Hi, I'm sorry I have put this on 2 boards as I don't know which to put it on and I'm going crazy here. I have a question for anyone who has been thru foreclosure within the last few years. I am in the same situation, only the foreclosure isn't final. This is all I think about and I'm making myself physically sick. I threw up twice this morning.
What do I have to look forward to with the mortgage co ( bank america, was countrywide ) ? What about court, is it involved? Also a big one, did anyone get issued a 1099 for taxes on the foreclosures? The 1099 scares me to death. I can't pay the house yet get a 1099 for taxes to pay. Would someone please let me know what I have coming my way if anyone knows? Good or bad.
Also know I'm going to have to move. Obviously. Would I be in trouble if I found a place to rent before they come to the door to escort me out? Or would I have to be there until the very day? The house is in my name only with my husband only on the deed. Loan is in my name. It is primary residence. If he rented in his name, not mine would there be trouble with the mortgage co. Remember this is bank america and they are not a nice company
honestly I have never been through a foreclosure but take a big deep breath. I would call B of A and start a dialogue with them. Find out what they need from you and what options you have. Are you able to do a short sale or is it too late ?
__________________ pay down debt:
condo loan as of 12/15/09 - $45,116.03
goal is to pay this off by 12-31-12
2010 Goal:
save up 10K emergency fund / currently have $3,500.00
wow hang in there!! i am not much help, i can tell you what we did but we're in canada..
we filed for bankruptcy...due to a combo of bank errors, a bad sale on an investment property and job loss..we weren't behind..but we were going to be,...we file bankruptcy and moved out 8 days later to a rental..
gave keys to bankruptcy trustee, bank called us, they were sooo nice...told us we would have been welcomed to stay in house till summer (in was oct)...cause they would have like us paying heat rather than them..lol..but i can't see them being angry at you leaving and finding better accomodations..
it stopped being my HOME the second i stopped paying on it..so i didnt want to stay longer..or spend xmas there..would have killed me ( it was hard seeing it empty for so long though..)
i didnt have to go to court..i got registered letters that they were seizing it...and that was it...in canada, i didnt get any tax forms (boy that has got to suck.....esp with some of the large mortg in the states....)
hang in there, talk to people, you will feel better after calling them, and saying you want to do this right...as well as you can for the situation, if you have a rude associate, hang up and call till you get one that treats like a human...you still are you know...
Foreclosure processes are different in every state. If you are worried about making your mortgage payments, then you should learn about your state's foreclosure laws and processes. Differences among states range from the notices that must be posted or mailed, redemption periods, and the scheduling and notices issued regarding the auctioning of the property. However, a general understanding of what to expect can be found on our Foreclosure Timeline.
In general, mortgage companies start foreclosure processes about 3-6 months after the first missed mortgage payment. Late fees are charged after 10-15 days, however most mortgage companies recognize that homeowners may be facing short-term financial hardships. It is extremely important you stay in contact with your lender within the first month after missing a payment.
After 30 days, the borrower is in default, and the foreclosure processes begin to accelerate. If you do not call the bank and ignore the calls of your lender, then the foreclosure process will begin much earlier. At any time during the process, talk to your lender or a housing counselor about the different alternatives and solutions that may exist.
Three types of foreclosures may be initiated at this time: judicial, power of sale, and strict foreclosure. All types of foreclosure require public notices to be issued and all parties to be notified regarding the proceedings. Once properties are sold through an auction, families have a small amount of time to find a new place to live and move out before the sheriff issues an eviction.
Judicial Foreclosure. All states allow this type of foreclosure, and some require it. The lender files suit with the judicial system, and the borrower will receive a note in the mail demanding payment. The borrower then has only 30 days to respond with a payment in order to avoid foreclosure. If a payment is not made after a certain time period, the mortgaged property then is sold through an auction to the highest bidder, carried out by a local court or sheriff's office.
Power of Sale. This type of foreclosure, also known as statutory foreclosure, is allowed by many states if the mortgage includes a power of sale clause. After a homeowner has defaulted on mortgage payments, the lender sends out notices demanding payments. Once an established waiting period has passed, the mortgage company rather than local courts or sheriff's office carries out a public auction. Non-judicial foreclosure auctions are often more expedient, though they may be subject to judicial review to ensure the legality of the proceedings.
Strict Foreclosure. A small number of states allow this type of foreclosure. In strict foreclosure proceedings, the lender files a lawsuit on homeowner that has defaulted. If the borrower cannot pay the mortgage within a specific timeline ordered by the court, the property goes directly back to the mortgage holder. Generally, strict foreclosures take place only when the debt amount is greater than the value of the property.
Have you looked at the new programs for houses in foreclosure? If you look at the HUD link that a previous poster gave. DO NOT pay for this info, it is offered free at many places. Foreclosure is not a foregone conclusion at this point, and if it does happen, it is not the end of the world. I have never had a foreclosure, but then I have never purchased a house. I could tell you stories about being in default on student loans....
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Foreclosure..can anyone tell me what to expect.
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