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busymomonli
Resident Insomniac
Member since 4/13 2050 total posts
Name:
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Foreclosure question
The home of a relative of mine has been in foreclosure since 2010. They are still living there. A new update to the case online says there is a new court date 4/2 and the status says SALE HELD / NO SMF.
Does anyone have any legal knowledge to know if this means a sale happened or is happening on that date?
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Posted 3/26/18 12:48 PM  |
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racheK
Hudson's Momma
Member since 10/10 2853 total posts
Name:
Rachel
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Foreclosure question
I am currently working on a large investigation into the practices of mortgage loan servicers so know way more about the process than I'd like. Assuming they are in NY? It sounds like 4/2 is the day that it will be presented in court by the servicer's counsel for a default judgment to proceed with the sale. Did the relative ever file a response to the complaint filed against them or are they just waiting until they are actually foreclosed on?
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| Posted 3/26/18 1:47 PM |
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busymomonli
Resident Insomniac
Member since 4/13 2050 total posts
Name:
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Foreclosure question
They're just riding it out, kind of a deadbeat family member. lol. I did not think it would take this long, they have not paid their mortgage in 10 years!
And thank you. I was thinking it happened already and the no SMF meant there was no surplus after the sale. But I know nothing about any of this.
Message edited 3/26/2018 2:17:15 PM.
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| Posted 3/26/18 2:15 PM |
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MsSissy
xoxoxo
Member since 3/07 39159 total posts
Name:
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Re: Foreclosure question
Posted by busymomonli
I did not think it would take this long, they have not paid their mortgage in 10 years!
 
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| Posted 3/26/18 2:44 PM |
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mnmsoinlove
Mommy to 2 sweet girls!
Member since 3/09 8585 total posts
Name:
Melissa
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Re: Foreclosure question
We have friends who haven’t paid a mortgage since 2007 and they are still living in their home. They have been told several times that they were told that they would need to get out and yet nothing has ever been done. They maintain the home nicely and I guess the bank would rather that than it being vacant.
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| Posted 3/26/18 2:59 PM |
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busymomonli
Resident Insomniac
Member since 4/13 2050 total posts
Name:
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Foreclosure question
It's crazy, there are so many court dates that have been scheduled and adjourned. And yet they have not saved a dime.
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| Posted 3/26/18 3:15 PM |
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Foreclosure question
The Courts website is very inaccurate and each court has different ways of notating the different steps. That notation may mean the sale is scheduled for 4/2, but I have no clue what "No SMF" means. If you want to message me the case number, I could look at and see what the history is and try give you a better idea.
If the sale is scheduled, they can still delay it if that's their ultimate goal. If the sale eventually happens, then there will be an eviction proceeding.
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| Posted 3/26/18 3:18 PM |
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MsSissy
xoxoxo
Member since 3/07 39159 total posts
Name:
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Re: Foreclosure question
Posted by mnmsoinlove
We have friends who haven’t paid a mortgage since 2007 and they are still living in their home. They have been told several times that they were told that they would need to get out and yet nothing has ever been done. They maintain the home nicely and I guess the bank would rather that than it being vacant.
WOW
Think I just found my 10 yr plan
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| Posted 3/26/18 3:23 PM |
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Re: Foreclosure question
Posted by mnmsoinlove
We have friends who haven’t paid a mortgage since 2007 and they are still living in their home. They have been told several times that they were told that they would need to get out and yet nothing has ever been done. They maintain the home nicely and I guess the bank would rather that than it being vacant.
Same have a family member but due to bank mishandelings a judge finally ordered the bank to settle with them into a new payment system. It’s been 11 years they just started paying a “new mortgage” last month without consequence to this
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| Posted 3/26/18 3:29 PM |
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NervousNell
Just another chapter in life..
Member since 11/09 54921 total posts
Name:
..being a mommy and being a wife!
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Re: Foreclosure question
Posted by TwinMommyToBoys
Posted by mnmsoinlove
We have friends who haven’t paid a mortgage since 2007 and they are still living in their home. They have been told several times that they were told that they would need to get out and yet nothing has ever been done. They maintain the home nicely and I guess the bank would rather that than it being vacant.
Same have a family member but due to bank mishandelings a judge finally ordered the bank to settle with them into a new payment system. It’s been 11 years they just started paying a “new mortgage” last month without consequence to this
We have a friend that was going through a bad divorce. He moved out and she stayed in the house.
She didn't work and he couldn't afford to pay the mortgage and his rent.
He stopped paying it
She was going to court fighting to get the house even though she couldn't afford to buy him out.
It was dragging out for years.
This whole time nobody was paying a thing.
The bank would call him up and ask to work out a payment plan. He would tell them no, just take the house. Please, just take it.
They never did.
It's been years and I have no idea if she got a job and worked out a deal with the bank, but she's still in there.
I have to tell you- it's insane how long you can live, rent free, with no consequence.
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| Posted 3/26/18 3:33 PM |
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racheK
Hudson's Momma
Member since 10/10 2853 total posts
Name:
Rachel
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Re: Foreclosure question
This is so common, I see this a lot in what I'm reviewing for my case. People are saying to the servicer "Take my house! when are you going to foreclose? I want to be done with this" and it still doesn't happen.
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| Posted 3/26/18 5:17 PM |
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racheK
Hudson's Momma
Member since 10/10 2853 total posts
Name:
Rachel
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Re: Foreclosure question
Posted by starbrightgirl8
The Courts website is very inaccurate and each court has different ways of notating the different steps. That notation may mean the sale is scheduled for 4/2, but I have no clue what "No SMF" means. If you want to message me the case number, I could look at and see what the history is and try give you a better idea.
If the sale is scheduled, they can still delay it if that's their ultimate goal. If the sale eventually happens, then there will be an eviction proceeding.
Re: SMF, I agree I have no idea. I looked in a database of servicing comments and acronyms usually pop up and there is nothing on this one!
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| Posted 3/26/18 5:21 PM |
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WannaBeAMom11
LIF Adult
Member since 1/11 7391 total posts
Name:
Name
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Foreclosure question
I have 2 family friends who have been in their house one for 8 years the other 9 or 10. Both houses dropped rediculously in price and neither mortgage company will agree to a short sale. One bought at $385k. Think the house is worth $95k per Zillow. The other is works low $100s and they had an offer last year and the bank was like nope. They have both offered to hand in keys and walk away and the banks refuse. They are both using the same Atty and he’s like stay until you get the eviction notice so they are just banking their mortgage. Both houses are really nice too and well maintained just in bad areas.
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| Posted 3/27/18 11:36 AM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Re: Foreclosure question
Posted by WannaBeAMom11
I have 2 family friends who have been in their house one for 8 years the other 9 or 10. Both houses dropped rediculously in price and neither mortgage company will agree to a short sale. One bought at $385k. Think the house is worth $95k per Zillow. The other is works low $100s and they had an offer last year and the bank was like nope. They have both offered to hand in keys and walk away and the banks refuse. They are both using the same Atty and he’s like stay until you get the eviction notice so they are just banking their mortgage. Both houses are really nice too and well maintained just in bad areas.
Can they not afford their mortgages anymore and that is why they stopped paying?
Not saying this is your friends at all but from others that stop paying their mortgage because the house is no longer anywhere near worth what they bought it for so they feel, why pay the mortgage even though they can.
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| Posted 3/27/18 11:41 AM |
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MsSissy
xoxoxo
Member since 3/07 39159 total posts
Name:
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Re: Foreclosure question
Posted by WannaBeAMom11
I have 2 family friends who have been in their house one for 8 years the other 9 or 10. Both houses dropped rediculously in price and neither mortgage company will agree to a short sale. One bought at $385k. Think the house is worth $95k per Zillow. The other is works low $100s and they had an offer last year and the bank was like nope. They have both offered to hand in keys and walk away and the banks refuse. They are both using the same Atty and he’s like stay until you get the eviction notice so they are just banking their mortgage. Both houses are really nice too and well maintained just in bad areas.
Why would they offer to turn the
In the keys if they can just bank their money? Sounds like a great deal to me..lol
Just imagine banking your morgtage payment the last 10 yrs!
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| Posted 3/27/18 9:35 PM |
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SecretlyTTC14
LIF Adult
Member since 12/13 1770 total posts
Name:
B
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Re: Foreclosure question
I can't answer the question the OP asked, but I wanted to reply because I had a family member in the same situation. Didn't pay his mortgage for like 7 or 8 years. He was laid off and once he ran through his savings, he missed like 5 payments. Once he got a new job, he couldn't pay the entire amount to get it back up to date, so the bank wouldn't accept any payments at all even though he could afford the monthly payment again.
It went to court and the judge asked the bank to work out a new payment plan. The monthly payments are reasonable now but the missed payments were all added back on to the mortgage. So instead of the $400k mortgage they started with, they are now paying off somewhere in the 500k area (which is way more than the house is worth). So, it's not like he lived for free for all those years... he is paying for it in the end. I guess if he walked away from it, it would have been free. That would have made more sense financially.
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| Posted 3/28/18 9:52 AM |
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NYCGirl80
I love my kiddies!
Member since 5/11 10413 total posts
Name:
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Re: Foreclosure question
Posted by MsSissy
Posted by WannaBeAMom11
I have 2 family friends who have been in their house one for 8 years the other 9 or 10. Both houses dropped rediculously in price and neither mortgage company will agree to a short sale. One bought at $385k. Think the house is worth $95k per Zillow. The other is works low $100s and they had an offer last year and the bank was like nope. They have both offered to hand in keys and walk away and the banks refuse. They are both using the same Atty and he’s like stay until you get the eviction notice so they are just banking their mortgage. Both houses are really nice too and well maintained just in bad areas.
Why would they offer to turn the
In the keys if they can just bank their money? Sounds like a great deal to me..lol
Just imagine banking your morgtage payment the last 10 yrs!
Because it kills your credit and you wouldn't be able to purchase another home (get another mortgage)...let alone another credit card for a very long time.
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| Posted 3/28/18 10:51 AM |
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LuckyStar
LIF Adult
Member since 7/14 7274 total posts
Name:
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Foreclosure question
My bff is in the process of buying a foreclosure. I don’t know the specifics but it sounded to me like the family who owned it hadn’t been in foreclosure for very long before they left (though I suppose they may have left voluntarily?)
Anyway, from what she was telling me it sounded like a very sad situation. Both the husband and wife lost their jobs, took out loans, etc to try to stay in the house but they couldn’t make ends meet. There are height measurements of the kids on the walls, painted handprints, etc.
Point is, sure it would be nice to not pay your mortgage but most people who foreclose don’t choose to do so. I highly doubt most of them are “deadbeats.”
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| Posted 3/28/18 11:02 AM |
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MsSissy
xoxoxo
Member since 3/07 39159 total posts
Name:
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Re: Foreclosure question
Posted by NYCGirl80
Posted by MsSissy
Posted by WannaBeAMom11
I have 2 family friends who have been in their house one for 8 years the other 9 or 10. Both houses dropped rediculously in price and neither mortgage company will agree to a short sale. One bought at $385k. Think the house is worth $95k per Zillow. The other is works low $100s and they had an offer last year and the bank was like nope. They have both offered to hand in keys and walk away and the banks refuse. They are both using the same Atty and he’s like stay until you get the eviction notice so they are just banking their mortgage. Both houses are really nice too and well maintained just in bad areas.
Why would they offer to turn the
In the keys if they can just bank their money? Sounds like a great deal to me..lol
Just imagine banking your morgtage payment the last 10 yrs!
Because it kills your credit and you wouldn't be able to purchase another home (get another mortgage)...let alone another credit card for a very long time.
Right. But the credit was already shot from the first missed payments. Is there a difference between missing 1,2,3,4 months of payments and not paying for all those years? I'm not being snarky, I'm really just trying to understand.
ETS: I don't think anyone feels everyone that forecloses are deadbeats. Of course there are a few. But not everyone.
Message edited 3/28/2018 11:15:46 AM.
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| Posted 3/28/18 11:11 AM |
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Eunyboo
<3
Member since 7/12 4376 total posts
Name:
E
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Re: Foreclosure question
Posted by LuckyStar
My bff is in the process of buying a foreclosure. I don’t know the specifics but it sounded to me like the family who owned it hadn’t been in foreclosure for very long before they left (though I suppose they may have left voluntarily?)
Anyway, from what she was telling me it sounded like a very sad situation. Both the husband and wife lost their jobs, took out loans, etc to try to stay in the house but they couldn’t make ends meet. There are height measurements of the kids on the walls, painted handprints, etc.
Point is, sure it would be nice to not pay your mortgage but most people who foreclose don’t choose to do so. I highly doubt most of them are “deadbeats.”
Omg that sounds so sad. I would be a little paranoid they would come back in a rage or something - but I tend to be a paranoid person! LOL
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| Posted 3/28/18 11:17 AM |
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LuckyStar
LIF Adult
Member since 7/14 7274 total posts
Name:
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Re: Foreclosure question
Posted by Eunyboo
Posted by LuckyStar
My bff is in the process of buying a foreclosure. I don’t know the specifics but it sounded to me like the family who owned it hadn’t been in foreclosure for very long before they left (though I suppose they may have left voluntarily?)
Anyway, from what she was telling me it sounded like a very sad situation. Both the husband and wife lost their jobs, took out loans, etc to try to stay in the house but they couldn’t make ends meet. There are height measurements of the kids on the walls, painted handprints, etc.
Point is, sure it would be nice to not pay your mortgage but most people who foreclose don’t choose to do so. I highly doubt most of them are “deadbeats.”
Omg that sounds so sad. I would be a little paranoid they would come back in a rage or something - but I tend to be a paranoid person! LOL
I don’t think so but I never thought of that! I suggested seeing if she could remove those parts of the wall and have the handprints framed and those height charts made and somehow have them sent to the family.
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| Posted 3/28/18 11:22 AM |
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NYCGirl80
I love my kiddies!
Member since 5/11 10413 total posts
Name:
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Re: Foreclosure question
Posted by MsSissy
Posted by NYCGirl80
Posted by MsSissy
Posted by WannaBeAMom11
I have 2 family friends who have been in their house one for 8 years the other 9 or 10. Both houses dropped rediculously in price and neither mortgage company will agree to a short sale. One bought at $385k. Think the house is worth $95k per Zillow. The other is works low $100s and they had an offer last year and the bank was like nope. They have both offered to hand in keys and walk away and the banks refuse. They are both using the same Atty and he’s like stay until you get the eviction notice so they are just banking their mortgage. Both houses are really nice too and well maintained just in bad areas.
Why would they offer to turn the
In the keys if they can just bank their money? Sounds like a great deal to me..lol
Just imagine banking your morgtage payment the last 10 yrs!
Because it kills your credit and you wouldn't be able to purchase another home (get another mortgage)...let alone another credit card for a very long time.
Right. But the credit was already shot from the first missed payments. Is there a difference between missing 1,2,3,4 months of payments and not paying for all those years? I'm not being snarky, I'm really just trying to understand.
ETS: I don't think anyone feels everyone that forecloses are deadbeats. Of course there are a few. But not everyone.
Yes, there's a difference. If you miss 1 month's mortgage payment, you would presumably make it up the following month. A missed payment is a ding on your credit report, but it's more easily able to be overcome.
A foreclosure will sit on your credit report for a minimum of 7 years and has the potential to snowball. Figure, if you got into the situation that you had to foreclose on your house, you probably are not financially stable. You also wouldn't be able to get any other credit (CCs included) so you'd have to be able to live off of whatever money you have in your pocket/the bank all the time. Even getting an apartment to rent would be virtually impossible since they'd see your failure to pay the mortgage.
If you can't pay your mortgage, there's also an option of a short sale where the bank basically agrees to sell your house for less than you owe on it. Still not an optimal solution, but better than foreclosure.
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| Posted 3/28/18 12:23 PM |
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BargainMama
LIF Adult
Member since 5/09 15657 total posts
Name:
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Re: Foreclosure question
Posted by Eunyboo
Posted by LuckyStar
My bff is in the process of buying a foreclosure. I don’t know the specifics but it sounded to me like the family who owned it hadn’t been in foreclosure for very long before they left (though I suppose they may have left voluntarily?)
Anyway, from what she was telling me it sounded like a very sad situation. Both the husband and wife lost their jobs, took out loans, etc to try to stay in the house but they couldn’t make ends meet. There are height measurements of the kids on the walls, painted handprints, etc.
Point is, sure it would be nice to not pay your mortgage but most people who foreclose don’t choose to do so. I highly doubt most of them are “deadbeats.”
Omg that sounds so sad. I would be a little paranoid they would come back in a rage or something - but I tend to be a paranoid person! LOL
I used to deal with hundreds of cases each year of families that had their houses foreclosed. They were in my office to file a bankruptcy to be able to pay back their mortgage arrears on a monthly Chapter 13 BK plan, and keep their homes. 9 times out of 10, they were hardworking people who lost a job, had medical situations, lost a spouse, etc. Most people aren't out to "beat the system".
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| Posted 3/28/18 1:29 PM |
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WannaBeAMom11
LIF Adult
Member since 1/11 7391 total posts
Name:
Name
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Re: Foreclosure question
Posted by CookiePuss
Posted by WannaBeAMom11
I have 2 family friends who have been in their house one for 8 years the other 9 or 10. Both houses dropped rediculously in price and neither mortgage company will agree to a short sale. One bought at $385k. Think the house is worth $95k per Zillow. The other is works low $100s and they had an offer last year and the bank was like nope. They have both offered to hand in keys and walk away and the banks refuse. They are both using the same Atty and he’s like stay until you get the eviction notice so they are just banking their mortgage. Both houses are really nice too and well maintained just in bad areas.
Can they not afford their mortgages anymore and that is why they stopped paying?
Not saying this is your friends at all but from others that stop paying their mortgage because the house is no longer anywhere near worth what they bought it for so they feel, why pay the mortgage even though they can.
They wanted out of the areas and tried to sell before they stopped paying but no one would buy for what they needed to sell without having to bring a lot of money to the table. They consulted attorneys who gave them options and I guess the best option was to stop paying since they couldn’t get out of the houses. I don’t know all the logistics but I know they tried selling, short sale, renting, and finally it was stop paying till the house is no longer theirs and bank the money. They have the funds but the houses values have plummeted to the point that they are pretty worthless. I know one friend has enough money to buy her next house in cash so she keeps banking her mortgage till the house is no longer hers.
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| Posted 3/28/18 4:13 PM |
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Eunyboo
<3
Member since 7/12 4376 total posts
Name:
E
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Re: Foreclosure question
Posted by BargainMama
Posted by Eunyboo
Posted by LuckyStar
My bff is in the process of buying a foreclosure. I don’t know the specifics but it sounded to me like the family who owned it hadn’t been in foreclosure for very long before they left (though I suppose they may have left voluntarily?)
Anyway, from what she was telling me it sounded like a very sad situation. Both the husband and wife lost their jobs, took out loans, etc to try to stay in the house but they couldn’t make ends meet. There are height measurements of the kids on the walls, painted handprints, etc.
Point is, sure it would be nice to not pay your mortgage but most people who foreclose don’t choose to do so. I highly doubt most of them are “deadbeats.”
Omg that sounds so sad. I would be a little paranoid they would come back in a rage or something - but I tend to be a paranoid person! LOL
I used to deal with hundreds of cases each year of families that had their houses foreclosed. They were in my office to file a bankruptcy to be able to pay back their mortgage arrears on a monthly Chapter 13 BK plan, and keep their homes. 9 times out of 10, they were hardworking people who lost a job, had medical situations, lost a spouse, etc. Most people aren't out to "beat the system".
Yup, I totally get it! Especially with what we pay on LI, so sad. :(
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| Posted 3/28/18 4:20 PM |
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