Posted: 3/31/2011 9:40:00 AM EDT
| well i got a letter from an attorney wanting to collect the full amount owed on my house today. how long do i have before i get the GTFO letter and get the house sealed up ? |
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from my near-foreclosure experience about 6 years ago:
I lost my job, and not having any savings, immediately moved back in with my parents and put the house on the market, expecting a foreclosure to be a fast thing. Heh. As I found out, it is a slow moving process that is fairly easy to fix. After 3 missed payments, I got a letter about the bank starting foreclosure proceedings. As I had just gotten a new job, I was able to work with them to get the loan 'restarted'. They tacked the 3 missing payments onto the end of the loan, and I had to write a Hardship letter, and then I paid up the interest from those months, which was like 1500 bucks or so. I was back in my house as if nothing had happened 4 months after I had moved out. (interest rate was unchanged, they made no entries on my credit rating either.) So, if the letter you got was the start, and you've already missed some payments, you have some time. My research during and after my experienced showed at the time that it was an easy 6 months before evictions came along. Now-A-Days in this housing market? I dunno. Good luck to you, and if you can (and want) to keep the house, definitely call them and see what kind of arrangement you can come up with. The don't want to reposses your house and have to sell it at auction at a huge loss to them. |
yea i know its coming too
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"Strategic default"
http://www.youwalkaway.com/strategic-default/ 
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I've got an acquaintance who received a foreclosure notice over a year ago and he's still living in the house. I don't think he's made a payment in nearly 2 years. The bank could have tossed him out a long time ago, but they haven't bothered. Maybe it's because he's still maintaining the house and property. |
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i will look into that thanx |
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i will look into that thanx dont walk from your house, thats bullshit, man up and deal with it |
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You probably have about 7-8 months before you would have to move out. Maybe 9 depending on how quickly your sheriff's office moves. Good luck, brother. The speed of the sheriff's office is of little importance. It's all about the foreclosure attorney and how swamped he is. OP, if he files the petition, make sure you answer it. DO NOT ALLOW THEM TO TAKE A DEFAULT JUDGMENT AGAINST YOU. If you answer, then he has to treat it like a normal law suit and it will take time. At a minimum, you're looking at three months, but based upon how busy foreclosure attorneys are, you're realistically looking at 6 months to a year. Have you looked into a chapter 13 bankruptcy? If you have a steady income, then you can save the house. Hang in there brother, you're not alone. |
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You probably have about 7-8 months before you would have to move out. Maybe 9 depending on how quickly your sheriff's office moves. Good luck, brother. The speed of the sheriff's office is of little importance. It's all about the foreclosure attorney and how swamped he is. OP, if he files the petition, make sure you answer it. DO NOT ALLOW THEM TO TAKE A DEFAULT JUDGMENT AGAINST YOU. If you answer, then he has to treat it like a normal law suit and it will take time. At a minimum, you're looking at three months, but based upon how busy foreclosure attorneys are, you're realistically looking at 6 months to a year. Have you looked into a chapter 13 bankruptcy? If you have a steady income, then you can save the house. Hang in there brother, you're not alone. no steady income at the moment, bankruptcy is not smart at this time. thanx guys for the answers. i appreciate the kind words. the house will go period, just looking for info on how this works |
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i will look into that thanx dont walk from your house, thats bullshit, man up and deal with it In before the Sh....... Oh wait.. I see that it has started...  I'm sure the above poster knows every little detail
about the OP's life and has taken them into account before spewing his venom.... |
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Have your attorney ask them for the original loan agreement with the wet signature.   hows that one come out with a house ? i know how it works with other stuffIt depends on whether your mortgage has been sold a lot, or at all. If your mortgage hasn't ever been sold or only sold a couple of times, then the mortgage co will likely have easy access to the original mortgage. If it's been sold a lot, then they might not. Bank of America bought a ton of mortgages and didn't have the original mortgages, just documents saying they'd bought the mortgage. When asked to provide the original document, they couldn't and many cases got thrown out and BoA put their foreclosures on hold for a while until they got things straightened out. If you don't have a steady income, then chapter 13 is out of the question. You can still do a 7, but I'd wait until you see where the bottom is before filing. |
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Have your attorney ask them for the original loan agreement with the wet signature. hows that one come out with a house ? i know how it works with other stuffIt depends on whether your mortgage has been sold a lot, or at all. If your mortgage hasn't ever been sold or only sold a couple of times, then the mortgage co will likely have easy access to the original mortgage. If it's been sold a lot, then they might not. Bank of America bought a ton of mortgages and didn't have the original mortgages, just documents saying they'd bought the mortgage. When asked to provide the original document, they couldn't and many cases got thrown out and BoA put their foreclosures on hold for a while until they got things straightened out. If you don't have a steady income, then chapter 13 is out of the question. You can still do a 7, but I'd wait until you see where the bottom is before filing. thats my plan
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I went probably 6 months without making payment and they still let me pay it up and keep the house. I made the mistake of trusting my ex wife and she quit paying the bills and I got hit by a semi and was in the hospital for a few months during which time she decided to book. |
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My mother just got her foreclosure letter last week.
She was a realtor before it all fell apart and she was barely making ends meet then. A series of bad decisions on her part led her to this, despite my best efforts to help her without enabling her bad decisions. I'm now broke (divorce cleaned me out completely, followed by a tax issue that was an error on my part, fed is taking the rest), and trying to figure out how to support my mother when she gets kicked out of her house. I'm keeping her off entitlement programs as well as I can, but its really hard. I never planned on being divorced and having to support my mother. Believe me when I say that not everyone who gets foreclosed on its a useless leach.... 
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Iowa is still a judicial foreclosure state. It requires court hearings and the like. Typically a slow process, a year is not unusual. Try to get out before the sheriff's sale, I'm sure you'll get a notice. Iowa code allows for deficiency judgements on foreclosures, ie if the sheriff's sale doesn't net enough they can come after the balance. But not all lenders go after deficiencies. Typically if you wave the right of redemption (one year) the lender waives deficiency judgement. Typically but not always so proceed carefully.
But you do need to get ahold of an attorney. It's not something to ignore. |
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I'm only going to point out that large corporations do this all the time and are credited for making a "good business decision". But if a homeowner does it he's a scum bag. What's the difference between a corporation breaking its word, and a homeowner breaking his? The lender in both cases knew that this was a possibility but went ahead with the loan anyway. But just to cover his a$$, he secured the property with a mortgage. If its okay for a business to do it, I'm not going to be so quick to condemn the homeowner for doing the same thing. |