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Re: How long does a foreclosure take?
We found out a few weeks ago that our next door neighbor hasnt paid his mortgage since 2008!! Not a dime. He was a stockbroker on Wall St and after the 2008 finance crash, he was laid off and wasnt able to get a job that paid enough to cover the mortgage on his 4bedroom/2 bath house.,his wife is partially disabled so she cant work. He has been hustling here and there with handyman/construction projects but with 3 kids to feed, he doesnt use any of that income for mortgage/taxes..i am not sure when his foreclosure will finally go through..
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Posted 12/11/13 2:06 AM  |
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Long Island Weddings
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Re: How long does a foreclosure take?
I think it will catch up with them too and try not to worry about what another person is doing, because I do NOT have all the facts.
Especially with the rental market (or lack of) here on LI, with credit shot it's not going to be easy for them even finding a decent rental.
If they have someone bailing them out like a family member, that's good for them.
I personally wouldn't want to be living MY life that way, KWIM?
Usually people who live this way are not the ones we should envy.
JMO.
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| Posted 12/11/13 6:26 AM |
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BargainMama
LIF Adult
Member since 5/09 15659 total posts
Name:
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Re: How long does a foreclosure take?
Posted by EclecticEsq10810
We found out a few weeks ago that our next door neighbor hasnt paid his mortgage since 2008!! Not a dime. He was a stockbroker on Wall St and after the 2008 finance crash, he was laid off and wasnt able to get a job that paid enough to cover the mortgage on his 4bedroom/2 bath house.,his wife is partially disabled so she cant work. He has been hustling here and there with handyman/construction projects but with 3 kids to feed, he doesnt use any of that income for mortgage/taxes..i am not sure when his foreclosure will finally go through..
He probably uses that income for food, lights, and heat.
It's a sad situation for many. To be in such dire straits. After working with this population for many years, I no longer judge.
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| Posted 12/11/13 7:41 AM |
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DRMom
Two in Blue
Member since 5/05 20223 total posts
Name:
Melissa
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Re: How long does a foreclosure take?
Posted by BargainMama
Posted by EclecticEsq10810
We found out a few weeks ago that our next door neighbor hasnt paid his mortgage since 2008!! Not a dime. He was a stockbroker on Wall St and after the 2008 finance crash, he was laid off and wasnt able to get a job that paid enough to cover the mortgage on his 4bedroom/2 bath house.,his wife is partially disabled so she cant work. He has been hustling here and there with handyman/construction projects but with 3 kids to feed, he doesnt use any of that income for mortgage/taxes..i am not sure when his foreclosure will finally go through..
He probably uses that income for food, lights, and heat.
It's a sad situation for many. To be in such dire straits. After working with this population for many years, I no longer judge.
Exactly. This is a sad, sad story and trust me banks are still posting record profits.
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| Posted 12/11/13 10:35 AM |
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Bridex100
Two Under Two Mommy
Member since 3/08 10420 total posts
Name:
Momx100
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Re: How long does a foreclosure take?
Posted by KarenK122
Things like this really make me so angry. We bought a condo at the height of the market and we are now underwater $90,000. We needed to move because of school districts and it was need not a want due to my DD's special needs. We rent in our current school district and rent out the condo for less than our mortgage payments. We pay the mortgage and our new rent every single month and go without just to make sure we stay on top of payments. We are now looking to buy another house so we'll have to pay two mortgages. We have tried every single modification program out there and were denied each time. We can't even refinance because of how much underwater it is. The people that try to do the right thing are the ones getting screwed with this whole housing market and then you hear these stories about people living scott free for 3 years. Sorry for the vent but it really ticks me off.
IMO, you are in a much better situation. You are being responsible and I am sure your credit is in tact.
The ones who are supposedly living rent free waiting for foreclosure have their credit shot. That is not an enviable position.
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| Posted 12/11/13 11:28 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: How long does a foreclosure take?
the minimum in NY- Nass and suffolk is over 1000 days- right now they are only foreclosing on 70 homes a QUARTER
since many of these loans have been sold multiple times - the original paperwork is not always available
judges are not signing off
I heard that the banks are going to stop paying the taxes- then the county will take them back
long island has one of the highest "shadow" inventory issues in the country b/c of this- (Shadow means a house that is not on the market but in some process of the foreclosure process)
the banks could also do a better job with the short sales to help move thru this inventory- but that's another topic
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| Posted 12/12/13 2:17 PM |
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pjt212301
LIF Adult
Member since 7/12 1215 total posts
Name:
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How long does a foreclosure take?
I have a question - I have a friend that lives in another state and her house went to auction and no one bid on the house so she is still living there without paying a dime, she and her husband filed for bankruptcy after not paying their mortgage for over two years - how is this possible?
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| Posted 12/12/13 3:14 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: How long does a foreclosure take?
Posted by pjt212301
I have a question - I have a friend that lives in another state and her house went to auction and no one bid on the house so she is still living there without paying a dime, she and her husband filed for bankruptcy after not paying their mortgage for over two years - how is this possible?
Keri could probably answer better but I'm pretty sure filing BK stops a foreclosure- I know it stops a short sale
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| Posted 12/12/13 4:43 PM |
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jes81276
summer fun!
Member since 3/06 4962 total posts
Name:
Jaime
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Re: How long does a foreclosure take?
Posted by Beth
the minimum in NY- Nass and suffolk is over 1000 days- right now they are only foreclosing on 70 homes a QUARTER
since many of these loans have been sold multiple times - the original paperwork is not always available
judges are not signing off
I heard that the banks are going to stop paying the taxes- then the county will take them back
long island has one of the highest "shadow" inventory issues in the country b/c of this- (Shadow means a house that is not on the market but in some process of the foreclosure process)
the banks could also do a better job with the short sales to help move thru this inventory- but that's another topic
Can banks just stop paying taxes?
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| Posted 12/14/13 11:14 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: How long does a foreclosure take?
sure- if you stop paying your mortgage - then the bank is paying the taxes- not you
it's going to be the only way to get some people out after years of not paying
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| Posted 12/14/13 12:28 PM |
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BargainMama
LIF Adult
Member since 5/09 15659 total posts
Name:
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Re: How long does a foreclosure take?
BK stops a foreclosure temporarily. You still have to make all of the mortgage payments going forward after filing the BK (past due ones go into the BK plan). If you default on those payments, the bank will file a motion with the court that will allow them to proceed with the foreclosure. Often times the BK ends up getting purposely dismissed after this happens. Then the homeowner files another one to buy even more time. This process can go on several times.
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| Posted 12/14/13 2:48 PM |
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Re: How long does a foreclosure take?
Posted by Beth
Posted by pjt212301
I have a question - I have a friend that lives in another state and her house went to auction and no one bid on the house so she is still living there without paying a dime, she and her husband filed for bankruptcy after not paying their mortgage for over two years - how is this possible?
Keri could probably answer better but I'm pretty sure filing BK stops a foreclosure- I know it stops a short sale
only temporarily and it makes some solutions available but generally, you have to pay to stay (very generally--the people could be paying less, but paying).
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| Posted 12/20/13 12:26 AM |
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