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Old 07-14-2011, 01:00 PM
 
12 posts, read 22,285 times
Reputation: 31

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We live in Creswell and are going into foreclosure with the ninety days ending in November. We're not sure if that means we get kicked out that day, or if we'll have some time after that. We aren't sure how much longer we have to wait for this information, because when we heard about it on the phone the other day about us being listed the lady says she has no idea. I imagine they will send us some more information. Either way, I have some questions, especially for those who have experienced it already. I'm not the owner of the house, but a college student living with my parents.

What was the process like? Timeline?

How did you transition into living elsewhere within the area? How was your credit, and how were you able to find a place to live?

We pay 1800 a month mortgage, and it seems rentals are around the $1000 area. We'll have the money, but we also have a 90 pound dog and cat, so we are limited in where we can move. I think my parents would prefer a house rental, or, if no other choice, a townhome. Manufactured homes or mobile homes are a possibility, but only if there is land because of the dog. Apartments are an absolute no. Can not do.

Do you have any suggestions about which neighborhoods are affordable areas to rent?

Thanks.
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Old 07-14-2011, 01:52 PM
 
Location: East of Seattle since 1992, originally from SF Bay Area
29,553 posts, read 54,110,400 times
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Quote:
Originally Posted by NeekyH View Post
We pay 1800 a month mortgage, and it seems rentals are around the $1000 area.
If you pay $1,800/month why would they be foreclosing?

There are two kinds of foreclosures, you would have to read the fine print on the original loan documents. In one case the bank will become the owner, give you so many days to leave, and sell it. In the other, the bank will have the court auction it off. Again you will have a period of time to move out. You could still be liable for the amount owed above what it sells for. The days (usually 30) are up to the state laws. Often though, with your parents request for a moficication, and the paperwork involved it could be delayed as much as two years.
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Old 07-14-2011, 05:05 PM
 
12 posts, read 22,285 times
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Quote:
Originally Posted by bisjoe View Post
If you pay $1,800/month why would they be foreclosing?

There are two kinds of foreclosures, you would have to read the fine print on the original loan documents. In one case the bank will become the owner, give you so many days to leave, and sell it. In the other, the bank will have the court auction it off. Again you will have a period of time to move out. You could still be liable for the amount owed above what it sells for. The days (usually 30) are up to the state laws. Often though, with your parents request for a moficication, and the paperwork involved it could be delayed as much as two years.
We're 10K behind, and we don't have the money. When interests rates go up, our 1800 mortgage may go up to as much as 4000. We can't afford anything more than we have now, 2K would be the absolute most we could afford. Bank of America is disgusting. Even after trying to go through modification for a year after a notice of default, they have given up on us. It's ridiculous, because my mom has a steady job as a nurse.

The only reason we got behind was because someone wrongly accused her of something that took her license away and she could not work for a few months. She was cleared, and told to find a lawyer, but we just could not beat out a fancy corporate lawyer and a facility that was willing to lie and put pressure on people so she could not continue.

10K is only about 3% of the house, too. I don't see why they can't agree to a payment plan, but I suspect the modification trials were actually scams to get more money out of us under the delusion they would change our mortgage to something fair. We paid less money, but we got deeper into debt. We NEVER missed a single payment, we just could only afford to pay 30% of our income at any time when she was unemployed. Or even increase the time, increase the pay (to which we could still afford) and make it to where we owe more if we sell the house at a later date.

We were in the paper once, on the front page (no picture) and they were very willing to work with us on a "modification" before when they had no interest even before that. But it's been some time, and our lawsuit is over, so I guess we are easy targets that could never possibly end up in the news again. Why are they even foreclosing on a house that just owes 3% late and have steady employment? Ridiculous! The houses in our neighborhood just sit for years before they even go UP for sale. It's like they just want to take our house for some insidious purpose.
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Old 07-14-2011, 08:37 PM
 
Location: Sometimes Portland, other times LA
600 posts, read 1,288,213 times
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To qualify for a modification is almost impossible. The points you must qualify for a so long and outrageous it covers a fraction of the people who apply for a modified loan. We went thru a short sale - BofA no less - in the past few years so I know a little about what you are going thru. We had to get out of our home because we were moving for a job and could not rent the house for the mortgage. The only way to get the process going was to completely stop making payments. Over the course of the next three or four months we got letters saying we were late or in default and once we got the SS process going we were in the home for another year before we got close to the point where the bank would have taken the property if we didnt sell it. It also makes no sense that banks wouldnt work with people who were trying to pay as opposed to people like us who completely stopped. Can you try to short sell it? BofA is a nightmare to work with, I really feel for you.
As far as our credit goes - I had great credit before this process and it slowly is building back up. Nowhere near what is used to be but its getting there
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Old 07-15-2011, 05:17 PM
 
6,028 posts, read 13,100,136 times
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Are you wanting to stay in Creswell or are you willing to look for housing in other areas?

We are renting a very nice and large three bedroom townhome with large attached garage in Eugene in a beautiful walkable area, good schools, pool, fitness center, bike trails, etc. allows dogs and cats and we only pay around $1200 per month.

We have never gone through a foreclosure so I'm sorry I don't have anything to share with you regarding that. Good luck to you and I hope others chime in with helpful responses.
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