My Foreclosure will probably be the fastest in the history of Florida!!

[yeahwhatever]

We paid our retainer at the end of January, missed our first EVER Mortgage and HELOC payment Feb 1st and the bank (USAA for both) started calling literally 15 times a day for just the HELOC on Feb 4th, 3 days after the payments were due. I spoke with them once letting them know that my husband had been out of work for 6 out of the last 12 months and was hoping to hear about a new position soon. They said fine, but we'll call again next week. Well, the calls came relentlessly and maybe I took the wrong approach but I just didn't answer them. I had no new info to tell them and I wasn't going to waste my time with the calls.

I received an 'intent' to foreclose letter after my second payment wasn't made, again, just on the HELOC, but that loan is more than my actual mortgage.

Today, I watched a car stop n front of my house and started taking pictures. Thank God for this forum so I knew it had to be related to the house loan. The man actually came to the door and I briefly spoke to him through a half opened door while trying to keep my German Shepherd from running out and eating him. He just said he was sent by USAA, they were trying to reach me, and asked that I not kill the messenger. I told him briefly that my circumstances haven't changed and that I had nothing new to talk to USAA about. He just left his "Please call us" letter from USAA and left.

April 1st is the 3rd payment missed. Is it crazy for someone to come out to my house so early? We actually already have a rental home that we are slowly moving into because I was scared to death we might get booted fast and I just need to feel settled somewhere. For his pictures, the house still looks completely lived in, other than a green pool in the yard since we aren't staying, we're not maintaining it. I figured we can just say it's too expensive to maintain if anything comes up.

So I guess my questions, aside from venting a little, is can certain banks (USAA) somehow accelerate foreclosure processes? And is there anything special about a second lien foreclosing before the first one? My first mortgage is about $85k and the HELOC is approx $106k, and the house is probably worth around $70k right now.

Needless to say, we'll be at our Attorney's office with all our paperwork and check in hand by 10am tomorrow. Thanks for listening!

[sealpup]

I'm not an expert- but when we were behind on our first mortgage they sent someone out several times (maybe once a month) to make sure the house was not abandonded. I never saw them, they never knocked on the door. I just found out b/c I saw some weird charges added to our statement and called to inquire about them (each time they came out it was about $300). I was told this is routine anytime you are behind on your mortgage payments. So my guess would be the guy coming out and taking pictures, probably doesn't mean they are speeding up the forclosure process.
Our 2nd mortgage was with USAA. My husband was unemployed for over a year. We spoke with them at least once a month regarding our situation and our intentions. We tried to work something out with them. They temporarily lowered our interest rate to 5% and that was it. We were about 3 payments behind and the next thing we knew they had filed an insurance claim on the 2nd mortgage with United Guaranty and now they own our 2nd mortgage. We had no idea they had filed a claim which really pissed me off, since we were communicating with them. We were told they don't tell people that they file claims because they don't want to make the homeowner think that they don't have to make payments. The only good thing is that when United Guaranty got the mortgage, they didn't realize the 5% was a temp interest rate (orignally 10.75%) and they lowered our rate to 3%! Not sure if USAA would file a claim on a 2nd mortgage if they also hold the first.
When we were worried about forclosure, we called our 1st mortgage holder and straight up asked them what the forclosure status of our home was. Maybe you could do that to get some more info?
Hope you can get some good answers from your attorney this morning! Good luck!

[tobee43]

florida is still a judical state and they MUST follow the guidelines....i know it's soooo scary, but you have some time.

and it goes like this:

Judicial Foreclosures:

Judicial foreclosures are processed through the courts, beginning with the lender filing a complaint and recording a notice of Lis Pendens. The complaint will state what the debt is, and why the default should allow the lender to foreclose and take the property given as security for the loan. The homeowner will be served notice of the complaint, either by mailing, direct service, or publication of the notice, and will have the opportunity to be heard before the court. If the court finds the debt valid, and in default, it will issue a judgment for the total amount owed, including the costs of the foreclosure process. After the judgment has been entered, a writ will be issued by the court authorizing a sheriff's sale. The sheriff's sale is an auction, open to anyone, and is held in a public place, which can range from in front of the courthouse steps, to in front of the property being auctioned. Sheriff's sales will require either cash to be paid at the time of sale, or a substantial deposit, with the balance paid from later that same day up to 30 days after the sale. Check your local procedures carefully. At the end of the auction, the highest bidder will be the owner of the property, subject to the court's confirmation of the sale. After the court has confirmed the sale, a sheriff's deed will be prepared and delivered to the highest bidder, when that deed is recorded, the highest bidder is the owner of the property.

and it takes some time to do all that!!

[iswmle]

USAA will go above and beyond for members, especially if they are tenured. The minute you become a corporate risk, though, they let the hounds out. NFCU is the same way.

[Charlie777]

A couple of thoughts...

USAA seems to insure HELOCs as mentioned in another post here, and others I've seen ("United Guaranty). So they may not be rushing to foreclose the second, they might be rushing to put together the claim to collect on the insurance.

When the same lender owns both the first and the second lien, I don't see why they would foreclose the second before the first. Even if there's some odd securitization angle, foreclosing the second cannot deliver clear title to a buyer.

Sionce you're in a judicial foreclosure state, try to take some deep breaths and relax, you'll have some time, and may even be able to get some "cash for keys" sort of accommodation to get you to move out.

[brokeinal]

Totally normal for them to send someone out. Wells Fargo sent someone to our house every 2-3 weeks from September 2010 through January 2011 when we filed. It's unsettling to know someone is checking the house to see if someone still lives there, but it was the same lady most of the time and she always seemed apologetic for disturbing me. (I was always nice to her...she was just doing her job.)

They also sent postcards to our address asking to check whether we were the owner, tenant, or if the place was blank (not sure how that last one was going to be filled out, but whatever).

Doesn't necessarily mean your foreclosure is going to move any faster. FWIW, we stopped paying in August 2010, and filed at the end of January 2011. Our foreclosure date is scheduled for mid-May (it was originally in February, but the filing delayed it).

[yeahwhatever]

Thank you everyone! I feel better after reading all your replies. I didn't realize how much paperwork was needed to get together and it took me until literally 5:03pm to get to the Attorney's office. Thank goodness they hadn't locked the door yet! So paperwork and check is officially turned over but I'm sure there's stuff we're probably missing. That's OK though, I feel like we've taken one step forward today. I was almost daring someone to call on my way to the Attorney's office so I could finally answer my phone again and tell them officially to call my Attorney, but of course for once, no calls!
You are right Iswmle, USAA will release the hounds once you cross them. I've learned a life lesson never to bank with whom you owe money too. I have a feeling they'll probably show up to our 341 out of spite since we have both mortgages, 2 credit cards and a truck repo with them.

Thanks tobee43 for the timeline. That helps lots. We're gonna be out in a month or so anyway since we decided to rent early and found a great place practically around the corner. I know we could have saved for a longer time but even with rent we'll still be saving almost half of both mortgages. Just can't wait for it all to be done!

[tobee43]

Thank you everyone! I feel better after reading all your replies. I didn't realize how much paperwork was needed to get together and it took me until literally 5:03pm to get to the Attorney's office. Thank goodness they hadn't locked the door yet! So paperwork and check is officially turned over but I'm sure there's stuff we're probably missing. That's OK though, I feel like we've taken one step forward today. I was almost daring someone to call on my way to the Attorney's office so I could finally answer my phone again and tell them officially to call my Attorney, but of course for once, no calls!
You are right Iswmle, USAA will release the hounds once you cross them. I've learned a life lesson never to bank with whom you owe money too. I have a feeling they'll probably show up to our 341 out of spite since we have both mortgages, 2 credit cards and a truck repo with them.

Thanks tobee43 for the timeline. That helps lots. We're gonna be out in a month or so anyway since we decided to rent early and found a great place practically around the corner. I know we could have saved for a longer time but even with rent we'll still be saving almost half of both mortgages. Just can't wait for it all to be done!

your most welcome, and no matter what the banks still must meet and to via the state guidelines...you'll be fine.

and i soooooooo hear you...it will be over soon, promise!!!