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busymomonli
Resident Insomniac
Member since 4/13 2051 total posts
Name:
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How long does a foreclosure take?
I know that since the economy has crapped out and they were offering homeowners additional options for refinancing, things have been taking longer. But I know someone who has now been in foreclosure since July of 2010. They have not made a mortgage payment in about 3.5 years and they are still living in the house and not paying a dime. How long can it take?
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Posted 12/10/13 3:45 PM  |
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Prudential Douglas Elliman Real Estate
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Eunyboo
<3
Member since 7/12 4376 total posts
Name:
E
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Re: How long does a foreclosure take?
I have no idea but I know of someone who has something similar going on. It's so crazy.. I think hers was since 2009!
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| Posted 12/10/13 3:58 PM |
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BargainMama
LIF Adult
Member since 5/09 15659 total posts
Name:
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How long does a foreclosure take?
A long time. They can keep filing BK to hold off on sale dates.
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| Posted 12/10/13 4:05 PM |
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busymomonli
Resident Insomniac
Member since 4/13 2051 total posts
Name:
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How long does a foreclosure take?
It seems crazy that you can live somewhere so long rent free. This particular couple is not married and the house is only in his name. She just came into a large sum of money from a law suit and they living quite nicely and still not paying the mortgage. Unbelievable!
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| Posted 12/10/13 4:07 PM |
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JRsMaMa
LIF Adult
Member since 11/07 2044 total posts
Name:
Jake's Mama
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Re: How long does a foreclosure take?
Wow that seems crazy! However I hope they have taken out all valuables from the home. My parent's friend's daughter finally had her home foreclosed on. They put a lock and notice on the door. As far as I know (and I could be wrong) she was not allowed to take anything out of the house once this happened.
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| Posted 12/10/13 4:08 PM |
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busymomonli
Resident Insomniac
Member since 4/13 2051 total posts
Name:
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How long does a foreclosure take?
I think they usually post something on the door stating that you have 72 hours or so to remove your belongings before they lock it up on you. But I'm not positive. And for some reason I didn't think they locked you out, but threw your belongings at the curb. But I have no idea really.
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| Posted 12/10/13 4:15 PM |
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PregowithTwins
My boys turned 8
Member since 5/11 2451 total posts
Name:
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Re: How long does a foreclosure take?
Posted by busymomonli
It seems crazy that you can live somewhere so long rent free. This particular couple is not married and the house is only in his name. She just came into a large sum of money from a law suit and they living quite nicely and still not paying the mortgage. Unbelievable!
It will all catch up with them eventually & they wont be so lucky.
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| Posted 12/10/13 4:17 PM |
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busymomonli
Resident Insomniac
Member since 4/13 2051 total posts
Name:
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How long does a foreclosure take?
I'm sure!
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| Posted 12/10/13 4:25 PM |
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Xelindrya
Mommy's little YouTube Star!
Member since 8/05 14470 total posts
Name:
Veronica
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How long does a foreclosure take?
My dads took around 8mo or so.. but he wanted it badly and got it due to a medical issue and walked away from the entire debt scott free. Age and value of the house vs loan plus loan bought out a few times had a lot to do with it.
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| Posted 12/10/13 4:42 PM |
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meloyellow
LIF Adult
Member since 3/13 1843 total posts
Name:
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Re: How long does a foreclosure take?
NY takes the longest but i'd imagine after 3 years things will start to move.
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| Posted 12/10/13 4:47 PM |
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meloyellow
LIF Adult
Member since 3/13 1843 total posts
Name:
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Re: How long does a foreclosure take?
I'm laughing to myself thinking how worried i was we would lose our home...meanwhile i read this and so many stories that are way worse than us and they are all still in their homes. We at least have worked with the bank and make our payments.
as far as them not making payments I'm sure that's because they realize they are already past the point of no return. Any money paid will be lost and his credit is down the tubes regardless. I know when I was afraid we couldn't keep our home I told hubby not to finish the bathroom bc it would have been lost money we would never see again.
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| Posted 12/10/13 5:00 PM |
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busymomonli
Resident Insomniac
Member since 4/13 2051 total posts
Name:
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How long does a foreclosure take?
They definitely know they are past the point of no return. And they haven't had the house that long, maybe 6 years. They bought when the market was at its highest and will take a huge hit in the price, like 100k less than what they paid. His credit was not great to begin with and with this its beyond repair. They have filed several times for a modification and were turned down each time, so I think that slowed the foreclosure process.
Message edited 12/10/2013 5:09:31 PM.
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| Posted 12/10/13 5:08 PM |
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sunnyflies
LIF Adult
Member since 9/09 1757 total posts
Name:
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How long does a foreclosure take?
I just talked to someone who had her house taken unfairly after she Satisfied the mortgage, had all her things dumped on the curb and the house boarded up two years ago. She fought back and just regained ownership and possession if it in October. It had been badly damaged by vandals who broke in and stole pipes and the water heater, but it is her's again.
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| Posted 12/10/13 5:11 PM |
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meloyellow
LIF Adult
Member since 3/13 1843 total posts
Name:
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Re: How long does a foreclosure take?
it sucks. my husband had excellent credit. bought the house with a friend at the height of the market. friend bailed, husband was in and out of work, we had a baby. we were not prepared to pay both halfves of the mortgage, that was never the plan. Luckily we were able to get approved for the streamline home mortgage and have just made our final trial payment on it. That brings our monthly payment from $2800+ to $1525 for a 4 br 2 bath home. I can finally breathe! As much as I didn't see us raising our kids here I don't think we will find a better monthly price than $1525 for that kind of space so now it looks like not only will we keep our home but we will be staying longer than we had planned.
Truth be told we were one of those bank of america customers who should not have been approved for our loan. My husband had a good job and great credit but he was not making enough back then to warrant a house with that kind of mortgage. That's one reason the bank had to work with us.
Message edited 12/10/2013 5:26:00 PM.
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| Posted 12/10/13 5:23 PM |
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KarenK122
The Journey is the Destination
Member since 5/05 4431 total posts
Name:
Karen
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How long does a foreclosure take?
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.
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| Posted 12/10/13 5:50 PM |
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How long does a foreclosure take?
It can take a very long time. My dh sees it everyday.
Some people do it deliberately too to bank all that money and have a huge savings. Like the people who took a real big hit and there house is worth a lot less than the mortgage.
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| Posted 12/10/13 6:08 PM |
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Kitten1929
LIF Adult
Member since 1/13 6040 total posts
Name:
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How long does a foreclosure take?
Here's my question...if you committed to buying a house for a certain amount of money, and can continue to pay for it but choose NOT to because it's worth less than what they paid, why would someone do that? You make a commitment, you should honor it.
I am NOT talking about people who had changes in their financial state that makes it difficult/impossible to continue paying their mortgage.
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| Posted 12/10/13 6:28 PM |
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WannaBeAMom11
LIF Adult
Member since 1/11 7391 total posts
Name:
Name
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How long does a foreclosure take?
I used to work in the foreclosure market. The longest I saw was 10 years.
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| Posted 12/10/13 6:45 PM |
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BabyBoy
is Skylar Elizabeth
Member since 5/05 4189 total posts
Name:
Tom
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Re: How long does a foreclosure take?
Posted by Kitten1929
Here's my question...if you committed to buying a house for a certain amount of money, and can continue to pay for it but choose NOT to because it's worth less than what they paid, why would someone do that? You make a commitment, you should honor it.
I am NOT talking about people who had changes in their financial state that makes it difficult/impossible to continue paying their mortgage.
Cause the system sucks and he is reaping the benefits..
If his credit was already shot, they should of never been approved for the loan. Damn sub-prime lending at its finest.
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| Posted 12/10/13 6:58 PM |
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meloyellow
LIF Adult
Member since 3/13 1843 total posts
Name:
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Re: How long does a foreclosure take?
Posted by BabyBoy
Posted by Kitten1929
Here's my question...if you committed to buying a house for a certain amount of money, and can continue to pay for it but choose NOT to because it's worth less than what they paid, why would someone do that? You make a commitment, you should honor it.
I am NOT talking about people who had changes in their financial state that makes it difficult/impossible to continue paying their mortgage.
Cause the system sucks and he is reaping the benefits..
If his credit was already shot, they should of never been approved for the loan. Damn sub-prime lending at its finest.
It's true! Thank god we were able to resolve our issue but finding ourselves in that situation really opened our eyes to just how bad the situation with sub prime loans is. They are setting people up for failure and people have become hip to it and are cutting their losses. sometimes, not in the most noble of ways, but trust me...the banks have more dirt on their hands than alot of the people who are walking away.
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| Posted 12/10/13 7:03 PM |
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BabyBoy
is Skylar Elizabeth
Member since 5/05 4189 total posts
Name:
Tom
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Re: How long does a foreclosure take?
Posted by meloyellow
It's true! Thank god we were able to resolve our issue but finding ourselves in that situation really opened our eyes to just how bad the situation with sub prime loans is. They are setting people up for failure and people have become hip to it and are cutting their losses. sometimes, not in the most noble of ways, but trust me...the banks have more dirt on their hands than alot of the people who are walking away.
It can happen to anyway for reasons beyond control. Incomes changes by death, unemployment for a long time, injury, etc...
Lets be honest, if i lost my job or DW does, we would not be able to make it and i would bet, many people wouldn't even. Don't get me wrong, you do what you gotta do to make it but your life is changed once you have it and its ripped from. For some, its not ripped away quick enough and now you question why I do the right thing by paying bills on time and they just saving money for a rainy day.
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| Posted 12/10/13 7:17 PM |
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Re: How long does a foreclosure take?
Posted by Kitten1929
Here's my question...if you committed to buying a house for a certain amount of money, and can continue to pay for it but choose NOT to because it's worth less than what they paid, why would someone do that? You make a commitment, you should honor it.
I am NOT talking about people who had changes in their financial state that makes it difficult/impossible to continue paying their mortgage.
honestly my guess would be a financial reason. Or maybe someone who wasn't planning on living in the home long term, like a starter home and they are stuck. Plus it so damn frustrating knowing your stuck and having your home 90k in the whole. I think people just give up and that's what causes it and they figure hey why not live rent free. Then it almost makes up for the fact that their home is worth so much less than their mortgage. These people are probably saving for something bigger and better next time around even if it is a rental.
Definitely doesn't make it right, but I do understand the frustration of buying in the prime of the market and then having your home worth so much less. It sucks!! I'm one of the many people this happened to. What I could have bought now with the same money is sickening to me.
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| Posted 12/10/13 11:19 PM |
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hope123
LIF Adult
Member since 2/08 1097 total posts
Name:
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How long does a foreclosure take?
I know a couple that bought rental homes at the height of the market with little down payment. They took exotic vacations and spent money lavishly for couple of years. They thought that their tenants will pay the mortgage and they will become rich. When the housing market crashed, they stopped paying mortgage and filed for bankruptcy. Somehow they got to keep their own house they were living in, got to keep the cars, and they remodeled their kitchen couple of years later. Other then bad credit, they lost very little to no money out of pocket. I have sympathy for people who bought their first homes but defaulted because of the crash but people like this couple I mentioned took advantage of the system.
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| Posted 12/11/13 12:00 AM |
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Re: How long does a foreclosure take?
Posted by hope123
I know a couple that bought rental homes at the height of the market with little down payment. They took exotic vacations and spent money lavishly for couple of years. They thought that their tenants will pay the mortgage and they will become rich. When the housing market crashed, they stopped paying mortgage and filed for bankruptcy. Somehow they got to keep their own house they were living in, got to keep the cars, and they remodeled their kitchen couple of years later. Other then bad credit, they lost very little to no money out of pocket. I have sympathy for people who bought their first homes but defaulted because of the crash but people like this couple I mentioned took advantage of the system.
They kept their house because they were paying. Otherwise it would have gone the way of the other houses. For a variety of reasons, I can guess they had no equity. The court just let them keep the roof over their head. Otherwise the news stories would be all about how the laws made them homeless. Trust me, I do not have a ton of sympathy either but they did not get away with very much. Sometimes the people then lose the house a few years later, after everyone thought they got away with something. In other cases, the people really do make a fresh start at having an honest life.
As for how long foreclosure takes, it varies, but I hear that the risk nowadays is that it can be quicker than it used to be.
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| Posted 12/11/13 12:05 AM |
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Domino
Always My Miracle
Member since 9/05 9923 total posts
Name:
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Re: How long does a foreclosure take?
A friend of a friend going through a divorce. Underwater. Moved her boyfriend in. Refused to pay her half of the mortgage. Husband finally said eff this (he couldnt afford his apartment and the mortgage and refused to pay for his wife to shack up with the boyfrieind) and stopped paying. Four years w/o a mortgage payment.
Mortgage: 2,800/mo x 12 months = $33,600 x 4 = $134,400 "savings" (1/2 of which she wants)
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| Posted 12/11/13 12:44 AM |
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