Please Scroll Down to See Forums Below 
seaking420
New member
or know anyone who has???
Has anyone forclosed on there house....
- Thread starter seaking420
- Start date
walliwalibus
New member
Mine was going into the process while I was getting separated but we sold. Sold! Sold! Sold!
Ditto
What do you want to know? You can PM me with your questions if you want.
seaking420
New member
well here is my situation quickly.....im getting divorced and filing for bankruptcy(credicards) We bought our house at the peak of the market 4 years ago. We hardly have any equity in the house and if we sell the house for what its worth in todays market, between all the fees we would end up having to bring about 6-7g's at the closing...which we dont have. The 2 bankruptcy attorneys both said to me to forclose on the house. That we could live there mortgage free for about 18 months.....save that money for when we move. I guess my question is would my neighbors know that Im forclosing on the house, would it bring the neighborhood down? My wife works in the town and 2 people that live on our block work with her, so she would have to face them everyday. But it seems like financially it would make the most sense to forclose. We each could save around 20-25 grand if we stop making the payments on the house.
First of all let me say I am sorry to hear about your situation. I have gone through devorce and it sucks but there is light at the end of the tunel.
Now, no you will not be able to live there rent free for 18 months. Miss the first 3 months you will be in "Notice of Default" miss 3 more months and they will post a "Notice of Trustee Sale" usually the sale date 25-30 days after NOTS. After the home sells or goes back to the bank it will take the whoever 30-90 days to get you out if you fight the eviction. So you are 9 months at best; making no payments. You should put the house for sale under what you owe talk to the bank and see if you can do a short sale. Also, if you are on an adjustable rate mortgage you can fight the bank to have them eat a portion of the principal and reduce the monthly payment to a normal 30 year mortgage. However, if you just want out of the house and don't want to complete screw your credit you can give the house back to the bank. That is called "In Lue". Stays on your credit I believe for only 4 years. The neighbor hood is already brought down by the reality of the housing situation. That is life! Don't be ashamed by foreclosure it is everywhere!
If I am not answering your question correctly or I am not clear please post again.
Now, no you will not be able to live there rent free for 18 months. Miss the first 3 months you will be in "Notice of Default" miss 3 more months and they will post a "Notice of Trustee Sale" usually the sale date 25-30 days after NOTS. After the home sells or goes back to the bank it will take the whoever 30-90 days to get you out if you fight the eviction. So you are 9 months at best; making no payments. You should put the house for sale under what you owe talk to the bank and see if you can do a short sale. Also, if you are on an adjustable rate mortgage you can fight the bank to have them eat a portion of the principal and reduce the monthly payment to a normal 30 year mortgage. However, if you just want out of the house and don't want to complete screw your credit you can give the house back to the bank. That is called "In Lue". Stays on your credit I believe for only 4 years. The neighbor hood is already brought down by the reality of the housing situation. That is life! Don't be ashamed by foreclosure it is everywhere!
If I am not answering your question correctly or I am not clear please post again.
seaking420
New member
I do have some more questions but i have to leave. I will post back tomorrow or ill pm you...thanks
seaking420
New member
I do have a few questions.....why would both bankruptcy attorneys say that i would have at least a minimum of a year to stay in the house before the bank takes it over......i think they said because there are so many forclosures happening that its taking much longer for this process.
Also what is a short sale, ive heard about this too.
My other question is about in-lue... if im already declaring bankruptcy isnt my credit screwed anyway or does declaring bankruptcy and forclosing on a house make it that much worse?
Because they are bankruptcy attorneys, not foreclosure or real estate attorneys. They might be right I just know the rules and laws for California and Idaho.
A short sale is where you list you house at market value regardless of loan amount, a quilified buyer makes and offer and you submit it to the bank and hope the bank is willing to write off the loss.
Yes bankruptcy and foreclosure and loss of house is about the worst thing that could ever happen to your credit! I the only thing that would trump that is to add unlawfull detainer.
Stock69
New member
I dont know what state you live in, but you lived here in FL should wait until after the foreclosure to file BK. The reason is that after FC the lender can still get a judgement against whomever signed the note for the difference in what you owe + fees and what they sell it at. If you wait until after the FC, then any judgements or liens can be included under the BK. Your BK attorneys are saying 18 months, because they can tie it up that long with their paperwork and BS, but the longer they tie it up, the more the BK is going to cost you. IME, anyone that makes $250 an hour doesnt do anything fast.
BlondeBombshell27
New member
My mom and stepdad went through that last year. I know a lot of people that are going through foreclosures on their homes.
snacky cake
Banned
Okay, wasn't going to post on elite, but got a email about this thread from a certain someone who wants to get me back on elite...lol.
I'm a foreclosure attorney, so I know how it works very well. I've been doing them for 9 years now and have done over 4000 of them.
I can tell you that you need to listen to your attorneys and not the people on elite! They may know how long the process takes in their particular states, but some states are not judicial foreclosure states. It think that going on 4t must live in a strict foreclosure state and not a judicial foreclosure state. The laws in his state most likely do not apply in your state. I don't know what state you live in and I couldn't give you legal advice, anyway, unless you live in Kentucky, where I'm licensed. Here in Kentucky, it is taking about 9 months from filing the complaint to the master commissioner sale. We don't have to file any notice of default with the court. We only have to send them a breach letter if the mortgage specifies it. So, what I'm saying is that foreclosures vary so much from state to state. If two bankruptcy attorneys told you that they are taking, on average, 18 months in your area then that is how long they are taking, I'm sure. No one on elite is going to give you better timeframes than the lawyers who do this work every day in YOUR STATE.
I think it is time to suck it up and not worry what the neighbors think. You need to do what is most financially sound. It sounds to me like your lawyers are giving you good financial advice and you need to follow it.
You could short sale the house, but it sounds like you would still need to file BK because of the credit cards. The bk would discharge the deficiency balance anyway, so the short sale would do you no good. Living in the home until it goes up for auction and then filing bk will net you the best financial gain. You have to start looking at these things from a sound, logical financial perspective and not in terms of what people will think.
LISTEN TO YOUR LAWYERS!
I'm a foreclosure attorney, so I know how it works very well. I've been doing them for 9 years now and have done over 4000 of them.
I can tell you that you need to listen to your attorneys and not the people on elite! They may know how long the process takes in their particular states, but some states are not judicial foreclosure states. It think that going on 4t must live in a strict foreclosure state and not a judicial foreclosure state. The laws in his state most likely do not apply in your state. I don't know what state you live in and I couldn't give you legal advice, anyway, unless you live in Kentucky, where I'm licensed. Here in Kentucky, it is taking about 9 months from filing the complaint to the master commissioner sale. We don't have to file any notice of default with the court. We only have to send them a breach letter if the mortgage specifies it. So, what I'm saying is that foreclosures vary so much from state to state. If two bankruptcy attorneys told you that they are taking, on average, 18 months in your area then that is how long they are taking, I'm sure. No one on elite is going to give you better timeframes than the lawyers who do this work every day in YOUR STATE.
I think it is time to suck it up and not worry what the neighbors think. You need to do what is most financially sound. It sounds to me like your lawyers are giving you good financial advice and you need to follow it.
You could short sale the house, but it sounds like you would still need to file BK because of the credit cards. The bk would discharge the deficiency balance anyway, so the short sale would do you no good. Living in the home until it goes up for auction and then filing bk will net you the best financial gain. You have to start looking at these things from a sound, logical financial perspective and not in terms of what people will think.
LISTEN TO YOUR LAWYERS!
There she is!!! Hi supper smart girl! And thank you for your comments, she knows of what she says. She is also correct, I am in a very strict state for foreclosures, I am not an attorney, and each state has very seperate and distinct laws on how the process works, also I did study the laws in several other states but that was 4 years ago and am not fluent in them now.
