It Will Take NY 62 Years to Get Through All The Foreclosures

[tobee43]

I am at a loss......just missed 2 payments and BankUnited sent us the Notice of Default with accelerated payment option. WHAT.....2 missed payments only.....we are in Illinois yet one of the other hard hit states. HOW can we sit here for a L O N G time like the article speaks of????

HELP!

Thanks!!!

illinois is indeed a state that where Judicial foreclosures apply.

what that means...and this is from one of the blogs:

"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."

so even tho you are rec'ing this scare letters, your foreclosure must go through the process and that usually takes a the very least months....in some cases years. NOT to say the process cannot go faster, however, when you live in a Judaical state, you can delay the process by answering the summons and going to court. now, many times the judges ask or TELL the banks to try and work out something with the owners. (after all, most judges don't get their kicks from throwing people out on the streets, banks may, but the courts usually don't). so, you would be able to most likely get some type of extension. i knew one lady, went to court 3 times and was in home over 2 and 1/2 years before actually having to leave.

[HomeNow2]

I am at a loss......just missed 2 payments and BankUnited sent us the Notice of Default with accelerated payment option. WHAT.....2 missed payments only.....we are in Illinois yet one of the other hard hit states. HOW can we sit here for a L O N G time like the article speaks of????

HELP!

Thanks!!!

[tobee43]

helpme, we did get served, but they never have foreclosed??? we didn't bother to answer the summons since we had made the decision that just the utilities alone costs, we could get us another place much smaller and affordable...and after 18 months of waiting for the loan mod to go through, we just knew after 33 years it was time to go. our atty told us to lock and leave it, but we did notify the bank. they had their locks on the door almost the next day that we vacated.

i have to tell you helpme, something interesting. we have watching the property on zillow.com and have watched it go at (the all time high) of over 650k....down to....sitting down..193k (wow?), then staying steady about 215k or so for about a year and a half.

last week zillow jumped up the property value to 460k and you know what? also there was a small house approx 8 aces away from our old place, it was our closest neighbor and i think it actually sold last year for 170k...now zillow says it's worth 385k!!

that may be an effort to finally and actually put our or THEIR..."CHASES", that is, house to go to auction? i don't really know, it's nuts that all i can say. i checked the sheriff's site and still nothing, it's not listed not even on zillow as a foreclosure, so it's just plain weird.

during good time whatever that exactly means, we saw two for closures in our area, both took well over 3 years and i have no clue who their banks were.

[helpmeout]

all i can say is WOW!!!!!!!!!!!

well since our old propert is nj....and it might be 47 years i guess we'll be able to get the bank to take our names off that deed since the statue of limitations for the deed transfer is 20 years in nj..i don't know about ny. but wow again!

I think it depends on who your lender is. I'm in NJ, too. And I got served in May, which is one year and 3 months after I stopped paying the mortgage.

[banca rotta]

Besides high unemployment, taxes and inflation this is probably the number one reason why home prices will keep deflating for many, many years to come.

Bernanke is printing money, trying to keep interest rates low to sucker home buyers into buying now, but as soon as posts like this one gets out to the masses that they can simply just go into default on their mortgage and spend many years living as a squatter you can bet prices will just keep on falling.

Once all of the inflation really kicks in and interest rates have to rise that will be the end of the real estate business for some time since no one would be able to finance a home unless it goes to the low 5 figures and I see this happening.

Personally that's a good thing for young folks just starting out.

[tobee43]

i think you have a point there shanfish the bank can most likely get you out after they follow whatever the state allows, but that doesn't necessarily mean you can live there for 62 years, one would think.

[Shanfish]

It may take 62 years for them to close the deal legally through the courts on the foreclosure, but they can lock you out much earlier - my bank came 1 week after our 341 and locked us out and we were less than 1 year behind on the payments.

[IamOld]

This is a plus for NY!!! More humane.

BUT it just proves this point - the GOV'T yes the gov't - maybe state gov'ts - should be involved and have the homeowner pay however little he/she can on the mort - NO ONE - NO ONE (except greedy banksters) benefit when people are thrown out onto the streets.

[tobee43]

oh!! and just another thought here.

if the government is bailing out all these banks how long do they have to collect on that money????? i mean to get that government money in most cases they must PROVE to the government that they attempted to basically mitigate damages of their claim of loss... and to be able to collect on their damages, they must go through the standard process (whatever that may be) i just know with an FHA there is a certain process for them to collect the balance from the government bail out monies.

does this mean for 62 years or 47 years we'll still be using our tax dollar to bail out the banks on these lost home mortgages since foreclosure is or was suppose to be part of the process in so many of these cases prior to being able to collect from the bail out monies??? or are they just getting the bucks right up front from the government and then keeping the houses as potential assets to the banks...again wow. just a thought!

[tobee43]

all i can say is WOW!!!!!!!!!!!

well since our old propert is nj....and it might be 47 years i guess we'll be able to get the bank to take our names off that deed since the statue of limitations for the deed transfer is 20 years in nj..i don't know about ny. but wow again!

[IHateToBeEmo]

June 20, 2011

At their current pace, it will take New York State lenders 62 years to repossess all the houses currently in foreclosure or severe default, NYT reports. That's good news for some homeowners looking to get a break while they try to get out from behind the eight-ball with their debts. Some of them could even be dead by the time the house repo man comes to collect.

In the 27 other states where the courts are not involved in foreclosures it will only take two or three years, but that's still a significant amount of time. New York is the longest of the states that have courts as part of the foreclosure process, but others are not that far off. For example, it would take New Jersey 47 years.

"If you were in foreclosure four years ago, you were biting your nails, asking yourself, 'When is the sheriff going to show up and put me on the street?' " Herb Blecher, an SVP at LPS, which supplied the foreclosure analytics, told NYT. "Now you're probably not losing any sleep."

Homeowners who are behind on their payments, or worse, who find themselves with an unexpected breath of air like this should use the time to fight for mortgage modifications and improve their finances by cutting expenses and increasing their income.

http://consumerist.com/2011/06/it-will-take-new-york-62-years-to-get-through-all-the-foreclosures.html