foreclosure

[lategainer]

Anyone know what happens in foreclosure?

 

[yeahright]

Google is your friend:

http://www.biggerpockets.com/foreclosure-process.html

 

[lategainer]

real world experience?

Thanks for your response.

I have read a lot of the "what ifs" but want to hear what happened by real people's accounts. Most of the foreclosure information seems to be promoted by lenders who want you to "take it". Kinda like knowing supplement companies tell you their product is "all that - record gains and no side effects". You wonder who you can trust.

I am hoping anyone even knew of someone and can relate their story,

Thanks

 

[yeahright]

Thankfully, I don't have any first-hand experience. Best of luck to you.

 

[Mr.50]

Depends what state you are in?

Thanks for your response.

I have read a lot of the "what ifs" but want to hear what happened by real people's accounts. Most of the foreclosure information seems to be promoted by lenders who want you to "take it". Kinda like knowing supplement companies tell you their product is "all that - record gains and no side effects". You wonder who you can trust.

I am hoping anyone even knew of someone and can relate their story,

Thanks

 

[lategainer]

location

I am in FL

 

[Mr.50]

I am in FL

Ah see it is very different in FL then it is up here in CT because you guys have what's called homested rights which afford you much greater protection from foreclosure (in some situations) then people up here have. Best bet is to find out if an attorney in your area will give you a free consultation etc. and you can ask about how it usually goes down. Bankruptcy filings can usually delay the proceedings, the homested rights will help, and other procedural defects may help delays but there is often time not too many defenses to a forclosure when the problem is that someone just can't pay.

Mr.50

 

[AE14]

As was said before, it is state dependant. However, since I used to run a f/c department (job was terrible, always depressing) there are things you can do to avoid it. I would suggest a possible chapter 13 bankruptcy on as much of your debt as possible. That will delay it. Just make sure that you follow through on the arrangements. If you dont want to go that route, SELL THE HOUSE!!!!! Try to get out from under the debt ASAP. If there is equity in the home you might be able to walk away with a buck or two. Let me know if I can help more

 

[Palo Alto Labs]

As was said before, it is state dependant. However, since I used to run a f/c department (job was terrible, always depressing) there are things you can do to avoid it. I would suggest a possible chapter 13 bankruptcy on as much of your debt as possible. That will delay it. Just make sure that you follow through on the arrangements. If you dont want to go that route, SELL THE HOUSE!!!!! Try to get out from under the debt ASAP. If there is equity in the home you might be able to walk away with a buck or two. Let me know if I can help more

sorry to laugh, but you cannot sell a house in most areas ib florida at the moment. not unless you are willing to lose a ton of money. the housing market is in the garbage. houses that were going for $450k 18 months ago cant sell for $250 right now in my area.

talk to the bank, theyd rather negotiate than take upon the cost of a f/c

 

[AE14]

sorry to laugh, but you cannot sell a house in most areas ib florida at the moment. not unless you are willing to lose a ton of money. the housing market is in the garbage. houses that were going for $450k 18 months ago cant sell for $250 right now in my area.

talk to the bank, theyd rather negotiate than take upon the cost of a f/c

well thats what I am referencing. Hopefully the sale option would have been thought of prior to legal.

However, the bank has already accumulated fees if he is in f/c or on its way. Usually some sort of Loss mitigation fees.

He should talk to the bank, or a b/k is the only option if he wants to stay in the house. He could file a 7 and walk away, but thats a tough pill to swallow

 

[Mr.50]

Are you guys familiar with FL law? I am familiar with CT law (we have no homested right) but I am not familiar with FL law. I am wondering how the FL homested exemption factors into this?

Mr.50

 

[AE14]

Are you guys familiar with FL law? I am familiar with CT law (we have no homested right) but I am not familiar with FL law. I am wondering how the FL homested exemption factors into this?

Mr.50

I am not overly familiar with Fla. law, most of the properties I worked with were in the NY/NJ tristate area.

I do agree that most places are willing to work with you as the f/c is a major financial blow to them. I can remember many times where the property value had dropped so low we just did a "walk away", and filed a suit on the note on the borrowers.

That is something I would recommend to the ts, be careful of later legal trouble that could arise. The bank is in their rights to commence legal action for all financial damages

 

[AE14]

FYI late, I just responded to your PM

 

[CROWLER]

sorry to laugh, but you cannot sell a house in most areas ib florida at the moment. not unless you are willing to lose a ton of money. the housing market is in the garbage. houses that were going for $450k 18 months ago cant sell for $250 right now in my area.

talk to the bank, theyd rather negotiate than take upon the cost of a f/c

Will you take a check

Just kidding.

We have to get together some time, I am in Florida as well.


CROWLER