can all be factors, as well as whether it's an "easy" foreclosure (non-judicial state exercising a "power of sale" clause) or a "difficult" foreclosure (judicial state with tough judges).

Just too many variables and factors. Even an attorney is going to tell you that "it depends". There are "foreclosure" attorneys that will even try to sell you more time by spending about a month's mortgage payment to have them challenge the foreclosure (in Judicial foreclosure states).

[tobee43]

tobee43,

If I said something that offended you I apologize. I never questioned the regulars here and BK. I only meant to say that I got several different answers to particular questions and that I thought it was because each person has different circumstances such as location, a HOA presence, judicial or non judicial, etc. I truly appreciated the answers I got here at BK and for me it provided a few different ways to proceed.

I have asked three different attorney and in some cases got different answers.

Thank you for the tip in the county sheriff's site. I will give it a try.

oh no you didn't offend me at all! it's just a loaded question. i was just checking out your other threads. what we all do here is share and talk about our experiences to l help others. many for example the first one that comes to my mind, is someone like des, who just donates their time with a vast amount of legal knowledge and experience in law that donates time and effort to simply help people. or jb, has a vast experience in both 13 and 7's who i'm certain has better things to do . my point is, you are simply going to comes across many different answers from many different people. your situation is individual. i didn't mean to sound harsh you know don't me yet LOL!!

i know your scared and most likely stressed and sometimes at the stage you are at in this process, is so scary and uncertain we just want to know what is going happen next and when. the point is every one of us experienced different experiences. i am a perfect example, my home is still not foreclosure it's now over 5 years. what does that mean, i have a zombie title. one that is still in my name and there will most likely never be an actual foreclosure. the title will sit until we most likely die or when that states statue of limitations which happens to be 20 years and we are still alive and can get it removed. most likely not only YOU but most will never ever go through an experience that we have. that's really all i'm saying.

if you list your home in your bk and your HOA or BANK forecloses, your name will continue to survive the deed and title until there is a new owner. that is only time the deed will change and then the title.

ah! your so right about the attys, i didn't even follow all the instruction given to us, why? i just didn't feel comfortable, and like you would hear different answers for the exact same problem. (perfect example for us, was more attys telling up to file a 13 while we went with the one that said no ur a chapter 7, that one was right).